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PocketSmith Review: A Good App for Managing Your Finances

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PocketSmith Review: A Good App for Managing Your Finances

Product Review Summary

PocketSmith is a good app for people who are looking at getting more control of their finances and budget. This is a big step up from a spreadsheet, as it utilizes a ton of useful visuals and can keep track of everything.
  • Wealthtender is proud to include innovative financial technology companies like PocketSmith among our advertising partners.

  • Wealthtender features many articles with ideas to help our readers manage their money, and as Derek shares in this review, PocketSmith is an app that may be worth considering to help get more control over their finances.

  • PocketSmith is free to download and offers a free plan as well as paid plans.

  • Ready to check it out?  Click here to get started!

  • Already use PocketSmith? Let us know in the comments section below!

Getting started with PocketSmith

PocketSmith is the first budgeting app I’ve used, although it’s been on my to-do list to get familiar with one for a while now. Not only for my own use, but also to recommend to clients. The foundation for financial success is good financial skills, and learning to budget is the place to start. 

There are 3 versions of PocketSmith, a free, a $9.95/month, and a $19.95/month. I chose to try out the free version because I think that version will appeal to the most people. 

When you sign up for the free version, the first step is to import some data from your bank account. Actually importing the data can be quick, but then you’re asked to categorize the data — which can take about an hour or so depending on how many purchases you’re importing. I mainly use my credit card for everyday purchases and it still took me about an hour from start to finish of importing and categorizing. 

Like most things, the first step is the toughest. It’s some work at the beginning to get things going, but then it’s pretty simple.

Like most things, the first step is the toughest. It’s some work at the beginning to get things going, but then it’s pretty simple.

Using PocketSmith

Once you have imported the transactions from your bank account, it’s great. It’ll show you your income, and past purchases, scheduled bills, etc. On the desktop version, there are a ton of visuals to essentially take a spreadsheet of information and make it into something pretty, and something you can actually look at without getting a headache. Once you have it set up, the net worth and forecast projections are great to see if you’re moving in the right direction (up up up!)

PocketSmith contains a lot of information, which could be good or bad. It can almost seem overwhelming at first, but over time you get more used to it and to what is important for you to keep on top of. 

One thing that I’ve found with using PocketSmith is the desktop version is much more user friendly and contains way more information than the app. Which is a drawback, because I think once it’s going, more people will look to use the app.

What I liked most about PocketSmith

One of my favorite features of PocketSmith is the calendar. I use Google Calendar for work, and some personal stuff. I wouldn’t want to clutter it with bills, expenses, or paydays. So having a calendar in the app makes it easy to see when bills are coming up and just a reminder of what to expect. 

You’re able to put recurring paydays, bills, expenses, everything you can think of. As you’re going along, making money and spending money, it tracks your account balances. I think this is great, and can really help people track everything. So users can avoid being tight for money when bills are due. It’s also a great visual to help remind people of when bills are due, because it’s silly to take a credit score hit because you simply forgot about a bill.

What I liked least about PocketSmith

The thing I liked least about PocketSmith was the mobile app. The mobile app is very limited compared to the desktop version

For me, the biggest thing that could be approved on the app would be the calendar. Because the calendar doesn’t exist on the app. Having a calendar to help keep track of expenses and income would be great. To go with that, it’d be super helpful to be able to set up notification reminders too. 

Getting a ‘bill due’ reminder or an ‘incoming paycheck’ reminder a couple of days before it’s due would be great. Just helping users stay on top of everything in a super convenient way. We all get so many unnecessary notifications throughout our busy days, so getting some helpful ones would be warmly welcomed.

Who is this product for?

This is a good app for people who are looking at getting more control of their finances and budget. This is a big step up from a spreadsheet, as it utilizes a ton of useful visuals and can keep track of everything. 

Even with the free version you have access to a lot of great features. Most of the features are best utilized from a laptop/desktop, so if you’re device dependent, you might run into some issues. But if you use a laptop regularly you’ll have no problem checking in on things when you have a chance.

Who is this product not for?

If you’re looking for an app based app, PocketSmith might not be for you (yet). Again, the app is limited and the desktop version definitely has a lot more information and functions. But I do expect that will change in the future. 

Ready to give PocketSmith a try?  Click here to get started!

Disclaimer: The information in this article is not intended to encourage any lifestyle changes without careful consideration and consultation with a qualified professional. This article is for reference purposes only, is generic in nature, is not intended as individual advice and is not financial or legal advice.

About the Author

Derek Condon
Derek Condon
Winnipeg based Advisor hoping to help people with their finances, no matter the situation.

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