PocketSmith is an online personal finance app that makes managing your money a breeze. It connects all your financial accounts in one place so you can see your balances and transactions at a glance. Even better, PocketSmith uses your data to forecast your finances up to 30 years into the future.
PocketSmith fully synchronizes with your bank accounts, credit cards, loans, investments, and more. The simple but powerful interface lets you set budgets, track your net worth, and get reports on your cash flow and spending. You’ll get alerts if you’re over budget or income/expenses change.
With PocketSmith, you have an at-a-glance view of your finances today and a realistic look at your financial future. The forecasts use your data to estimate your account balances, investment values, and major cash flows years ahead. So, you can make the best decisions for your money now and down the road.
PocketSmith also makes sharing access with a partner or financial advisor easy. They can log in to view your accounts and forecasts, or you can create shared budgets and reports together. Keep reading for a full comprehensive PocketSmith review.
What Are PocketSmith’ s Key Features?
One of the main benefits of PocketSmith is future financial forecasting. PocketSmith can project your financial situation up to 30 years into the future using your income, expense, and account data. See how life changes like buying a house, having kids, or retiring early could impact your bottom line.
PocketSmith also has an intuitive budget calendar that tracks recurring bills and payments. Know exactly when each cost will hit your accounts to plan. The budget calendar works with PocketSmith’ s scenario testing tool, which lets you model different life situations to make the best financial decisions.
With one click, PocketSmith generates detailed income and expense reports summarizing all your transactions. See your cash flow at a glance and spot any areas where you’re overspending. PocketSmith makes managing your money simple through easy-to-understand reports and projections.
PocketSmith provides powerful forecasting and budgeting tools for gaining control of your finances now and planning for the future. With PocketSmith on your side, you’ll have the insight to make smart money moves and achieve your biggest financial goals.
The Free plan is ideal if you want to get started with basic expense and income tracking. You’ll get access to essential budgeting features like connecting financial accounts, creating budgets, and viewing reports. However, the Free plan is limited to linking only two accounts.
The Premium plan, at $9.95/month, is PocketSmith’ s most popular choice. It provides unlimited account connections to see all your finances in one place. Additional benefits include bill reminders, custom reports, and household budgeting if you share finances with a partner.
For budgeting power users managing many accounts, the Super plan at $19.95/month opens up extras like budget scenarios, advanced filtering, and currency conversion. One downside is that PocketSmith only accepts Visa and Mastercard for subscription payments.
Unlike other platforms like (Tiller Money, Monarch Money, or Playbook) PocketSmith currently does not offer alternative payment methods such as American Express cards or PayPal. However, PocketSmith does offer discounted annual billing for the Premium and Super plans if you prefer to pay upfront.
Who Is the Ideal PocketSmith Client?
PocketSmith is ideal for those who want a comprehensive view of their current and future finances. Its robust forecasting tools are what set it apart.
The Savvy Investor
If you have investment accounts and want to see how your nest egg could grow over time based on average market returns, PocketSmith is for you. Its investment forecasting calculates the potential future values of your accounts based on historical market performance. This helps ensure you save enough to meet your long-term goals like retirement.
The International User
PocketSmith automatically converts foreign currencies into your home currency. So, if you frequently travel abroad or have assets overseas, PocketSmith makes it easy to see a total view of your international finances and how currency fluctuations impact your net worth.
The Detail-Oriented Planner
PocketSmith provides an extremely high level of detail about your finances. You can create budgets, track spending against those budgets, and see reports on your cash flow, net worth, and investment balances. If you want to monitor every dollar coming in and going out meticulously, PocketSmith gives you the tools to do so.
Who Is Not the Ideal PocketSmith Client?
- You only have one or two accounts. While PocketSmith does allow you to manage two bank accounts for free, other budgeting apps will likely give you a better experience with simpler needs.
- You want a premium experience for free. We don’t recommend the free PocketSmith version for most people, as it’s only suitable for the most basic individual budgets. If you want useful features like bill management, investment tracking, or financial forecasts, you’ll need to pay for a PocketSmith subscription.
- You don’t care about future planning. If you only want to budget month-to-month and aren’t concerned with predicting your financial situation years, PocketSmith probably offers more than you need. Other budgeting apps focus specifically on simple monthly budgeting at a lower cost.
What are PocketSmith’ s Pros and Cons Based on Online Reviews?
Online reviews of PocketSmith generally note both positive and negative aspects of using personal finance software. Here are some of the main pros and cons reviewers point out:
- A high degree of flexibility
- Effortless tracking of singular events
- Accurate financial projections
- The first year can be free of charge
- Costly Significant initial learning curve
PocketSmith Review Overview
PocketSmith is an all-in-one money management tool that helps you gain control of your finances. This app goes beyond tracking your daily expenses—it helps you budget, save money, reduce debt, and plan for your financial future.
Once you connect all your financial accounts, PocketSmith automatically imports and categorizes your transactions. You can then create budgets, set savings goals, view reports, and clearly understand your money flow. The calendar view is especially helpful for seeing what’s coming up and planning.
PocketSmith has a learning curve, as the sheer number of features can initially seem overwhelming. However, with some time invested upfront to set up your accounts, budgets, and financial goals, this app can save you time in the long run. The good news is PocketSmith offers video tutorials and helpful customer support to get you started. To get started on PocketSmith, click here.