Jeremy Biberdorf
By: Jeremy Biberdorf
March 21, 2024

PocketSmith Review 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
March 21, 2024

Disclosure

Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
PocketSmith Logo

4.0/5

4.0 rating based on 5 ratings

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In a nutshell: PocketSmith is an online personal finance app that makes it easy to manage every aspect of your finances. It also forecasts your future finances to enable you to make the best financial decisions.

Keep reading my PocketSmith review to decide if this is the ideal app for keeping track of your finances.

FeesService TypePromotion
$9.96 - $26.66/monthPersonal finance appSave 50% on the first 2 months with our link!

PocketSmith is a personal finance app that makes it a breeze to manage your finances. While it could be cheaper, I found it enjoyable to use.

Pros & Cons
PROS
  • Lots of flexibility
  • Track one-time events with ease
  • Forecast future finances
  • Up to 1 year free
CONS
  • Expensive
  • Steep learning curve

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What is PocketSmith?

pocketsmith.com website

PocketSmith is a comprehensive personal finance management tool originating from New Zealand in 2008. It uniquely combines budgeting with future financial forecasting, enabling users to visualize their monetary trajectory for upcoming months to decades.

By integrating with global financial institutions, it offers a consolidated view of one’s finances. The platform stands out with its calendar-based system, scenario testing, and robust security measures, making it a reliable choice for individuals seeking to optimize and understand their financial landscape.

Full PocketSmith Review

Do you need to get a better handle on your finances? PocketSmith is an app to help you manage your finances. With forecasting and full synchronization with your financial accounts, this is one of the best virtual financial advisors around. You can track how your spending habits will impact your finances six months down the line to thirty years into the future.

External PocketSmith Reviews & Ratings

SiteRating
Comparewise5
Loans Canada5
GreedyRates5
Best Wallet Hacks4.3

Firsthand User Experience with PocketSmith

After reading through numerous reviews, these are the most revealing reviews from traders who have experienced the platform firsthand:

“This under-the-rader budgeting app is the best I’ve used. And I’ve used all the top ones. The budgeting features are top notch and syncing banks was easy as well. The 2 things that set this apart from other apps is the dashboard, you customize it the way you want. As well as their highly accurate automatic categorization of bank transactions. Very useful for young professionals on the go who want to glance at their budgets and financial standings rather than scroll through different tabs.”
“Tracking finances is very important to me and I have tried a lot of different apps. This is by far the best I have ever used. I imported 2yrs worth of data from 14 accounts and had it budgeted and categorised in an afternoon. Love that you can set rules to automatically categorise transactions on sync. The dashboards are excellent. The only thing is the phone app is very limited. It’d be great to be able to customise the dashboard there as well. A minor quibble though considering. Superb!”
“Keep up the great work pocketsmith devs! The desktop app is amazing! The android app just gives you a rough overview of what’s going on in your account. All the organising and setting up is best done on a browser/desktop/laptop it currently seems. Very easy to create categories, edit transactions and set rules to catch future transactions. Have not tried setting a budget yet but looks like all the options are there. Please continue to upgrade the mobile app! If you are used to xero then this is similar, you can see great breakdowns of all your finances, like a business would have.”
“Very impressed with the way Pocketsmith deals with feeds from banks and makes reconciliation of transactions irrelevant. Handling of transfer is simple and smart – something I always struggled with with other apps. It’d be great to change the default net worth info at the top for lats X days income vs spend for example. Overall by far the best app for my needs amongst all the ones I tried. Kepp up with the great work!”

PocketSmith Customer Review Analysis

Most of the positive PocketSmith reviews I came across talked about how easy it is to use and how helpful it was to help get their personal finances in order.

Although many reviewers mentioned, in their ratings, that the mobile app is limited in functionality compared to the website. So, for a quick overview, the app works great. If you really want to dive in and make some adjustments to your portfolio or savings goals, the PocketSmith website will be your best bet.

Alternatively, you can consider checking out the PocketSmith Reddit reviews. I dug through them myself and didn’t find them very useful. Most of the threads started comparing PocketSmith to other budgeting apps and seemed a bit spammy.

