Money Week Q&A: Jason Leong
CEO, PocketSmith
PocketSmith is one of the best money management tools you can find online. It connects to over 12,000 banks globally and lets you see all your finances in one place, make budgets, predict your financial future, and much more. We’re headquartered in Dunedin, and our users are just like you, from all corners of the world.
Tell us a bit about yourself Jase!
I am PocketSmith’s co-founder and CEO. The first version of our product came from an idea I had for using a calendar to schedule my finances, and predict how much money I was going to have in the future.
Today, we provide a comprehensive platform that solves not only this, but a wide range of other money management tasks as well.
I remain passionate about using our technology to help people build better relationships with their money.
I also have a soft spot for kicks and fret about the size of my growing sneaker collection! My current fave is the BAPE x adidas NMD R1, which I’m admittedly wearing out.
What’s the most satisfying thing you’ve spent money on?
Hands-down, a gas hot water heater. For years, I had the worst hot water pressure in the shower. It dribbled at the best of times, and in the winter when the pipes shrank, it trickled.
I remember turning on the shower for the first time after the heater was installed. The hot blast of water was so intense, the rising heat from the shower stall pulled the curtains in. And when I stepped in, I thought my skin was going to be seared off. I was so happy.
It still makes me tremendously happy every single day.
What did you do with your first paycheck?
I bought a taco, a stack of CDs, and a large CD wallet — one of those with sleeves that holds four discs and their booklets on each side. I still have the wallet and those CDs, but alas I no longer have the CD player. Nor the taco.
How do you manage your money today?
I have an offset mortgage account which my salary goes into, and I put all of my spending on my credit card where possible. At the end of the month, I pay off the entire billed credit card balance.
This allows me to take advantage of the interest-free period the card offers me while keeping the most amount of cash in my offset account, reducing the amount of interest I need to pay.
I track all of this using the very app we built to do the job, PocketSmith!
I particularly love using PocketSmith’s Memories to create a journal by attaching notes and pictures to my transactions.
What’s your best money hack?
Learn to use your credit card well. You not only take advantage of the interest-free periods but also the rewards a good card offers you.
Three things I love about my credit card: it earns me Airpoints as I spend; 90-day purchase protection insurance against loss, theft or accidental damage anywhere in the world (yes, I managed to break a phone the day it arrived); free overseas travel insurance that covers (amongst many other things) delays, missed connections, medical expenses and personal effects.
Another benefit to using your credit card for online purchases (as opposed to direct deposit) is the ability to do a chargeback in the event the goods aren’t delivered, or aren’t as advertised. This was particularly helpful when I was once defrauded by a TradeMe seller!
Start by doing your research. Read up on the terms and conditions offered by each card and their associated insurance providers. Talk to your friends and read online reviews to see which card is best for you.
But most importantly, you must be able to exercise financial discipline. Focus on what you’ve budgeted to spend, and not your credit limit. Interest and late payment fees are a killer, so make sure you repay your entire credit card bill at the end of each period, on time. If you cannot do this, a credit card is not for you.
What is a money goal you are currently working towards?
I’m working to have enough disposable income to travel as often as I’d like, and getting there is a matter of continuing to reduce my mortgage as quickly as I can, and consequently, increasing my savings.
I do this by taking careful consideration of my needs and wants, often thinking twice about purchases before I pull the trigger. It’s important to consider the value of a purchase to you, be it big or small.
