Are you tired of your mismanaged personal finances and want to take charge? Read through this Pocketsmith review to see just how.
Pocketsmith Review: A Budget Software App to Save Money
Have you ever encountered some financial challenges simply because your finances were disorganized?
Well, with all the complex aspects of checking and savings accounts, credit cards, loans, mortgage payments, student finance and more, being able to manage your personal finance can be hard. That’s where Pocketsmith comes in.
In this Pocketsmith review, we will try to explore everything there is about the Pocketsmith app, and how it is relevant to managing your finances.
Without proper management of your income, expenses, savings, and investments, it becomes impossible to plan your financial future. It is a hard fact that budgeting is paramount for anyone to succeed in these complex financial times.
But do we do it?
Most of us ignore it or do it inadequately.
Luckily with apps like Pocketsmith, Personal Capital, and others, all the hassles of financial management are no longer as complex.
This Pocketsmith review is a comprehensive manual of how the app works, what it is, and how you can make the most out of it for your financial future.
Table of Contents
What is Pocketsmith?
This is a budgeting tool that works similarly to a personal financial assistant. The app is designed to help eliminate the complexities in your personal finances by organizing your income, expenses, savings and investments.
Pocketsmith was founded in 2008 with the aim of making the management of your finances much easier by gathering all your financial aspects under a single platform.
The founders’ main aim was to create a simple method to help manage and transfer financial data through a calendar-event based method.
The app not only helps you to view your assets and liabilities under one roof easily, but it also aims to forecast your spending habits.
Pocketsmith app has a Google-like calendar that is paramount in helping you see your current account balances, as well as forecasting your future balances.
This budgeting app is accessible through various platforms, including iOS app, websites, and Android app.
What are Pocketsmith Main Features?
This smart personal finance and budgeting software comes with numerous features to help you manage your finances. The main ones that you must know include:
Accounts and Transactions
The app connects to over 12,000 banks and other financial institutions globally. This saves you the trouble of importing your financial transactions by providing automatic and live bank feeds.
It eliminates the need for manual downloads or import and export of files.
The app also helps you to locate and organize your transactions. What this means is that you can categorize, mark and annotate personal expenditure the way you want, then make use of Pocketsmith search engine, to locate transactions.
With the app, you can easily track your assets, accounts, and liabilities from various countries around the globe.
Another important feature that comes with the Pocketsmith platform is the reposting aspect. The app offers you a comprehensive summary of every financial activity you undertake in a single location. You are free to pick a dashboard layout of your choice.
Through the dashboard, you can easily see your account balances, budgets, planned expenditures, or any other activity, at a glance.
With Pocketsmith reporting, you can easily get your cash flow statement, which is updated automatically. So, if you want to know how much you have spent or earned within a specific period, the reporting feature does that for you.
This means that the platform enables you to know your net worth at any time. You can track everything you own or owe such as properties, loans, mortgages, vehicles, and more.
This feature makes the app an ideal tool for anyone. For example, even freelancers can enjoy the features that come with the app.
The app can be extremely useful for freelancers who receive payments from various clients.
Budgeting and Planning
With their planning and budgeting features, your financial future is sorted. This feature allows you to create and adhere to a “Pocketsmith budget” for a brighter financial future. The app will just take information from your budget and predict your daily account balances even up to 30 years in advance.
The feature helps you to interact with your finances easily through scheduling your future bills and budgets using a calendar.
With this platform, you can eliminate uncertainties from your planning, as it allows you to experiment on your choices to see the possible financial outcomes in the future.
If you are an expert, this is among the best personal financial planning tools around.
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Security, Communications, and Sharing
In terms of security, the app offers you a two-factor authentication feature. This means that you can make your account secure by necessitating a code sent to your mobile device, as well as a username and password.
When it comes to communication of your activities, Pocketsmith has that catered to. The app will send you email notifications with a summary of your financial activities as you desire. You are the one to determine the frequency of the emails.
The platform also offers an Express Migration to that helps you to easily import all your transactions, accounts and categories from Mint.com. This means that you don’t have to worry about your financial history from other platforms like Mint.
If you were previously using Mint, and want to shift to Pocketsmith, you will shift with all your history.
Another awesome feature with Pocketsmith is its sharing capability.
The platform enables you to grant a third party, access to your account. This means that you are liberty to allow family, friends or financial advisors to access your account.
To do so, you just need to input the other person’s email address, and they will have access to your account. This is particularly important if you are in the process of acquiring a loan or a mortgage. You can give access to the lenders to evaluate your financial activities.