PocketSmith is best for:

  • In-depth personal finance management
  • Budgeting
  • Financial planning

Our review on PocketSmith shows that this is a financial tracking app that goes further than its competitors. By providing lots of important insights, the PocketSmith app can help you control your finances.

Keep reading my PocketSmith review to find out more.

PocketSmith Review Videos

PocketSmith at a Glance

Product NamePocketSmith
ServicesBudgeting, tracking, and financial forecasting
Membership Fee$9.99, $26.66/month
Customer ServiceEmail support
PromotionsNone

PocketSmith was founded in 2008 by New Zealand entrepreneurs Jason Leong, Francois Bondiguela, and James Wigglesworth. The goal of the app was to create a platform that allows people to manage their finances and receive vital insights via a calendar-like app.

The software uses a Google-like calendar to provide you with information on your current balances and future forecasts. It offers full synchronization with your financial accounts and the different budget categories enable you to drill down into your finances quickly.

My review on PocketSmith believes that the platform comes with features that go beyond what’s ordinarily available with financial tracking apps. The forecasting feature is especially potent and the focus on modifying consumer behavior is a real selling point for this app.

I will examine the core features of PocketSmith below:

Future Financial Forecasting

pocketsmith forecasting

Perhaps the main selling point of this app is it uses your data to allow you to make financial projections up to 30 years into the future. It will even estimate your daily bank balances. You can perform these calculations using several different time periods.

Although most people won’t need such a high level of precision, it’s worth noting that you can actually find financial projections by month (and even by date!). This tool could come in handy if you’re planning a vacation or anticipating a big life change. Thanks to automatic interest calculations, it can also show you how premature withdrawals could impact the effectiveness of compound interest in interest-earning accounts.

Bank Integration

pocketsmith bank integration

PocketSmith offers seamless integration with over 12,000 global financial institutions. This eliminates the tedious task of manual data downloading or file transfers. After linking your financial accounts, you can sift through and arrange your transactions, aiding in a clearer understanding of your spending habits.

While the basic version of PocketSmith permits only manual transaction entries, to harness the full potential of live bank feed updates, you’d need to subscribe to their premium packages,

With a subscription, not only do you get to connect to financial entities across 49 countries, but you also enjoy the convenience of automatic transaction updates each time you access the platform. For individuals managing finances across multiple banks, PocketSmith provides a unified platform to oversee it all.

Security

Security is paramount, especially when dealing with financial data. PocketSmith comprehends this and has fortified its platform accordingly. For enhanced security, the application employs two-factor authentication (2FA).

When logging in, users must provide their password and then validate their identity by entering a unique code sent to their mobile device. This added layer ensures that, even if someone knows your password, they won’t access your account without your phone. Users are highly encouraged to activate this feature for added safety.

If you wish, you can grant access to someone you trust, be it an advisor, friend, or relative. he person Tyou’re sharing access with must also be a PocketSmith user.

The platform also keeps you informed through tailored email notifications. You can opt to receive updates on your financial status, reminders for pending bills, and even insights on your budget allocations.

For those transitioning from Mint.com, PocketSmith simplifies the process with its Express Migration tool, ensuring your financial tracking remains uninterrupted.

Budget Calendar

pocketsmith budget calendar

The PocketSmith budgeting calendar pinpoints your recurring costs and tracks them through their calendar. Use this data to plan your projected expenses. These can be color-coded by category, and the platform also allows you to come up with your own customized categories.

The budget calendar is designed with ease of use in mind, so you’ll be able to drag and drop your way to financial success. Once you’ve entered all of the relevant information, this tool will complete all of the calculations almost instantly, minimizing the time you need to allocate to budgeting. Like the forecasting feature, the budget calendar can also provide you with accurate budget estimates down to the day! This will help you avoid future cashflow issues.

Scenario Testing

pocketsmith scenario testing

Want to spend a year traveling overseas and don’t know how it will impact your finances?

