PocketSmith Review

PocketSmith Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated May 7, 2021

Everyone could use a little professional help in the personal finance department, but you don’t necessarily have to book an appointment with an actual financial advisor when there are tools like PocketSmith available. This personal finance app will make you feel as if you’re carrying your own personal finance expert with you everywhere you go so that you make the right financial decisions every time you open your wallet. 

PocketSmith promises to help you better manage your money and organize your expenses in an easy-to-understand way that will provide you with a snapshot of your finances at any given moment. The app will help you identify how and where you spend your money. You can also create a financial plan that can help you get a handle on your spending while also helping you achieve your savings goals. 

If a lack of financial planning and organization has gotten the better of you, a tool like PocketSmith can help. Let’s dig deeper into this personal finance app to see if it’s something that you can use to organize your personal finances and come up with a budget you can stick to. 

How Does PocketSmith Work? 

Once you sign up with PocketSmith, you can connect all of your accounts – including investment accounts – to the app, after which the app will import both real-time and historical transactions. That way you can see what your financial profile looks like in one clear picture. The app allows you to label and categorize your spending as you see fit, and the many available tools will allow you to assess your current plan to help you make any changes necessary to improve your financial situation. 

Here are the features of PocketSmith and how they can help:

  • Budget calendar – allows you to forecast future bills and plan accordingly.
  • Forecasting – Forecast your financial future as far out as 30 years using your current financial data and trends.
  • Scenario testing – Create various possible situations – such as planning a vacation or buying a new car – to see how these financial decisions will impact your finances.
  • Budgeting – Manage your budget and break it down into various time frames. You’ll have the flexibility to create a budget any time, for any length of time.
  • Net worth – Track your net worth by connecting all your financial accounts and liabilities.
  • Income and expenses – Quickly find out how much you spend with a profit and loss statement.

Who Is PocketSmith Best Suited For? 

PocketSmith is great for those who:

  • Want help organizing their finances
  • Have a lot of accounts that they need to keep tabs on
  • Want to stay on top of their expenditures
  • Like the idea of being able to forecast potential cash flow issues in the near future
  • Want to make more responsible financial decisions and commitments
  • Like having all their financial information in one handy screen
  • Want an easy-to-use platform that takes the guesswork out of managing personal finances
  • Want some insight into current spending habits to make changes for the better
  • Want historical reporting to see how much progress has been made with current efforts

How Much Does PocketSmith Cost? 

PocketSmith offers three plans: one free, and two paid:

Basic plan:

  • Free
  • Manual imports
  • 12 budgets
  • 2 accounts
  • 6 months’ worth of projections

Premium plan:

  • $9.95/month ($7.50 when paid annually)
  • Automatic bank feeds, importing, and categorization
  • Manual importing
  • 10 accounts
  • Unlimited budgets
  • 10 years’ worth of projection

Super plan: 

  • $19.95 per month ($14.16 when paid annually)
  • All Premium features, as well as the following:
  • Unlimited accounts
  • 30 years’ worth of projection

Pros And Cons Of PocketSmith


  • Flexible and handy budgeting features. Create a budget anytime for any length of time, whether it’s daily, weekly, or monthly.
  • Clear and compact financial dashboard. The app makes it easy to see your entire financial profile in one spot. 
  • Link multiple accounts. You can connect with as many as 12,000 financial institutions.
  • Track irregular financial expenses. Any side income you might make here and there or tax installments you have to pay can be easily tracked. 
  • Calendar system. Come up with your own personalized calendar to help you visualize your account balances and future forecasted expenses. 
  • Create categories. The app comes with a few standard categories, but it also allows you to create your own budgeting categories. 
  • Compatible with other personal finance apps. You can link other personal finance app accounts you may have, like Mint.


  • Expensive. PocketSmith offers a free version, but to gain access to all features, you’ll have to pay up to $19.95 per month. 

How Do You Create An Account?

All you need to do to create an account with PocketSmith is to choose the package you want, enter your email address, and choose a username and password. It only takes a few seconds. 

After you’ve created an account, you’ll be taken to the dashboard where you will input your financial information. Otherwise, you can skip this step and go straight to the checklist to set up your account. A demo will be available that will show your current, past, and future net worth. An overview of your current financial profile will be shown, as will your active budgets, upcoming bills, and notifications.

You’ll go through a checklist that will help you link your bank accounts and categorize your first transactions.

Overview Of Features

FeeBasic plan: FreePremium plan: $9.95/month ($7.50 when paid annually)
Super plan: $19.95 per month ($14.16 when paid annually)
Track spendingYes
Sync bank accountsYes
PlatformWebsite browser or mobile
CompatibilityiOS, Android, desktop, laptop
Bill TrackingYes
Credit Score MonitoringNo
Personal SupportContact form
Bill PaymentNo
Investment TrackingNo
Manual EntriesYes
Retirement PlanningYes
2-Factor AuthenticationYes

Is PocketSmith Safe?

Yes, your data is secure when you use PocketSmith. The tool makes use of two-factor authentication, meaning you’ll need to take an extra step to verify your identity. This will make it much more difficult for hackers to access your data. After entering your password, you’ll then have to enter another code that will be sent to your mobile phone to access your account. This can help protect your sensitive financial data from theft.

Email notifications will also be sent to you and will provide you with updates on your account balances and receive reminders on upcoming bill payments.

What Support is Available With PocketSmith?

To contact support, you’ll need to fill out and submit a contact form on the website. 

Should You Get PocketSmith?

If you’re not very good at managing and organizing your finances, then a tool like PocketSmith might be appropriate. While there is a slight cost to the premium account, PocketSmith can help you get a hold of your finances and get you back on track. 

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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