Are you looking for an Unbiased PocketSmith Review 2022, Don’t Worry! I got you covered.
66 days is the average amount of time it takes for a behavior to become ingrained in your routine, according to a scientific study. Now is an excellent moment to begin working toward our individual financial objectives and to establish some monetary discipline.
It’s hard to save money. You need to save for the future because it will help you cope better with life’s ups and downs. Budgeting should include a savings strategy from the outset. The 50-30-20 budgeting rule of thumb is frequently cited by financial professionals as a good starting point.
Personal finance software apps are a staple of the modern consumer’s mobile device. They not only let you do your day-to-day banking, but also help you manage your finances in other ways like managing credit cards, budgeting, and cash flow.
Non-financial personal finance apps are particularly popular with millennials, women, and young professionals. PocketSmith is one of the top 10 most downloaded personal finance apps in the United States.
The basic idea of financial management is that most people have their financial accounts held by several different service providers. This sounds and seems alright initially, but can complicate understanding how they all work holistically as time passes by and your finances keep expanding.
Thus, handling the data and records from different service providers can be eased by bringing them together on one platform. This will make it much easier for you to efficiently plan your finances, such as increasing investment accounts and lowering debt balances.
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PocketSmith Review 2022: Is PocketSmith safe?
So today I will give you a detailed review of a finance management app called PocketSmith which has been built to suffice all the tasks and issues mentioned above seamlessly.
What is PocketSmith?
PocketSmith is completely cloud-based and does not require the installation of special software, which means can be used from anywhere. The server offers very flexible import options and they can accept bank feeds from 36 countries.
The service is pretty similar to Mint.com, except for the fact that Mint is free, while PocketSmith involves monthly subscription fees, though there is a feature-limited free version available as well.
Who is PocketSmith for?
Those who desire to keep their finances in order!
PocketSmith is a mobile app designed to help you stay on top of your finances at all times. It’s perfect for people who want more regularity in their financial life, and being able to log into this platform will allow them access not only current transactions but also email updates that can alert users about upcoming decisions which could affect future spending habits!
The ideal user for this app is someone with a lot of financial commitments and responsibilities. They might have three retirement accounts, 14 non-retirement investing accounts (like student loans), and two rental properties as well as being the owner/operator of an active business – but they still need visibility into what all these different sources are doing so that cash doesn’t run out when you least expect it!
PocketSmith’s forecasting function will help them avoid crunches by giving recommendations on how much should be coming in each month going forward based on historic data sets.
Pros & Cons
- Fantastic budgeting tools
- You can see everything about your finances in one spot.
- There are 12,000 accounts linked to your account.
- Features come at a high price.
Why do I recommend PocketSmith?
There are some very crucial reasons why I would recommend you to try PocketSmith app over other finance management apps in the market.
Live Bank Feeds
Though this feature is available only on the Premium and Super packages, you get to connect to more than 12,000 financial institutions worldwide and get automatic live bank feeds.
This includes all major banks in the US, UK, Canada, Australia, and New Zealand. Furthermore, you can import multiple accounts with the same institution and once that is done, your transactions will be automatically categorized.
PocketSmith efficiently supports numerous recognized bank accounts, assets, and liabilities from different countries providing automatic currency conversion based on daily exchange rates. Another big plus is that there’s even exchange rate support for gold, silver, and Bitcoin.
Furthermore, your net worth will be recorded in your base currency while the app shows conversions to the country of your choice, both the native balance for the foreign-based accounts.
You can set up the app any way you desire to create custom flexible budgets for daily, weekly and monthly time frames. The notifications and financial alerts by the system are also very good which will notify you when you are close to going over your budget.
PocketSmith makes sure you pay all your bills on time by allowing you to schedule upcoming bills. This feature enables users to prevent cash flow problems in the future.
However, this app doesn’t actually pay your bills for you. It is only a calendar to keep track of when your bills are due.
Projected daily balances
Forecasting your average balances or up to 30 years out is an amazing feature for business owners and investors.
An additional feature to this is the “what-if” scenarios, which can be used to predict uncertainties such as a higher or lower income, or the outcome if you spend less money on goods and services.
Income and Expense Statements
A digitized statement for your income and expenses is the most crucial feature of any finance management app. PocketSmith lets you customize your financial statements to show your income and expenses for any specified time frame.
This feature also has alerts to let you know when you’ve exceeded budgets for individual categories.
Knowing the difference between your assets and your liabilities is very important to calculating your net worth properly. PocketSmith shows you exactly that by enabling you to pull up that information in a matter of seconds.
The app can account for accounts held in foreign currencies thus, working as the best indication of your financial position at any given time.
Superfast Search Engine
You can quickly search and access all your transactions, whether old or new without scrolling through long lists of repetitive transactions using PocketSmith’s superfast native finance search engine.
How to Contact PocketSmith
Send an email to [email protected] to get in touch with PocketSmith customer service. Send an email to [email protected] with any bank feed concerns. Additionally, you can use the website’s contact page to file an assistance request.
PocketSmith Pricing Plans
PocketSmith offers its customers to choose from three different packages. Each of these packages is priced differently and delivers a unique service.
1) PocketSmith Basic (PocketSmith Trial)
This is a feature-limited version in which you can add up to two bank accounts. However, this process is not automatic like the other packages. You will also need to manually import your bank account information into the app. Since this is a basic package, users can only access up to 12 budgets and six months of budget projections.