PocketSmith scenario testing allows you to plan for the future by examining the impact of different life decisions. Just click a button and you’ll see how your big life decisions will impact your finances.

Since scenario testing enables you to see the short and long-term effects of any financial decisions you make, it can be extremely helpful when planning for the future. Since you can create multiple scenarios for every possible expense, you’ll be able to test and know your budgetary limits ahead of time (rather than learning you overspent after the fact).

Income and Expense Statements

pocketsmith income expenses

Press a button and PocketSmith will report all your income and expenses in one simple report. Turning your personal finances into a profit & loss statement is a great way of getting a high-level view of your finances.

Statements can also be used to track your net worth and get a detailed report on your outstanding debts (such as credit cards, personal loans, or student loans). Since PocketSmith automatically converts foreign currencies to your own, these income and expense statements are ideal for users with international assets.

Mobile Support

PocketSmith offers a mobile solution for those who need to oversee their finances while out and about. They provide a mobile app for both Android and iOS devices.

While this app acts as a valuable companion to the main platform, it should be noted that it doesn’t house every feature available on the web and desktop versions.

While the mobile app is great for quick checks and updates, users might want to turn to the desktop version, available for Mac, Linux, and Windows, for a comprehensive experience.

Multi Currency Support

pocketsmith multi-currencies

For individuals who have financial dealings in various countries, PocketSmith offers a robust multi-currency support feature. The platform facilitates the integration of bank accounts, assets, and liabilities from different nations.

It then automatically computes the conversion based on the prevailing daily exchange rates. Notably, the application displays both the original balance of foreign accounts and their equivalent in the currency of your preference.

Users can effortlessly track their consolidated net worth in their primary currency. Also, PocketSmith isn’t limited to traditional currencies alone; it extends its exchange rate support to include assets like gold, silver, and even cryptocurrencies such as Bitcoin.

This makes it particularly beneficial for those with a diverse range of assets and accounts in multiple currencies.

“Killer Search Engine”

PocketSmith’s “Killer Search Engine” stands out as an exceptional tool for diving into past transactions with ease. Rather than sifting through a tedious list of records, this feature allows users to pinpoint transactions rapidly, irrespective of how old they are.

Personalizing transaction details elevates this experience further. Users can categorize, label, jot down notes, and even attach images. Imagine the convenience of associating pictures of receipts directly with your bills.

This is particularly handy during tax season, where specific expenditures, like gas for business mileage, might be deductible. So, not only does the search engine save time, but it can also be invaluable in financial management and documentation.

PocketSmith Pricing

Most reviews on PocketSmith point out the problematic pricing scheme. The issue is that even though they offer a free version of PocketSmith, the free option is so gutted of useful features that it’s barely worth using at all. We’d recommend opting for a subscription plan if you’re going to use this platform. However, if you decide you’ve “over-upgraded,” you can always switch to a lower-tier plan at any time!

Payments options are currently limited to Visa and Mastercard. PocketSmith doesn’t support American Express (as of 11/27/2022), nor does it allow users to make payments via PayPal.

Free Plan – PocketSmith describes this plan as ideal “for the casual budgeter.” However, we wholeheartedly disagree with this description! The “casual budgeter” is likely a person who wants to quickly determine how much money they can spend without overextending their finances. This hypothetical person probably wants to avoid spending time entering and calculating data.

Unfortunately, the “casual budgeter” won’t be able to fully enjoy either of these benefits with the free plan. To be fair, the free plan does provide a complete financial picture with financial forecasts (which can be helpful when trying to make important money decisions). However, users will need to enter any and all data manually, which—depending on the number of additional transactions they’re trying to track—could take a long period of time. You’ll also be restricted by a 2-account limit.

The free plan is marginally more effective than creating a paper budget calendar. Considering there are many budgeting services out there that offer more features for free, we’d recommend considering alternative options (such as the Premium & Super plans).

Premium Plan – This plan is PocketSmith’s “most popular subscription,” and for good reason. With a maximum price of $9.95 per month, the Premium plan unlocks all of the features you’d expect from a budgeting app. You’ll enjoy instant access to automatic bank feeds and automatic transaction categorization.

