Navigating personal finances in the digital age can be overwhelming. PocketSmith, a comprehensive financial tool that does more than just track your monthly expenses, aims to simplify this.
With features allowing you to view multiple bank accounts, track numerous credit cards, and forecast your financial situation up to thirty years in advance, it’s more than just a basic budgeting app.
Integrated with major banks, it provides real-time financial updates, ensuring that your financial decisions are well-informed. Our PocketSmith review looks into its features and offerings, from basic to premium plans.
We will look at PocketSmith reviews and ratings to better help you understand if PocketSmith is the right fit for your financial management needs.
What is PocketSmith?
PocketSmith, developed in 2008 by New Zealanders Jason Leong, James Wigglesworth, and Francois Bondiguel, stands out in the crowded budgeting app space. Unlike free-ad-supported apps like Mint, PocketSmith operates on a subscription model. There’s a free basic plan, but the real value lies in its premium features.
What sets it apart? Flexibility. While most apps offer fixed monthly budgets, PocketSmith lets you customize according to your needs. It handles both recurring expenses and one-time transactions with ease, providing automatic categorization and the option to create custom budget categories.
It’s cloud-based, meaning no installation hassles and accessibility from anywhere. Plus, with bank feeds from 36 countries, global users can benefit from automatic currency conversions and daily exchange rates. Security isn’t overlooked either, with features like two-factor authentication in place.
- Budget Calendar: With its interactive budgeting calendar, you can visualize recurring costs, color-coded by budget category, and customize them according to your needs. It’s all about simplicity and speed. Drag, drop, and in a jiffy, you’ve got a daily financial forecast to avoid any cash flow pitfalls.
- Scenario Testing: Life is unpredictable. Want to travel for a year? How will that impact your savings or student loan? PocketSmith’s scenario testing lets you play with these life decisions, providing a comprehensive look into the short and long-term effects of your choices.
- Income & Expense Statements: In a few clicks, PocketSmith can transform your personal finances into a clear profit & loss statement. It’s a window to view your outstanding debts, be it credit cards or student loans.
- Bank Aggregation: On its premium plan, PocketSmith offers real-time bank feeds. Link up with over 12,000 financial institutions across 49 countries. From credit cards to investment accounts, view your financial dashboard with the latest updates from all corners of your financial life.
- Forecasting Tools: Beyond standard budgeting services, PocketSmith is a champion of forecasting. With visual charts, see how today’s habits mold your financial future. It emphasizes the ripple effect of compound interest, offering a window to the possible growth of your financial assets.
- Budgeting Mastery: While its forecasting feature shines, PocketSmith hasn’t overlooked the art of budgeting. Tweak your spending plans by varying time periods – monthly, quarterly, or annually.
- Net Worth Tracker: By simply connecting your accounts, PocketSmith does the math to pinpoint your net worth. It ensures that every aspect, from your current account balances to your retirement accounts, factors into this comprehensive figure.
- Multi-Currency Support: Juggling currencies? No sweat. PocketSmith tracks multiple bank accounts, converting them using daily exchange rates. Whether it’s euros, yen, or even Bitcoin, you can monitor your net worth in your base currency.
Trade Ideas offers three plans:
- Free Plan: Manually add two accounts, explore 12 budgets, and make projections for six months.
- Premium Plan ($9.95/month): Automatic bank feeds, unlimited budgets, 10-year projections, with a 10-account max. Foreign accounts? They auto-convert currencies.
- Super Plan ($19.95/month): Everything from Premium without limits, and an exclusive 30-year forecast.
PocketSmith Reviews and Ratings
These PocketSmith reviews and ratings from actual users will give you a better idea of customer satisfaction:
Only financial tool I’ve come across in the past four years that gives you the ability to accurately forecast your accounts in a way that makes sense: graph, calendar and cash flow views in any scenario.
Austen Haines USA
I’ve been using PocketSmith properly for over a year now and must say it has been an absolutely FANTASTIC tool for taking control of my finances and getting a better awareness of my money.
Teddy Dereje New Zealand
I love PocketSmith because you can tailor it in a way that makes sense to you. It caters to both the ‘numbers geeks’ and the ‘just tell me if I’m winning or losing’ crowd.
Ruth, thehappysaver.com New Zealand
In today’s digital age, managing personal finances should be as intuitive as browsing social media. With a platform like Trade Ideas, financial tracking and projections become seamless. From the simple Free Plan for newcomers to the comprehensive Super Plan for advanced users, there’s something for everyone.
Whether you’re setting short-term budgeting goals or gazing 30 years into the future, this tool could be the game-changer in your financial journey. Ready to take the next step towards a better financial future? Click here and get started on a smarter path to your financial goals.