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PocketSmith Review

Sunday, April 21st

2024 Personal Finance Software Reviews

PocketSmith Review 3.5 Star Rating


3.5 Star Rating
  • Free plan available
  • Paid plans from $9.95 to $26.66 per month
  • Includes investments, cash tracking, and budgeting
  • Specializes in future projections
  • Mobile app and desktop option
  • Designed for multiple operating systems

PocketSmith has its roots in New Zealand and has been in operation since 2008. It offers a distinctive blend of budgeting and financial forecasting, allowing you to project your financial path from the near future to decades ahead. PocketSmith offers integration with international financial institutions, making it particularly useful for customers who have international portfolios. One thing that sets PocketSmith apart is that it features a calendar-based approach, scenario testing, and robust security measures, so you can really focus on your future with this software.

Color-coded design for easy visuals

Incorporating a user-friendly calendar interface akin to Google, PocketSmith offers a convenient snapshot of both your present account balances and future financial outlook. In our research into PocketSmith, we noted it can surpass typical financial tracking apps with its robust forecasting tool, so you can really get clear and helpful views of your future finances to guide you toward your goals. You can create and track your budget or adjust your spending plans monthly, quarterly, yearly, or any other period that works for your needs. This is a super user-friendly process and includes visual helpers like the ability to highlight your recurring costs and track them with a budget calendar that offers color-coding for your expenses by category.

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Future-focused finance features

Some of the features you can expect to find at PocketSmith include:

  • Future Financial Forecasting:
    • Precise projections up to 30 years into the future
    • Daily estimates for your bank balance
    • Calculates compound interest with automatic interest
  • Bank Integration:
    • Integrates with over 12,000 banks
    • Connect in 49 countries for multiple banks
  • Budget Calendar:
    • Tracks recurring costs and projected expenses
    • Color-coded categories and customizable options
    • Simple budgeting with drag-and-drop features
    • Accurate budgeting on calendar
  • Scenario Testing:
    • Examines the financial impact of different major decisions
    • Visualize the short and long-term finances
    • Plan and test various scenarios
  • Income and Expense Statements:
    • Generate income and expense reports
    • Track local and international net worth and outstanding debts

Four pricing tiers

There are four different plan options available at PocketSmith: one free plan and three premium options. The differences between the options are fairly minimal (except for the free plan), but the prices change significantly. For example:

  • Free Plan: PocketSmith refers to this as ideal for "casual budgeters," but it may not fully support your needs. When you get a full financial overview and forecasts, all data must be entered manually, which can be time-consuming. Users are limited to tracking two accounts.
  • Foundation Plan: At $9.95 per month, you unlock features such as automatic bank feeds and transaction categorization. It eliminates the need for manual data entry, provided your bank is among the 12,000+ supported institutions. This plan allows for unlimited budgeting and financial projections for up to ten years. A 10-account limit is in place, which should suffice for most users.
  • Flourish Plan: This plan costs $16.66 per month and is ideal if you want to manage over ten accounts. You get all the same features as the Foundation plan but with more banks (up to 18 from all countries) and projections up to 30 years.
  • Fortune Plan: This plan costs $26.66 per month and is for financial professionals. You get all the same features as the Flourish plan but with unlimited access across the board.

It's notable that the price, even for the Foundation plan, is higher than many competitors, and since the free program requires you to do most of the work yourself, it doesn't stand out as a competitive option.

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No money-back guarantee

Unfortunately, according to PocketSmith, there aren't any guarantees or refunds available if you don't enjoy the program. Their site notes that PocketSmith offers the service on an "as is" and "as available" basis and does not provide any warranties of any kind. So you'll need to be sure about the program before you buy if you don't want to be out any money.

Mixed reviews and mid-tier ratings

Like many other software options in our review, PocketSmith doesn't have any presence on the Better Business Bureau. So, during our research into the company's reputation, we needed to rely on reviews and ratings on mobile app stores. Unfortunately, the ratings aren't overly impressive. Across both app stores (Apple and Google Play), PocketSmith only has a rating of 3.3 stars out of 5. Customers are mostly unimpressed with the pricing here. They feel like the higher prices don't add much value, and many customers say that the app lacks features compared to the desktop version. Considering that many companies have much higher ratings from users, PocketSmith falls behind the pack a little.

Great option for future projections

If you're looking for the best option for future projections and international compatibility, PocketSmith remains a solid choice for personal finance software. However, given the higher costs and the 3.3-star average from reviewers, we have to agree with the crowd that PocketSmith isn't an outstanding service compared to other options out there.

What is the Best Personal Finance Software Out There Today?

