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PocketSmith: Technology for a Fatter Wallet

Look on the bright side: though this whole pandemic business has been a royal pain in the you know what, at least we have had more time for reflection. We’ve probably all had our time off work, and been stuck at home more often than not; sporting events were cancelled, visiting restaurants was surely not the same, and happy hour was strictly off limits – yeah, the list goes on.

Nevertheless, we’ve had time to reflect. And if you are anything like us, you’ve had the time to meditate a bit on your financial situation and stock portfolio. In the roar and buzz of modern life, we tend to just go go go, sometimes to our economic peril. It’s easy to lose track of things, especially those small, pesky details.

That’s where a software like PocketSmith comes into play. It’s the sort of little app that can be quite transformative. With full synchronization to your financial accounts, getting set up is easy, and managing your spending even easier.

Founded in 2008 by a group of headstrong New Zealanders, their original aim holds true: to help people get a grip on their finances, in the simplest and most accessible manner possible. Modest Money’s PocketSmith review considers it an ideal, essential application for money savvy folks.

Designed as a calendar-like app, PocketSmith alerts users to vital insights which can really rearrange your spending habits.

Perhaps we are merely speaking for ourselves, but PocketSmith has been almost invaluable due to its powerful forecasting feature. Sometimes it is hard to change habits in the here and now, but if you are given objective evidence of how things may look in thirty years – well, let me tell you, bad habits like a daily latte (or two) sure pile up.

PocketSmith allows you to track how your spending habits will impact your economy well into the future; indeed, all the way up to thirty years! This allows users to see how they are going to be set up come retirement.

Let’s take a look at some of PocketSmith’s notable features.

PocketSmith’s Selling Points

  • Financial Forecasting: we’ve already mentioned it, but this has to be PocketSmith’s coolest feature. PocketSmith uses your data to project financial tendencies, estimating what your wallet will look like 30 years from now if you keep going down the same road. What’s more, it will even estimate your daily account balances. This feature is also flexible: you can set different time parameters to see what your finances may be doing in the future at a particular date and time.
  • Budget Calendar: this nifty feature pinpoints reoccurring costs, such things as subscriptions or minor conveniences that you don’t even think of, but surely add up over time. These are the kind of banal expenses that can really put a dent in your wallet, and PocketSmith tracks them via a calendar so as to give you an objective, unbiased view of your good and bad spending habits alike.
  • Scenario Testing: another sort of forecasting feature, Scenario Testing allows you to set up something like, say, a hypothetical vacation, or the birth of a new child (twins even!) in order to see how such significant events may affect your finances. This is the kind of feature which can help wisely determine and chart courses of action, rather than relying on the here-and-now of raw emotion and unbridled want.
  • Income and Expense Statements: PocketSmith also allows the option of getting all your important financial information in a single report. All it requires is the simple push of a button. This is a great way to really get a grip on your finances and spending habits.

Drawbacks of PocketSmith

Though PocketSmith offers some really cool and novel features, it is not a perfect application. Part of the issue is that users are practically forced to pay for the upgraded subscription, named “super” PocketSmith. That’s because barebones version is nearly gutted of all the useful features which make PocketSmith what it is.

What’s more, the “super” version is a bit pricey. There are many applications out there that do something similar for a fraction of the cost, like Inuit’s Mint. The “super” version of PocketSmith costs $19.95 a month, or $169.92 a year.

Another issue that users have reported is the programs rather steep learning curve. While it is a very robust and powerful application, it takes some getting used to, and there can be a lot of information to navigate at first.

The Bottom Line

It may sound like we are a little down on PocketSmith, but that’s simply not the case. While it is somewhat expensive at $19.95 a month, those serious about their finances will find PocketSmith well worth the price-tag, considering the kind of advanced features it sports.

PocketSmith’s calling card is financial forecasting, and it really does sets them apart in an increasingly saturated market. If you want to manage and determine your finances for the long haul, there really is no better application out there.

And once you are accustomed to PocketSmith’s interface, it’s rather easy to use. Even the most untechnical of users should have little problem. Have some patience, some perseverance; your wallet will thank you for it.

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