A Balanced Look At This Budgeting App – Modest Money

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PocketSmith is an online personal finance application designed to streamline the complex task of managing various aspects of your finances. This app caters to a range of financial elements, including checking and savings accounts, credit cards, retirement and investment portfolios, mortgages, and student loans. Its standout feature is the ability to not only manage your current financial situation but also project future financial scenarios.

My PocketSmith review aims to provide an in-depth understanding of how this comprehensive budgeting application operates, including its potential costs and a balanced look at its advantages and disadvantages. It will help you determine if PocketSmith is the right tool for effectively tracking and managing your finances, despite any PocketSmith complaints and negative ratings that may exist.
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What is PocketSmith?

PocketSmith, established in 2008 by New Zealanders Jason Leong, James Wigglesworth, and Francois Bondiguel, is a comprehensive personal finance management application. It stands out in the finance app market with its unique combination of budgeting tools and future financial forecasting. This feature enables users to visualize their financial trajectory over months or even decades.

PocketSmith easily integrates with global financial institutions, providing users with a consolidated view of their financial accounts, transaction histories, and budgets all in one place. PocketSmith’s distinctiveness lies in its calendar-based system, which allows for the creation of budgets on a daily, weekly, or monthly basis, starting on any chosen day, rather than being confined to the traditional monthly budget cycle.

The platform also includes capabilities for scenario testing and robust security measures, making it a solid choice for individuals aiming to optimize and gain a deeper understanding of their financial landscape. This flexibility, combined with the ability to view all financial information through a calendar-and-event-based approach, sets PocketSmith apart from other budgeting applications.

PocketSmith Complaints and Negative Ratings

Before I get into the pros of PocketSmith, I would like to touch on some of the cons, as reported by users. After reading all of the PocketSmith reviews that I could, I think the following complaints and negative ratings deserve further attention:

isaacwalker, 10/25/2018

Desktop = Perfection. Mobile = not very useful

I love how the desktop app is so clean and yet also so powerful, focused on intelligent transaction rules — filters, splitting, the works.

But on mobile I can’t split a transaction, select the “Make This a Category Rule” checkbox, or even easily see what transactions are in a given category at the moment.

So I basically can’t use the mobile app to do anything useful, just view totals and summaries – but automating and splitting transactions is what I need to do on the go day-to-day.

I’m glad the PocketSmith team has a laser-focus on the platform foundation (even offering an API!! Wow!!), but would love to see the mobile app be my day-to-day transaction home rather than the report-centric approach it has now, which I only need to see every now and then.

But thank you PocketSmith for being DIFFERENT in an ecosystem full of bloated / outdated personal finance apps with LIVE feeds!! I am a paid subscriber and can’t wait to see where you take the app next. This is truly a 1-of-a-kind, best-in-class platform.

I decided to include the previous complaint because it was a common theme I found in the PocketSmith negative ratings. Many users have reported that the desktop version of PocketSmith is a robust, all-in-one solution for budgeters, but the mobile app offers limited features. If you plan on ONLY using PocketSmith’s mobile version, you will be missing out on many important features.

But, I must note that PocketSmith is planning on beefing up the capabilities of its mobile app. Here is the response from PocketSmith, to a user that complained about the limited mobile app:

Developer Response,

We are working on adding more features to the mobile apps including the ability to view the forecast as we know that for many of our users this is an important part of PocketSmith. We don’t have a timeframe for when the forecast will be in the mobile apps just yet but we are working hard on making the app as useful as we can 👩🏾‍💻

If you are considering checking out the PocketSmith Reddit reviews, you will get a wide range of opinions and commentary, but nothing too insightful. Overall, compared to other budgeting apps, the PocketSmith Reddit reviews are positive.

PocketSmith Benefits

Now that I got the PocketSmith complaints out of the way let’s get into the positives. Here are the features that I think users will find most helpful:

  • Bank Integration: PocketSmith connects with over 12,000 global financial institutions, allowing for seamless integration and automatic updates of your financial accounts.
  • Future Financial Forecasting: This feature enables projections up to 30 years into the future, including daily bank balances and the impact of compound interest.
  • Budgeting Tools and Calendar: The software offers flexible budgeting tools and a user-friendly budget calendar, color-coded for easy expense tracking.
  • Scenario Testing: PocketSmith allows users to test various financial scenarios, like a year abroad, to see their potential impact.
  • Income and Expense Statements: Get a comprehensive view of your finances with income and expense reports, similar to a profit and loss statement.
  • Multi-Currency Support: The app supports multiple currencies, including cryptocurrencies, allowing for easy tracking and conversion based on daily exchange rates.
  • Net Worth Tracker: Automatically calculates your net worth by linking specific assets to liabilities.
  • Security: PocketSmith employs robust security measures, including two-factor authentication, to protect user data.
  • Tax Planning: The app creates plans to maximize tax-advantaged accounts and offers advice for tax-efficient investing.

PocketSmith Pricing

Depending on your individual needs, PocketSmith offers 3 pricing options. Let me breakdown the cost and what is included in each pricing tier:

  • Free Plan: Ideal for manual finance trackers, this plan supports up to two accounts. Users must manually import bank details, offering up to 12 budgets and six months of financial projections. It includes scenario planning tools to project financial changes, such as income fluctuations or spending habit alterations. However, for more automated features, this plan may not suffice.
  • Premium Plan: Priced at $9.95 monthly or $90 annually, this plan significantly expands the app’s capabilities. It introduces automatic bank feed updates, transaction importing, and categorization. Users can manage unlimited budgets across up to 10 accounts and project their finances for up to a decade. This plan is a considerable step up from the free version, particularly for those managing multiple accounts.
  • Super Plan: At $19.95 monthly or $169.92 annually, the Super plan offers the most comprehensive features. It includes everything in the Premium plan but removes the account limit, making it suitable for users with numerous financial accounts. A standout feature is the extended financial forecasting capability, offering projections up to 30 years.

I suggest you check out my PocketSmith coupon code for varying discounts.

Final Thoughts

PocketSmith has emerged as a versatile and robust tool for managing personal finances, especially appealing to those keen on tracking their net worth effectively. It stands out with its comprehensive features, ranging from detailed budgeting and forecasting to multi-currency support, catering to a broad spectrum of financial management needs.

While the platform offers a range of benefits, it’s also important to address the Pocketsmith complaints and negative ratings. Some users have expressed concerns about the limitations of the free version and mobile app functionality. However, these are often balanced by the app’s extensive functionalities and the value it provides in financial planning and net worth tracking.

For individuals seeking an advanced net worth tracker and a detailed overview of their financial health, PocketSmith could be an ideal choice. Its ability to project financial futures up to 30 years is particularly notable, offering users a long-term perspective on their financial decisions.

If you’re interested in elevating your financial planning and keen on exploring one of the best net worth trackers available, PocketSmith warrants consideration. For more insights and a deeper understanding of its features, Click Here to try for yourself.

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