This means you’ll no longer have to manually enter data yourself (assuming you bank at one of the 12,000+ supported institutions). That said, you’ll still have the option to enter transactions manually if you wish.

Have foreign accounts? Not a problem: PocketSmith will automatically convert your foreign currencies to your local currency, making it easy to keep track of your balances and debts.

The Premium plan allows you to set an unlimited number of budgets, which you can use to project your finances for up to ten years in the future. The 10-account limit imposed by this plan should be adequate for most subscribers, although those with more than ten active accounts will have to upgrade to the “Super” plan.

As mentioned above, the monthly plan ($9.95/month) is the most expensive option for the Premium plan. You can save 16% by subscribing to the quarterly plan ($24.95/quarter) or 24% by subscribing to the annual plan ($89.95/year).

Super Plan – The “Super” plan is ideal for power users with active budgets who need help managing over ten accounts at once. It’s also perfect for those who want the ability to micromanage their bank account(s) with the 30-year forecast feature!

This all-access plan includes all of the features—such as automatic categorization and unlimited budgets—that Premium offers, sans any restrictions. In other words, you can track unlimited accounts with this plan.

Currently, “Super” is offered as a monthly plan ($19.95/month), a quarterly plan ($44.95/quarter), and an annual plan ($169.96/year). We recommend opting for an extended plan, as this can save you up to 29%.

Enhanced Financial Insights

Advanced Income and Expense Statements

PocketSmith simplifies financial reporting by generating income and expense statements with a single click. Users can effortlessly access detailed breakdowns of their financial transactions, allowing for a comprehensive analysis of spending patterns and income sources. By visualizing cash flow and identifying trends, users can make informed decisions to optimize their financial health.

Holistic Net Worth Tracking

With PocketSmith, tracking net worth becomes effortless. The platform aggregates data from various accounts and assets, providing users with a holistic view of their financial standing. Users can monitor changes in net worth over time, helping them assess progress toward financial goals and identify areas for improvement. PocketSmith’s automatic currency conversion ensures accuracy, even for users with international assets.

Insightful Debt Management Analytics

PocketSmith enables users to stay on top of their outstanding debts by offering detailed insights into debt management. By visualizing debt balances and repayment schedules, users can develop strategies to reduce debt effectively. PocketSmith’s reporting tools allow users to track debt payoff progress and evaluate the impact of debt reduction efforts on their overall financial picture.

Flexible Budget Planning

Streamlined Recurring Cost Tracking

The budget calendar feature in PocketSmith facilitates tracking of recurring costs, providing users with visibility into upcoming expenses. Users can set reminders for recurring payments and plan budgets accordingly, ensuring timely bill payments and efficient budget management. By visualizing recurring expenses on the calendar interface, users can anticipate cash flow fluctuations and adjust spending priorities as needed.

Efficient Projected Expense Management

PocketSmith empowers users to track projected expenses and plan budgets with ease. The customizable budget calendar allows users to forecast future expenses based on recurring patterns and anticipated changes. With color-coding options and customizable categories, users can organize projected expenses intuitively, making it easier to prioritize spending and allocate resources effectively.

Strategic Financial Goal Planning

The budget calendar serves as a valuable tool for financial goal planning in PocketSmith. Users can set financial goals and track progress towards achievement using the calendar interface. By aligning budgeting activities with specific goals, users can stay motivated and focused on long-term financial objectives.

PocketSmith’s customizable budget calendar adapts to users’ evolving financial needs, providing flexibility and support throughout their financial journey.

Comprehensive Scenario Testing

Life Decision Impact Analysis

PocketSmith’s scenario testing feature allows users to evaluate the financial impact of major life decisions. Whether considering a career change, relocation, or large purchase, users can simulate different scenarios to assess potential outcomes. By analyzing short-term and long-term effects on cash flow, savings, and net worth, users can make informed decisions and mitigate financial risks associated with life changes.

