Budgeting with PocketSmith

Date Published: 28 April 2023

If you’ve ever watched one of the Mortgage Lab’s webinars or Facebook livestreams, you will most likely have heard us rave about this app.  It’s one of our favourites – PocketSmith.com.  Their company website is here and the app is available on Apple and Android.

What does the PocketSmith app do?

PocketSmith is a comprehensive personal finance management app designed to help users effectively track their income, expenses, and financial goals. By offering features such as customized budgeting for various categories like groceries, entertainment, and utilities, users can allocate their income wisely and monitor their spending habits. PocketSmith also enables expense tracking by categorizing and recording transactions from connected bank accounts and credit cards or allowing manual input.

One of the unique features of the app is its cash flow forecasting, which projects future income and expenses based on historical financial data. This empowers users to plan for upcoming financial events and make informed decisions. Additionally, the app supports net worth tracking, enabling users to monitor their overall financial health and progress toward their goals by regularly updating their assets and liabilities.

Why use PocketSmith?

PocketSmith integrates with thousands of financial institutions worldwide but, quite unusually, it is written in New Zealand, allowing for automatic transaction imports and real-time account synchronization even in our remote part of the world. With its multi-currency support, PocketSmith is convenient for users who manage finances in different currencies or travel frequently.

The app also provides various reports and visualizations to help users analyze their financial data, such as spending trends, category breakdowns, and net worth over time.

Additionally, with the Android and iOS app available, you can update your expenses in downtime, like on the train to work or while watching Netflix.

The setup process for Pocketsmith is smooth and a step-by-step process.

How much does Pocketsmith cost?

Pocketsmith offers a free plan that has some very good features. The free plan is good for an immediate budget whereas the premium and super suit those who want to monitor their expenses on an ongoing basis. The key difference between the levels is the number of accounts available and the automatic bank feeds.

Should I use Pocketsmith?

We do (and love it!). Knowing your expenses is one of the 2 key ingredients of getting a mortgage (the other being having a deposit). The combination of a New Zealand-based company that links cleanly to NZ banks for minimal cost is an app too good to ignore.

Try PocketSmith.com today.

Note: Mortgage Lab may receive income from linking to Pocketsmith if you subscribe. Pocketsmith is one of the few companies we receive income like this for. We love it.

Mortgage Lab’s mission is to be the digital town square for financial decision-makers to gain knowledge about their current and future mortgage. Follow us on Facebook and LinkedIn or subscribe to our newsletter to be notified of our latest articles.

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