- Manual imports
- 12 budgets
- 2 accounts
- 6 months projection
2) PocketSmith Premium
Price: $9.95 per month ($7.49 when paid annually)
This package gives you the automatic bank feed updates feature, along with automatic transaction importing and categorization. This package allows users to add up to 10 accounts to the app and access up to 10 years of budget projections and unlimited budgets.
- Automatic bank feeds
- Automatic and manual transaction importing
- Automatic categorization
- Unlimited budgets
- 10 accounts
- 10 years projection
3) PocketSmith Super
Price: $19.95 per month ($14.16 when paid annually)
As a highlight, this version offers the capability to add and handle unlimited accounts along with the ability to make projections and forecasts of up to 30 years, plus everything available with the Premium service.
- Unlimited accounts
- 30 years projection
Visit the PocketSmith Official Website to learn more about their plans, pricing, features, overview, and customizations.
How Does PocketSmith Works?
This all-inclusive budgeting application offers an abundance of options to aid you in tracking and organizing your finances. Despite its complexity, you can begin using it in much less than a minute.
The Procedure for Registration
There are five stages needed in creating a PocketSmith account, but the entire procedure takes only a few seconds (in all seriousness, it took us only about 25 seconds).
You will not be required to disclose any personal information when you sign up for the service, and you will always be free to change your plan, upgrade, downgrade, or cancel the service at any time.
Following the setup of your account, you will be offered three options: importing your information from another site (such as Mint.com), manually adding your bank information and transactions, or taking the tour to gain an idea of how everything works.
I tested by importing data from my Mint.com account in my particular case. I was instructed to export the essential information from my Mint account in accordance with the basic instructions supplied by PocketSmith. After that, I simply uploaded the Excel file to the PocketSmith website.
When your account is ready, you will be taken to the dashboard, where you may view your earnings and expenditures. You can view your earlier spending history for up to six months by clicking the corresponding icons (for the free version).
The dashboard also provides an overview of your budget and financial prospects. In a moment, I’ll elaborate a bit more on these.
Administration and Documentation of Financial Transactions
Examine each of your transactions using the chosen technique for transaction management, and then assign each to the proper category and label.
There is no pressure from PocketSmith to conform to categories that are meant for everyone. Additionally, you can add notes to transactions. The search parameters for transactions include an amount, category, tag, and text notation.
After reviewing your total expenditure information, the next step is to create a budget. This might help you uncover problem areas where you may be overspending or underspending.
How to Import from Mint to PocketSmith
Numerous customers use Mint.com as their first excursion into the realm of online financial management, only to later discover that the company’s customer service is substandard or that essential accounts in their lives are not supported.
Express Migration is a one-of-a-kind import solution offered on PocketSmith that will transfer all of your data from Mint to PocketSmith within minutes.
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PocketSmith Reviews & Testimonials By Users
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
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FAQs Related PocketSmith Review
👌Is PocketSmith safe to use?
According to various users, PocketSmith is a really safe platform to use. Whenever you log in to your account on PocketSmith, your account details always get encrypted which ensures its safety.
✅How does PocketSmith work?
With PocketSmith, you can see all your financial information at one place. You can see all the details of your bank accounts, investment accounts, loan accounts, and credit cards. With all that information in one place, you can decide what you want to do next with your money.
✔How much maximum discount can you get on PocketSmith?
You can get up to 30% off on PocketSmith with our link. This discount is only applicable when you choose an annual plan on PocketSmith.
🔥Does PocketSmith offer any free trial?
They do not offer any free trial but you can choose the basic plan which is totally free of cost and it is very beneficial as well. You can make up to 12 budgets, import manually, and much more.
👍Does PocketSmith offer any money-back guarantee?
No, they do not offer any money-back guarantee. So it would be best to try out the basic plan first then upgrade to a paid plan.
Is PocketSmith safe?
When using PocketSmith, your connection is encrypted and never intercepted by anyone. This means that you can use it on public WiFi networks with ease! Our transport security was given an A+ rating from SSL Labs--meaning our encryption methods are strong enough to keep all of the information between us safe.
Does PocketSmith have a mobile app?
The Pocket Smith app is available for both iOS and Android devices. You can find the user guides here: iPhone guide, android guide. The features are very similar between apps so you shouldn't have any trouble with either one!
Does PocketSmith work in Australia?
PocketSmith is online personal financial software that has you covered whether you're in Australia or Lithuania with bank feeds for 49 countries and various import options.
Can I use PocketSmith in UK?
You can manage your money with the help of the excellent personal financial programme PocketSmith. PocketSmith is aimed at customers from all walks of life, both in the UK and abroad, and is manufactured in New Zealand for a global market.
Where is PocketSmith based?
PocketSmith is made in Dunedin, which is located in New Zealand.
Does PocketSmith sell data?
Your personal information will never be sold by PocketSmith. They reserve the right to aggregate or anonymize financial data by removing any personal information that could identify a specific user.
Final Thought: PocketSmith Review 2022
PocketSmith can be the difference between financial success and failure. If you’re struggling to keep up with your bills, it might not make sense for long-term gain if there are short-term sacrifices involved in this process – but that’s just one decision we have left!
However, its price tag makes PocketSmith less desirable than other competitors who offer the same features at lower prices–it loses points in this regard from me because while I love all that it has to offer, there’s little reason not to just use Mint or another similar service if they’re available and cheaper (unless your employer pays).
If you don’t mind the cost then Pocket Smith is one of the best featured financial aggregators around today!
Feel free to drop your opinions about PocketSmith right in the comment section.