In my PocketSmith review, we will dive into what to know before signing up to PocketSmith, a personal finance app designed to simplify budgeting and financial planning. With a proper budget being crucial for securing a financial future, PocketSmith offers a solution that not only helps you manage your current finances but also forecasts your future financial situation. This forecasting feature is particularly useful for maximizing your budget and planning for future savings.
PocketSmith stands out among budgeting apps by integrating various financial aspects into a single platform. It allows users to connect all their accounts, making it easier to get a comprehensive view of their financial life. This app is particularly suitable for those looking to gain a clearer understanding of their income versus expenses and for those who wish to plan ahead more effectively.
My review aims to provide insights into whether PocketSmith is the ideal app for managing and tracking your finances, offering a look at its functionalities, ease of use, and forecasting capabilities. Whether you’re seeking to streamline your budgeting process or gain a better grasp of your future financial trajectory, PocketSmith presents itself as a potential tool for achieving these goals.
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What To Know Before Signing Up To PocketSmith
There is a lot you should know before deciding to sign up for a budgeting app like PocketSmith. You need to know what benefits it brings to the table, pricing and potential drawbacks, but first let’s jump into some PocketSmith basics.
What is PocketSmith?
PocketSmith, founded in 2008 by New Zealanders Jason Leong, James Wigglesworth, and Francois Bondiguel, is a distinctive personal finance management tool that blends traditional budgeting with forward-looking financial forecasting. This innovative approach allows users to project their financial future, ranging from the coming months to years ahead.
The platform’s standout feature is its calendar-based system, which provides a clear and organized view of financial events and trajectories. By integrating with global financial institutions, PocketSmith offers users a comprehensive overview of their financial status, consolidating various accounts and transactions in one place.
What sets PocketSmith apart from other budgeting apps is not just its forecasting ability but also its scenario testing capabilities, enabling users to simulate different financial situations and plan accordingly.
Coupled with robust security measures, PocketSmith offers a reliable and insightful tool for individuals aiming to gain a deeper understanding and control of their financial landscape. Its unique calendar-and-event-based approach to managing and visualizing financial information makes it a valuable resource for proactive financial planning and management.
PocketSmith Benefits
Here are some of the many benefits you should know about before signing up to PocketSmith:
- Live Bank Feeds: Available on the Premium and Super packages, it allows automatic updates from over 12,000 financial institutions worldwide, including major banks in the US, UK, Canada, Australia, and New Zealand.
- Multi-Currency Capability: It supports accounts in different currencies with automatic conversion based on daily exchange rates, also including rates for cryptocurrencies like Bitcoin and commodities like gold and silver.
- Budgeting and Budget Calendar: Users can create custom, flexible budgets for various time frames and schedule upcoming bills, enhancing cash flow management.
- Projected Daily Balances: This feature, exclusive to the Super version, projects future balances up to 30 years, using current trends and offering “what-if” scenarios.
- Income and Expense Statements: Customizable for any specified time frame, this feature helps track and manage income and expenses effectively.
- Net Worth Tracking: The app calculates net worth by considering the difference between assets and liabilities, even accommodating accounts held in foreign currencies.
- “Killer Search Engine”: This tool allows for quick and easy transaction searches.
- No Advertisements: As a paid service, PocketSmith is ad-free.
- Mobile App: Available for iOS and Android, it’s designed as a companion to the web and desktop applications.
- Security: PocketSmith uses Yodlee for bank feeds, features two-factor authentication, encrypted connections, and secure data storage with constant monitoring.
PocketSmith Drawbacks
Although PocketSmith brings a lot of positives to the table, there are a few shortcomings you should be aware of before signing up.
- Lack of Investment Monitoring: Unlike some other financial management tools, PocketSmith does not offer investment monitoring features. This could be a limitation for users who want a comprehensive overview of their investment portfolios.
- No Bill-Paying Feature: Unlike competitors like Mint and Quicken, PocketSmith lacks a bill-paying feature, which could be a significant disadvantage for users looking for an all-in-one financial management solution.
- Absence of Tax Reporting: The app does not provide tax reporting functionalities. While this is typically a feature of individual financial accounts, its absence in PocketSmith might be inconvenient for users seeking consolidated tax information.
- Customer Support Limitations: Support is available only via email, which may not be ideal for users who prefer immediate assistance or the option of phone support.
- Cost Factor: PocketSmith can be relatively expensive, especially for users opting for the more feature-rich plans. This could be a deterrent for those on a tight budget.
PocketSmith Pricing
Of course you need to know the price before signing up to PocketSmith. Here are the 4 account options you have to choose from:
- Free Plan: This basic plan allows up to two bank accounts and requires manual data entry. It offers up to 12 budgets and six months of projections. However, it lacks automatic bank feeds, making it less suitable for those with multiple financial accounts or seeking more comprehensive budgeting tools.
- Foundation Plan: This plan offers automatic bank feed updates, transaction importing, and categorization for $14.95 per month or $119.88 annually. It includes 10 years of budget projections, unlimited budgets, and the ability to connect six banks.
- Flourish Plan: At $24.95 per month or $199.92 annually, this plan extends the Foundation features to include 30 years of budget projections and the ability to connect 18 bank accounts.
- Fortune Plan: The most comprehensive option, the Fortune plan offers unlimited accounts, bank connections, and budgets with 60 years of budget projections. It costs $39.95 per month or $319.92 annually and includes priority email support.
Check out my PocketSmith coupon code for periodic discounts.
PocketSmith Alternatives
In order to conduct proper due diligence, you should be aware of the PocketSmith alternatives before deciding to sign up. If you are reading this, its safe to assume that you need a budget, which is the name of a major PocketSmith competitor.
YNAB is a popular budgeting app that takes the zero-based budgeting approach. To learn more about zero based budgeting or YNAB’s detailed offerings, check out my PocketSmith vs YNAB.
Final Thoughts
In summary, our PocketSmith review highlights the app’s diverse range of features and pricing options, suitable for various financial management needs. From basic budgeting to extensive financial forecasting, PocketSmith offers tools for manual entry, automatic bank feeds, and multi-currency support across its different plans.
Understanding what to know before signing up to PocketSmith is key, especially considering its limitations in investment monitoring and bill-paying features. With options ranging from a free basic plan to more comprehensive paid subscriptions, PocketSmith caters to a wide spectrum of budgeting and planning requirements. For those interested in a detailed financial management tool with robust forecasting capabilities, Click Here to get started with PocketSmith today.
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