PocketSmith Review (May 2024) – Pros, Cons, Features, & Pricing

Imagine an online platform that can help you manage your finances, save your income and limit your spending, all in the same place. What if you could find a place that can accurately forecast how fast you can achieve your financial goals based on your financial habits? That would be great, you think to yourself.

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Last Updated: May 11, 2024


  • Manage multiple income streams (day job + side hustle)
  • Cashflow forecasting to achieve your goals
  • Multi-currency capabilities

Forge your own financial path – PocketSmith provides the tools. - Sign up now

Enter PocketSmith, a personal finance platform that seeks to help you effectively plan for the future. PocketSmith tracks your spending in a way that’s different from what basic budgeting apps do.

This article will provide you with the most useful information you need to make an informed choice about PocketSmith.

What makes PocketSmith a good option?

The company began as an innovative calendar tool, useful for planning events. Since then, PocketSmith has grown from its humble beginnings in New Zealand to an all-encompassing finance software available in over 190 countries.

Pros and cons of PocketSmith

As robust as PocketSmith has grown since inception, and like every other trending innovation, there are likeable aspects and there are aspects that can be improved.

PocketSmith’s users are hooked to the platform for a myriad of reasons. First is its calendar-style user interface allows you to effectively budget, calculate your profit and loss statement and make financial projections.

So, just in case you are planning to go on a trip, pay for graduate school, or looking to just save for the future, you can simply find out how quickly you can reach that goal, and then make the necessary adjustments.

However, according to statements from its users, the negatives of using PocketSmith includes the fact that many of the useful features of the website are hidden under subscription fees.

No inventory management is provided and there is no tax reporting or bill payment feature. In addition, some of its features are also only available on desktop. Furthermore, there have been complaints that learning the app takes too long.

Quality of products and services

For PocketSmith, the most obvious question you may ask is, ‘Is it worth it?’.  PocketSmith is more like software that acts as your personal financial assistant.

If you are seeking to understand and properly manage your money in the best way possible, PocketSmith is the way to go.

If you have ever had to suddenly pay for using a platform, or if you feel you’ve fallen behind on the latest investment tips, then PocketSmith might be just for you. Its many features were developed with customers in mind.

Range of products and services

After signing up on PocketSmith available on both IOS and Android, the goal is to keep track of all your finances so you avoid unpleasant surprises. Once you complete signup, all your accounts are linked.

PocketSmith’s product and services range from its calendar-style user interface helping you to effectively budget your expenses.

In fact, all your loans, credit cards, Gold, Silver and even bitcoin holdings are tracked. This is pretty unusual for money management software.

There is also the feature that allows you to calculate your net worth, creating a profit and loss statement in the process to make realistic financial projections.

PocketSmith offers you awesome multi-currency support which also shows automatic conversion to your base currency as well as the balance. This helps you have an idea of your past, present and future financial standing.

You can schedule bills in the PocketSmith calendar and see your daily bank balances for up to 30 years into the future. Interesting, isn’t it?

PocketSmith handles your daily transactions, helps with reporting your spending activity, and also offers you security sharing and communications.

Services offered by PocketSmith

  • Forecasting: PocketSmith is big on its financial forecasting feature. There are only a few money management apps out there that can predict what will happen to your finances in the future. Based on decisions you have made in the past and the ones you are at the time, PocketSmith can try and guess what will happen in the next few years. This, in a way, guides you to make better choices on a more consistent basis.
  • Currency Exchanges: When using other money apps, you may be bothered about the math. Converting from one account or assets to the other. PocketSmith is an expert at dealing with different accounts in different currencies, so you do not have to worry in any way.
  • Reporting: Imagine getting a profit and loss statement of your expenses, and then getting an idea of your net worth in the process. That is what being a PocketSmith does for you. It offers up incredible tools that give you an idea of how you are spending your hard-earned money.
  • Testing Scenarios: Before going on that vacation, purchasing that new mansion in the suburbs, or getting a new car, PocketSmith plays out your future financial situation before you. It shows you an in-depth analysis of how your present-day decisions may affect your finances. With Pocketsmilth, you get to make the choice of spending or saving, on your own.
  • Budgeting: Coupled with forecasting, this is one of the biggest features of PocketSmith. By using the budgeting calendar, you can allocate funds to the categories you create and track your expenses or income in that manner. PocketSmith allows you to truly have an idea of where your money is going.
  • Security Sharing and Communications: In contemporary times, cases of data breaches seem to be on the rise. Now imagine joining a platform where you are assured that your data is protected. In line with the best practices, PocketSmith makes use of two-factor authentication which allows you to verify your identity with a two-step procedure.

Furthermore, you can grant trusted third parties [such as friends, family members or mentors] access to your PocketSmith account.

In addition, all mail notifications are built on the app and you can have them customized according to your preferences. With this, you can get steady updates on all your financial activities.

Cost of using PocketSmith’s products

Using PocketSmith’s products and services exposes you to three levels of pricing.

  • Basic plan: This plan is free and allows you to work with only two accounts and twelve budgets. In addition, it will also provide you with a six-month projection that allows you to access your financial situation based on the decisions you make. However, the basic plan is not synced with user accounts and this has been a source of worry for folks just starting out on the platform.
  • Premium plan: This requires you to make a subscription, but the subscriptions sure take the services you enjoy a notch higher. With this plan, you get automatic bank feeds, efficient categorizations and imports. You can manage up to 10 accounts and you will get unlimited budgeting coupled with a 10-year projection. However, premium subscription costs $9.95 is on the costly side of things
  • Super plan: This plan allows you to enjoy all the premium features, and even more. Perks include ownership of unlimited accounts and the 30-year projection plan we mentioned earlier. This plan goes for $19.95 per month. If you decide to pay for the whole year upfront it costs slightly less, at $14.16.