Strategic Decision Making

Scenario testing in PocketSmith enables strategic decision-making by providing insights into the financial implications of various choices. Users can explore different scenarios, such as changing income levels, adjusting spending habits, or investing in new opportunities, to evaluate the potential risks and rewards. By considering multiple scenarios, users can develop contingency plans and identify optimal paths to achieve their financial goals.

Long-Term Financial Planning

PocketSmith’s scenario testing feature supports long-term financial planning by allowing users to project future outcomes and anticipate potential challenges. Users can create multiple scenarios to test different assumptions and strategies, ensuring resilience and adaptability in their financial plans. By incorporating scenario analysis into their planning process, users can proactively address uncertainties and optimize their financial future with confidence.

Interactive Customer Support

While PocketSmith’s customer support operates primarily via email, the platform offers responsive and helpful assistance to users. The support team strives to address inquiries and concerns promptly, typically within one business day.

Additionally, PocketSmith maintains an extensive knowledge base and community forums where users can find answers to common questions and interact with fellow users. Although phone assistance is not available, the platform’s commitment to providing reliable support ensures that users receive the assistance they need to maximize their PocketSmith experience.

Seamless Financial Accessibility

Empowering Financial Management on the Go

PocketSmith’s commitment to accessibility extends beyond the desktop platform with its intuitive mobile app. Whether you’re on an Android or iOS device, the PocketSmith mobile app offers essential features and functionalities, ensuring that users can stay connected to their finances wherever they are.

Comprehensive Mobile Functionality

While the mobile app may not replicate all features available on the desktop platform, it provides a robust set of tools for managing finances on the move. From viewing account balances to categorizing transactions and setting budgets, users can perform essential tasks efficiently from their mobile devices. The app’s user-friendly interface ensures a seamless experience, allowing users to stay informed and in control of their financial situation at all times.

Dynamic Currency Management

Effortless International Financial Tracking

PocketSmith goes beyond borders to accommodate users with financial dealings in multiple countries. Its robust multi-currency support simplifies the integration of bank accounts, assets, and liabilities from diverse geographic regions, offering users a consolidated view of their global finances.

Accurate Currency Conversion

With automatic currency conversion capabilities, PocketSmith ensures that users can monitor their financial standing in their preferred currency effortlessly. Whether dealing with traditional currencies or emerging digital assets like cryptocurrencies, PocketSmith provides accurate and up-to-date conversion rates, facilitating comprehensive tracking of international financial portfolios.

Enhanced Portfolio Management

Users can easily track their net worth across different currencies, enabling them to manage global financial portfolios with ease. PocketSmith’s multi-currency support empowers users to make informed decisions about asset allocation and investment strategies, regardless of geographic boundaries.

Limited Free Plan Features

  • Manual Transaction Entries Only: The free plan of PocketSmith limits users to manual transaction entries, which can be time-consuming and less convenient compared to automatic bank feeds.
  • 2-Account Limit: With a restriction of only two accounts, the free plan may not accommodate users with multiple financial accounts or complex financial situations.
  • Lack of Premium Features: Advanced features such as automatic bank feeds, scenario testing, and comprehensive reporting are only available with paid subscription plans, rendering the free plan suitable only for basic budgeting needs.
  • Subscription Requirement for Premium Features: Users seeking access to premium features must upgrade to a paid plan, as the free plan lacks essential functionalities for comprehensive financial tracking and management.

Complex Pricing Structure

PocketSmith’s pricing structure may be perceived as complex by some users, with multiple subscription tiers and pricing options to consider. While the Premium and Super plans offer comprehensive features and flexibility, users may find it challenging to determine the most suitable plan for their needs.

Additionally, the absence of payment options such as American Express and PayPal may inconvenience some users, limiting their flexibility in choosing a payment method.

Who Should Avoid Using PocketSmith?

