PocketSmith is an online personal finance software app
with cash flow forecasting features so you can see how you choose to spend or save money will effect future financial plans. PocketSmith helps you see what's coming up instead of analyzing money you've already spent.
Calendars Give the Financial Forecast:
The strength of PocketSmith lies in its PocketView Calendar, where you create a financial forecast by setting up spending events. The PocketView Calendar shows a daily starting balance, expected spending for the day, and an ending balance.
A calendar is also established for each financial account you want to track and is where you record and view all expected spending and income. Set up a budget by recording events on calendars, which are the income or expenses in each account. For example, you would have a calendar for your checking account, credit cards and savings accounts. The easiest way to start the budget process is by entering your recurring transactions, like rent or mortgage, the cable bill, car insurance payments and credit card bills so they show up on the calendar. From there, enter events you expect to happen one time or at irregular times, like income for freelance work or plans for a down payment on a car.
Working with Financial Transactions:
As you take in income or pay bills, plug your financial transactions into PocketSmith accounts and categorize your spending
to get reports
that show how you've fared against the budget over the last month or year.
Transactions download automatically from your financial institutions into calendar accounts you set up in PocketSmith. If you prefer not to update accounts this way, you can go out to each online banking site for your financial accounts, download transactions (PocketSmith imports OFX, QFX, QIF or CSV) to your own computer and then easily upload them to PocketSmith by dragging the downloaded file to the Update Transactions tool. Automatic downloads (live bank feeds) are securely handled with well-known account aggregator Yodlee, and PocketSmith does not save or have access to any of your bank account information.
PocketSmith works with various currencies and settings can be changed to reflect your time zone.
Saving for the Future:
The Goals feature in PocketSmith is where you set up savings for future expenses, or for establishing an emergency fund. Set up Goals by plugging in a name for the savings goal, brief description, total amount you want to save and the date by which you want to reach the goal. PocketSmith determines how much you'll need to save each month. If you also select a repeating income event, like your paycheck, funds will be transferred from the account the income is recorded in and into the savings goal.
Free PocketSmith and Subscription Prices:
PocketSmith offers a free plan, which is really just for trying the app, with two accounts, two calendars, and a six month financial forecast. There are no automatic downloads in the free version. The Premium version is $9.95 per month or $24.95 per quarter, with 10 calendars and accounts, 10 year's forecast and 5 years of history. The Super version costs $19.95 per month or $44.95 per quarter with unlimited calendars and accounts, a 30 year financial projection and 10 year's worth of history. Prices are in U.S. dollars.
You can learn more and try PocketSmith at www.pocketsmith.com.