This is a great way to save you the hassle of providing the lenders with numerous documents as they request. Just give them access to your Pocketsmith account, and they will have all that they need.
See Related: Important Financial Statistics to Understand
How Does PocketSmith Platform Work?
If you are ready to take charge of your financial future, this Pocketsmith review will show you just how. First things first, let see how you get yourself a Pocketsmith account.
How to Sign Up for Pocketsmith
If you have reached this point in our Pocketsmith review, it means you want to know how you can open your account. Well, that’s not anything to worry you. It is as simple as this.
First, the process takes just a few seconds (and I mean a few seconds). The process includes only five simple steps and doesn’t require any disclosure of confidential data upon sign up.
You are also at liberty to change the plan or cancel the service at any time.
The signup process is as follows:
Visit the PocketSmith homepage
Once you are on their website homepage, you will see a “Sign Up” button. The button is located near the top-right corner of the homepage. Click on this button to start.
Choose a Plan
When you click the button, it will lead you to a page where you need to select the plan of your choice. If what you want is to take a tour of the platform first, you can choose the basic option which is free.
If you find the platform is what you want, you can now upgrade to another plan.
Set up a Username and a Strong Password
Since your financial information is sensitive, you need a strong password for proper protection. In addition, you will need to input your email address.
After that, all you are required to do is read the terms and conditions section and accept.
Set up your dashboard
The final stage involves you setting up your dashboard by importing your history and accounts from your previous financial tool. One thing you should note though is that when you choose the basic plan, you can only import two accounts.
Once you create an account, the platform gives you three options which include:
- Importing your financial data from other platforms such as Mint.com,
- Input your transactions and back information manually, or
- First, take a tour to understand how the platform works.
If you are to import, your history, Pocketsmith will guide you through the process, which makes it quite simple.
After the approval of your account, you are led to a dashboard. From the dashboard, you can clearly see all your earnings and expenditure habits.
You will be able to see expenditures from your past for up to 6months in case of the free version of the app. From the dashboard, you will also be able to see snapshots of your financial forecast and budget.
When it comes to transactions, you can manually input them even with the free version of the app.
However, if you need to get the live feeds for each transaction, you will require an upgrade to one of their paid-for premium plans.
Pocketsmith Pricing Plans
It’s good to note that although Pocketsmith has a free version, it also includes other paid-for plans which include:
The basic plan is completely free and is ideal for the “casual budgeter.” With the basic plan, you can only import your accounts and transactions manually. Also, it only allows you to import two accounts and prepare 12 budgets.
Besides that, the plan limits you to only six months’ projections.
Therefore, if you select the basic plan, you will have to lie with these limitations unless you upgrade.
As for the premium plan, you are given access to some extra features to those in the basic one. Here, you can automatically import your accounts from other financial apps, and enjoy automatic categorization of your financial activities.
Also, you can set up an unlimited number of budgets, depending on your needs.
To make it even better, with this plan, you have access to live, and automatic bank feeds. And, that is not the end, you have access to 10 years’ projections and can easily import up to 10 accounts.
The plan goes for $9.95 if you pay monthly, but will cost you only $7.50 every month if you pay it annually.
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This is the most advanced plan of them all. Here, you have access to all features available in the premium plan plus two more features. The additional features allow you to:
- Import an unlimited number of accounts
- Have access to projections of up to 30 years
The plan costs you $19.50 every month if you pay for it monthly and $14.16 per month if you buy an annual subscription. Those are the Pocketsmith fees based on each plan.
In addition, the platforms sometimes offer discounts in the form of Pocketsmith coupons which might help you access these features at a lower price.
Is Pocketsmith a Scam or Legit? Is it Safe to Use?
When it comes to finances, you have to be very careful lest you end up falling in the hands of fake apps that may pose a risk to your hard-earned money. That is why we have done intensive research to ensure that you have all the information necessary to have peace of mind when using the app.
Various reviews of the Pocketsmith platform by users show that this platform is genuine and safe to use.
Each time you log in to your Pocketsmith account, your information is always encrypted to ensure its safety.
Also, when it comes to the live bank feeds, your data reaches Pocketsmith in a read-only format.
To better manage your finances and grow your wealth, you can take a look at some excellent financial resources I use daily.
Conclusion on Pocketsmith Review
If you want an easy time with your finances, make sure you budget and plan. Pocketsmith is a personal financial management tool that will help make the budgeting and planning process simple.
This Pocketsmith review provides you with everything you need to know about the Pocketsmith platform and how to manage your personal finances.
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