PocketSmith is a personal assistant finance manager with an intuitive interface that helps you track your net worth and spending. This web and mobile app lets you see all your financial accounts in one place so you know exactly where your money is going and how your financial decisions will impact your future.
PocketSmith synchronizes with your bank accounts, credit cards, investments, loans, and bills to give you a complete financial overview. You can then create monthly budgets, see reports and forecasts, set financial goals, and monitor your progress.
If you’re looking to improve your financial literacy and financial health and make the best-informed decisions for your future, PocketSmith is a robust tool to have in your pocket. With all it offers, is PocketSmith the best net worth tracker? Here is a PocketSmith review to determine this.
PocketSmith Behind the Scenes
PocketSmith was created in 2008 by Jason Leong, Francois Bondiguela, and James Wigglesworth. This team of entrepreneurs in New Zealand wanted to build an intuitive finance app. Their investment goal was simple: give people a tool to gain control and insight into their money.
The PocketSmith platform syncs all your financial accounts into one place so you can see where your money is coming and going each month. Their calendar-style interface makes it easy to budget, track your net worth, and plan for the future.
PocketSmith’s features go beyond basic budgeting tools and expense-tracking apps. The platform uses intelligent algorithms to analyze your finances and provide tailored advice. It can forecast your investment account balances months into the future so you can take control of your money and feel prepared for whatever comes your way.
PocketSmith’s Key Features and Selling Points?
PocketSmith offers some useful advanced Key features, making it a compelling net worth tracking tool.
- Financial Projections: PocketSmith uses your financial data to create projections up to 30 years into the financial future. It can even estimate your bank account balances each day. You choose the period for these calculations—daily, monthly, quarterly, or annually.
- Budgeting Calendar: The unlimited budget calendar in PocketSmith tracks your regular bills and expenses. Use this information to plan your future spending. You can categorize costs by color to see where your money goes each month.
- Scenario Testing: PocketSmith allows you to see how major life decisions might impact your finances through scenario testing. Just click a button to find out how a new job, auto loans, personal loans, student loans, mortgage, or other big changes could affect your bottom line.
- Monthly Income and Expense Reporting: PocketSmith provides a simple report that compiles all your income and expenses into an easy-to-understand profit and loss statement. This high-level view of your finances helps you understand your overall financial position.
PocketSmith Plans and Pricing Options
PocketSmith offers three main subscription plans: Basic, Premium, and Super. We’d recommend opting for a subscription plan if you’re going to use this platform regularly. However, if you decide you’ve “over-upgraded,” you can always switch to a lower-tier plan anytime!
- Basic Plan: The “Basic” plan is free and ideal for those who want to test the finance app before committing to a paid subscription. The Basic plan allows you to access income and future expense tracking for up to two accounts.
- Premium Plan: The Premium plan is the “most popular subscription,” for good reason. With a maximum price of $9.95 per month, the Premium plan unlocks all the features you’d expect from a top-rated mobile app.
- Super Plan: The “Super” plan is ideal for power users with active budgets who need help managing over ten accounts simultaneously. It’s also perfect for those who want to micromanage their bank account(s) and closely monitor extra cash flow. You can now get the “Super” as a monthly plan ($19.95/month), a quarterly plan ($44.95/quarter), or an annual plan ($169.96/year).
Payment options are limited to Visa and Mastercard. PocketSmith doesn’t support American Express or allow users to make payments via PayPal. Watch out for PocketSmith coupon codes to save up to 50% on your subscription.
The Pros and Cons of Using PocketSmith
PocketSmith offers some useful features for tracking your net worth and custom budget, but it also has some downsides to consider before diving in.
- High degree of flexibility.
- Easily monitor singular events.
- Predict future financial scenarios.
- Offers up to a year without charges.
- It is on the pricier side.
- Has a challenging learning process.
Is PocketSmith the Right Choice for You?
If you’re looking for an easy way to track your spending, income, and net worth over time to gain valuable insights, PocketSmith could be perfect. Their customizable single dashboards and reports make visualizing your money a breeze.
However, the paid plans may be too pricey if you’re on a tight budget. The free plan is limited, so you’ll need a premium one to access most features. The good news is they do offer a 30-day free trial of their paid plans so you can test the waters.
PocketSmith is an excellent option if you want an affordable, friendly user interface on a top-rated mobile app to gain control of your finances. The customizable features, useful insights, and integrations with other financial services make managing your money and working towards financial goals simple and fun. Click here to sign up for a free trial.