While I definitely think that Pocket Smith offers a great service with plenty of premium features, I can’t—in good faith—claim that this personal finance tool will be ideal for everyone. I don’t recommend PocketSmith if:

  • You only have one or two accounts. While the PocketSmith financial tools do allow you to manage two bank accounts for free, there are other budgeting apps that will give you a better experience (such as not requiring manual transaction entries for budget allocations).
  • You want a premium experience for free. We really don’t recommend the free version of PocketSmith, as it’s really only suitable for the simplest individual budgets. You’ll need to subscribe to a spending plan if you want more advanced features, but you can get these for free with alternative budgeting apps.
  • You don’t care about projecting future income/expenses. If you’re only concerned with monthly budgets and aren’t trying to predict your financial situation years in the future, PocketSmith doesn’t have anything unique to offer you.

Reviewing PocketSmith Alternatives

If you fall into one of the previous categories of people who should avoid using PocketSmith, don’t worry, there are budgeting apps for you. One popular PocketSmith competitor is YNAB.

YNAB stands for you need a budget, and beginning budgeters love their zero-based budgeting strategy. To learn more about what zero-based budgeting is and YNAB’s other offerings, check out my Pocketsmith vs YNAB comparison.

I couldn’t talk about PocketSmith alternatives without mentioning a staple in the financial planning industry, Quicken. Quicken is an all-encompasing personal finance tool that has been honing its offering since 1984. To see how they compare, you can read this PocketSmith vs Quicken article.

The last PocketSmith competitor I will mention is Mint. If you are looking for a comprehensive budgeting tool that features accurate automatic categorization and real-time alerts, Mint might be up your alley. To decide which is best for you, this Mint vs PocketSmith review will provide all you need to know.

If you are already a Mint user, PocketSmith allows you to seamlessly switch over with easy import features. You can import your complete history from Mint with the click of a button.

Is PocketSmith Right for You?

My review on PocketSmith can conclude that this is the perfect app for people who want to get serious about taking their finances to the next level. Personal finances are tough to manage, but this app goes beyond basic tracking of day-to-day spending.

It can also be fully integrated with Mint, which many customers enjoy. Overall, other than the high pricing, I can’t say anything negative about PocketSmith.

Check out PocketSmith and sign up for a free account today. Save 50% on the first 2 months with our link.

Frequently Asked Questions

PocketSmith is one of the more advanced financial tracking apps around. We answer some of the most common questions below.

There is a learning curve, particularly when it comes to importing transactions and setting budgets. However, once you figure it out the app is easy to manage.

With no automatic importing and no additional features, the free version of PocketSmith is severely lacking. A subscription is well worth paying for.

It’s the ideal platform for those who are serious about their long-term finances. The forecasting feature is its primary selling point.

Yes! Your PocketSmith account (and all of the bank accounts, financial institutions, credit cards, and investment accounts) will be protected by the two-factor authentication process offered by this personal finance assistant app.

PocketSmith’s customer support could be a potential area for improvement. Originating from New Zealand with a limited team size, they don’t provide phone assistance.

They are reachable via email, and inquiries are typically addressed within a day. For those in the US and Canada, it’s worth noting that support operates on New Zealand hours, translating to 5:00 PM to 1:00 AM Eastern time.

For general concerns, you can reach out to help@pocketsmith.com, while bank feed related matters can be directed to bankfeeds@pocketsmith.com.

PocketSmith, which integrates with numerous global financial institutions, has comprehensive insurance coverage. Its services benefit from third-party insurance, such as from Gabi.

The platform boasts a high rating from SSL Labs, implementing multiple data protection measures, including two-factor authentication and Cloudflare support.

They partner with Windcave for credit card security, while bank feed safety is ensured through Yodlee and Salt Edge. PocketSmith ensures robust encryption during data transfers and has concrete physical security provisions for fund safety.

Regarding refunds, PocketSmith offers a straightforward approach. Should you choose to cancel your subscription within the first 14 days, reach out to their Support Team to obtain a full refund for your latest subscription payment.

However, if you decide to cancel after this 14-day window, the monthly subscriptions won’t qualify for any refunds. If you’re hesitant about committing to a premium plan, you might consider starting with their basic plan at no cost.

Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He’s a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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