Are PocketSmith’s services insured?

With PocketSmith’s integration with over 120,000 financial institutions worldwide, insurance is one aspect in which the platform stands out.

The products and services offered by PocketSmith are also covered by third-party insurance companies like Gabi.

PocketSmith’s operations are rated excellent by the SSL Labs. Different layers of data protection are employed ranging from two-factor authentication to Cloudflare support.

For the safety of your credit card details, PocketSmith employs the services of Windcave, a company that specializes in protecting credit card information. Your bank feeds are secured using Yodlee and Salt Edge technologies.

There is also a water-tight level of encryption that occurs during data transfer on PocketSmith’s platform. Physical security measures are also put in place to ensure the security of your funds.

Is it safe to use PocketSmith’s products and services?

In line with high-level encryption, all the data made available to the developers of the PocketSmith software is stored on private servers, and all the automatic bank feeds are on the read-only mode.

This is coupled with the two-factor authentication you have to bypass before you are permitted to log on to the app.

Even your password is in an encrypted format. This list of virtual and physical security infrastructure is deemed satisfactory for a first-time user who is nervous about giving the application all their private financial information.

The company also collaborates with another platform “Yodlee” to obtain all the information linked to all your accounts. Do not fret, this company is a long-standing partner, after being in business and actively trading since 1999.

Are there promotions and discounts?

For promotions and discounts, many of PocketSmith’s partners disclose useful information on their websites. To make the best use of these coupons and promotions, you have to be very alert.

Some of these apps have new coupon codes for PocketSmith every five days. There are different codes for different percentage discounts.

You can get up to 50% off with competitor coupons for legal services. You can also get up to 30% free on paid subscriptions on PocketSmith.

PocketSmith offers a totally cost-free basic plan that can be just enough for some people. You can find these coupon codes and promotion vouchers by watching out, putting your ears to the ground, and subscribing for premium features.

How about the customer service?

In line with the general user feedback, the area of customer service is one in which PocketSmith can make efforts to do better. With its wide reach, customer support is only available by mail or through the online web version.

Its customer service agents are not available on a 24hr basis as most companies would have you believe, and they also have a small staff which lags time. It will take at least a day to get a response if you need to make any enquiries.

Getting started with PocketSmith

When it comes to the platform itself, PocketSmith has a user-friendly interface. While the app is not the sole interface for PocketSmith, some features are found on the web and desktop applications. To get started with PocketSmith, follow the simple steps below:

  • Head to the PocketSmith website and click on the Start Your Journey button.
  • Choose the plan that suits your needs.
  • Choose a username and password. Make sure to choose a strong one.
  • Afterwards, set up your dashboard by following the prompts, import your accounts and then start categorizing to properly predict and harmonize all your financial options.

Alternatives to PocketSmith

Just in case you are not finding it easy setting up your PocketSmith account, or you are not sure if it’s the best option for you, there are some other similar money apps you can utilize.

  • Quicken: Quicken, just like Pocketsmith, is a personalized financial management platform, optimized for different platforms. Windows users have to pay between $35.99, $93.59 per year depending on the plan they are on. Maximum rate for Mac users is a bit lower, at $70.19 for the Mac Premier plan.
  • Albert: This is a mobile application that helps manage finances, similar to Pocketsmith. Users of the app also have access to experts who give useful tips for best financial decisions.
  • Yolt: Yolt is an application that helps customers monitor all their bank accounts, credit cards and spending habits in one place.The app can be used for many different purposes, including achieving financial goals, planning and monitoring of spendings and lots more.

Other alternatives include Mint, Microsoft Money and Pocketbook.

PocketSmith Review Conclusion

On a final note, the PocketSmith app is a robust financial option, a powerful innovation that puts you in firm control of your money. Once you understand it, you can use it to make sound financial projections and make better choices going forward.

Although it is easy to navigate when you have gotten a hang of it, you might experience a bit of a learning curve when you are starting out since it is an all-encompassing software.

It is helpful to have a tool in the twenty-first century that can handle all your foreign currency transactions, juggle accounts and automate currency conversion.

Whatever category of user you fall into, PocketSmith is a great way to start your journey to financial stability.

Pocketsmith Features

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Reflect on the past

See how far you've come with powerful historical reporting. Gain insight into your patterns and change for the better.

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Life in the present

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See the future

How are your finances looking in 6 months, even 10 years? Understand the impact of your decisions on your future.

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FAQs about PocketSmith

How secure is PocketSmith?

The security of your data and personal information is of utmost importance to PocketSmith. PocketSmith works really hard to ensure that your data is kept safe.

How does PocketSmith work?

Using your existing data and trends, PocketSmith will forecast your finances, including your bank balances. PocketSmith can help you effectively plan your financial goals by tracking your financing habits. 

Does PocketSmith have an app?

PocketSmith apps are available for Android and Apple. The iOS app is currently available in the App Store and you'll find the Android app on Google Play. 

How does PocketSmith billing work?

The bill is paid for in advance. Depending on the plan you choose, you will be paid either monthly, quarterly or annually. You can also choose to sign up for a free account if you'd like.

Will I get a refund if I decide to cancel?

You can contact PocketSmith's Support Team within 14 days of purchase if you would like a refund of your last subscription payment. You can always trial a basic plan which is free if you didn't want to commit to premium plans.



September 15, 2022
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