Want to manage your budget and forecast your finances better? PocketSmith wants to help you make things easier by projecting the future of your finances with cash flow forecasts.
You probably already heard about financial independence apps and other money saving apps, but this is the first time weâve done a PocketSmith review. We wanted to learn if the calendar and event-based approach that PocketSmith uses is viable.
Does the company have a real selling point here? Or is it not worth your time to even bother downloading? Letâs find out in our PocketSmith review.
What is PocketSmith?
PocketSmith connects to over 14,000 banks worldwide to automatically download and categorize transactions from your bank, credit card and loan accounts.
It sorts and analyses your financial activity without the need for manual tracking.
Think of it as accounting software tuned for your personal finances.
PocketSmith Download
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Short Description about PocketSmith
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PocketSmith Features
Secure automatic bank feeds
- Connect to banks all over the world and track accounts in multiple currencies.
- Add notes, labels, files, and pictures to your transactions, and further customize the automated categorization using rules and filters.
- Find transactions quickly with a powerful multi-criteria search engine and saved searches.
Powerful budgeting, tracking, and reporting
- Build budgets your way with your own categories, flexible budget periods, nesting and roll-ups.
- If youâre short on time, use Auto-Budget to predict your budgets based on historical spending.
- Track your overall and per-category spending on the Trends page.
- Get better clarity across your finances with Income & Expense, Cashflow, and Net Worth statements.
- Check your finances on the run with PocketSmithâs mobile apps. View accounts, categorize transactions and keep an eye on budgets from your mobile device!
30-year forecast of your daily account balances
- See your finances in a calendar.
- See future outcomes based on your current budgeted spend.
- Create and test what-if scenarios.
PocketSmith Pricing Structure
PocketSmith currently offers 3 subscription levels (Basic, Premium and Super subscriptions):
Basic
Basic is a free plan that tracks 2 accounts and manual transaction importing.
Premium
Premium tracks up to 10 accounts with automatic bank feeds, with a 10-year forecast.
Super
Super tracks an unlimited number of accounts with automatic bank feeds and offers a 30-year forecast.
All users have access to PocketSmithâs comprehensive Learn Centre as well as stellar customer service team.
Track Your Finances with PocketSmith
PocketSmith Reviews
Pros & Cons of PocketSmith
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PocketSmith Alternatives
PocketSmith vs Mint
Mint is an incredibly popular online personal finance app thatâs great for all kinds of users. Aside from it being a great finance app, it has a plethora of money management tools that you can also use. Whatâs astounding is that the app is free to use and allows users to create financial reports in a matter of minutes.
Some notable features of Mint include:
- Versatile and flexible budgeting tool
- The app can send you alerts and financial summaries via text message or email
- Extra security measure â the app sends out an SMS or email if it notes unusual account activity
- Account aggregation follows almost all bank-level policies for added security
- Users can customize their financial reports into easy-to-read bar graphs and pie charts
However, the only downside is that Mint does not have an account reconciliation feature. This may be a letdown for some users but otherwise, the app is great on its own. If you already have Mint but want more features, I would recommend signing up for Empower. In fact, Empower and Mintâs features are quite complementary. Users can also keep a track of their credit score with minimal hassle.
PocketSmith vs Empower
The financial advisor company, Empower offers several free tools to help users manage their budget and investments. Whatâs best is that the tool has an easy to navigate dashboard, perfect for beginners trying to save up.
For greater ease, you avail maximum benefits by linking up both your investment and banking accounts. You can link your account manually or connect the account automatically. Since there are many categories, you can use the tool according to your convenience. Whatâs best is that the tool will select the best category for you so you donât have to go through the trouble yourself.
You can use this brilliant online tool to keep a track of investments or even retirement funds. Itâll do all the calculations so you can keep an eye on your investment costs and asset allocation without a worry. You can learn more in our Empower review.
Some key features of this app include:
- Track expenses down to every credit card swipe
- Analyze all your expenses in real time on your account dashboard
- Use the tool to manage your future goals whether youâre planning to buy a house or get yourself a new car
- Use the Retirement Planner tool
- Ability to track your net worth
PocketSmith Summary
PocketSmith shows you how your savings will reward you by revealing your projected daily balances up to 30 years into the future. While PocketSmith does offer a lot, there are definitely better free budgeting tools out there. If you want to see the best budgeting tools in one place, then youâll enjoy this best budgeting tools list. In that article, I personally tested and reviewed 12 free and paid budgeting tools. And you can filter through the list to find the best money saving apps for you that will help you save money.
Managing personal finances is a painstaking task, but that doesnât mean you shouldnât pay attention to budgeting. Managing your money is the best thing you can do for yourself in todayâs unpredictable economy. And, there are several online budget tools that can help you achieve your goal. Thatâs second best after youâre done reading the best personal finance books that money can buy!
Whether you want to keep track of finances for a residential/commercial move or are saving up for a car, itâs crucial you stick to a saving or spending plan. Here are a couple of budgeting tools you should try:
- Get spotted up to $250 without fees
- Join 10+ million people using the finance super app
- Banking with instant discounts on gas, food delivery, groceries and more
- Start investing, saving, and budgeting for free