Are you eager to explore the world of personal finance software to get more control over you cash and spending? Are you feeling frustrated with your current financial management tools? Whether you're a seasoned investor looking for advanced features or a financial novice ready to embark on the path to financial security, selecting the right personal finance software is a crucial decision for your financial well-being.

One of the most significant advantages of personal finance software is its ability to help you grow your assets. But in a world filled with software options, picking out the best program to help you with budgeting, investment, and financial planning can seem like an overwhelming task.

The Best Personal Finance Software Compare Personal Finance Software Compare Personal Finance Software Reviews What are the best Personal Finance Software Best Personal Finance Software Reviews

Personal Finance Software FAQ

Personal Finance Software is a powerful tool designed to help you manage your finances with ease and efficiency. It offers various features and functionalities to track your income, expenses, savings, and investments, all from the comfort of your computer or mobile device.
Personal Finance Software provides numerous advantages for managing your financial well-being. First, you can gain a comprehensive overview of your financial situation, making it easier to budget and set financial goals. Plus, this software offers insights into your spending habits, helping you identify areas where you can save money. With features like automated transaction categorization and bill reminders, it simplifies financial management and reduces the risk of missed payments or helps you wipe out debt.
Security is a top priority for Personal Finance Software providers. They employ high levels of encryption and authentication protocols to safeguard your financial data. Furthermore, they often have data backup and recovery procedures in place so your information is protected even in the event of unforeseen circumstances.
Yes, most Personal Finance Software applications allow you to connect and sync your bank accounts, credit cards, and other financial institutions. This feature enables automatic transaction imports, making it convenient to track your income and expenses in one place.
Absolutely! Personal Finance Software is designed to help you create and manage budgets. You can set spending limits for various categories, track your progress, and receive alerts if you exceed your budget in any area.
Yes, most Personal Finance Software applications offer customizable reporting features. You can generate detailed financial reports, graphs, and charts to visualize your financial trends, track your net worth, and gain deeper insights into your financial health.
Yes, many Personal Finance Software applications offer mobile apps for both Android and iOS devices. These apps allow you to access your financial information on the go, making it convenient to check your finances, enter transactions, and stay on top of your financial goals from anywhere.
Personal Finance Software options vary, with some offering free versions with limited features and others requiring a one-time purchase or a subscription fee for access to advanced features and additional support.
Compare the Best Reviews

Continued from above...

Let's take a look at the basics. Personal finance software is a powerful tool designed to help individuals effectively manage their financial well-being. This software allows you to take more direct control of your finances, helping you chart a course towards your monetary goals. Unlike a simple spreadsheet or manual bookkeeping, personal finance software provides an automated solution for tracking your income, expenses, investments, and financial progress. This way, you don't need to stress about your different accounts and rest easy knowing you have control over every aspect of your financial portfolio.

As you consistently manage your money and investments using this software, you'll learn tips and tricks for making more money with less work, and the software will help you maintain your current accounts and investments so that you can increase your gains safely. Personal finance software not only assists in tracking your financial transactions but also offers insights, tools, and projections to optimize your budget, minimize debt, and maximize your savings.

There are a ton of personal finance software options available, but with so many possibilities it's important to find one that actually meets your financial needs. From basic budgeting tools to comprehensive financial suites, these software solutions offer a range of features and capabilities.

Budgeting software focuses on tracking daily expenses and income, helping you create a balanced budget. Investment tracking software allows you to monitor your investment portfolios and make informed decisions. Comprehensive financial suites often combine budgeting, investment tracking, and financial planning tools for a holistic financial management experience. Depending on what you're looking for, the personal finance software you choose might be very different from what another customer needs.

So, how do you go about choosing the right personal finance software? The decision can seem complicated, but we're here to make it simpler for you. Here are several essential factors that can help you narrow down your options:

  • Pricing. Consider the cost of personal finance software. Many software options offer free or basic versions, while others require a subscription or a one-time purchase. Evaluating the pricing structures helps you determine which software aligns with your budget and provides value for your investment.
  • Features and tools. Understand the features and tools available within the software. Does it offer budgeting, investment tracking, or financial planning features? The breadth of tools helps you be sure that your software choice adequately covers your financial objectives.
  • User experience. Check out the user-friendliness and intuitiveness of the software's interface. An easy-to-use interface can keep you engaged, motivated, and in control of your finances.
  • Customer support. And, if you're still not sure, check out the user ratings and reputation of the company and its customer support. Reliable customer service is essential when you're entrusting your financial management to the software.

To make your quest for the ideal personal finance software simple, Top Consumer Reviews has reviewed and ranked the top services out there today. Our goal is to get you started on your financial journey with confidence and ease. So, with the stress taken out of deciding, you can turn your focus to what's really important: managing your finances, and your future, and maybe finally setting aside that fun money you deserve!

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