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PocketGuard is a budgeting platform that allows you to view all your accounts in one place and track your income, expenses and net worth.
But how does PocketGuard compare to other leading budgeting apps, such as: YNAB And Monarch money.
In this PocketGuard review, we examine the app's various features and pricing to help you decide whether PocketGuard is the right tool for your financial situation.
- Budgeting platform that automatically tracks your expenses and income.
- There is a free version available, but the paid version offers far more features.
- PocketGuard monitors how much you have left to spend every month.
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What is PocketGuard?
Launched in 2014, PocketGuard is a budgeting tool that allows you to link your accounts and track your income and expenses so you can closely monitor your financial situation. This includes scheduling and tracking your recurring bills as well as tracking your net worth. PocketGuard is available on your desktop or as an iOS or Android mobile app. https://thecollegeinvestor.com/19778/free-checking-accounts/
Although the two sound similar, Pocket Guard is in no way related to PocketSmith. PocketSmith is another financial management platform that you can learn more about in our full review.
What does it offer?
Let's take a closer look at what PocketGuard has to offer.
Link your financial accounts
With PocketGuard you no longer have to record your bank transactions manually. Once you've connected your checking, savings, and credit card accounts, PocketGuard will begin tracking your income and expenses.
If you're uncomfortable connecting your bank accounts to PocketGuard, you still have the option to log your transactions manually. However, it compromises some of PocketGuard's core features, including the convenience of automatic tracking.
“In My Pocket” Breakdown
If you need help figuring out how much you can safely spend, the In My Pocket feature is particularly useful. PocketGuard takes into account your income, bills, recurring expenses and savings goals to determine how much you have left to spend on extras each month.
This tool is especially handy for anyone who tends to overspend. Instead of swiping your card, you can check whether there is enough room in your monthly budget for the purchase. This will help you make more informed spending decisions.
Spending pie chart
When you spend money, PocketGuard categorizes your purchases. You can easily visualize the breakdown by analyzing your spending pie chart.
While you can allow PocketGuard to automatically categorize your purchases, you have the option to further differentiate your purchases using hashtags.
For example, let's say you're on vacation. The purchases you make can include grocery stores, gas stations, hotels and more. You can group these purchases into a single category using a hashtag, such as: B. #Madrid to more accurately assess where your money is going.
Savings goals
Savings goals are an essential part of solid financial planning. PocketGuard allows you to set savings goals while tracking your progress. In addition to savings goals, PocketGuard offers a personalized debt payoff planning tool to help you predict and visualize your path to debt payoff.
Reduce unnecessary expenses
Most of us spend money on things we don't really need, but PocketGuard helps you eliminate these unnecessary expenses from your budget. This includes helping you cancel unwanted subscriptions and finding shopping discounts that give you more wiggle room in your budget.
Are there any fees?
PocketGuard offers a free version, but its functionality is limited. If you want access to features like unlimited banking details, savings goals and budget categories, access to a debt repayment plan, and the ability to export transaction data, the paid version PocketGuard Plus may be a better option.
PocketGuard Plus offers a 7-day free trial. After that, you can pay $74.99 once to own the paid version for life. Or you can pay $7.99 monthly or $34.99 per year.
How does PocketGuard compare?
Most of us take a slightly different approach when it comes to managing our money. Luckily there are tons of them Budgeting apps choose from. This is how PocketGuard performs.
YNAB, or You need a budgetis a top budgeting platform that takes a zero-based budgeting approach to help you break the paycheck-to-paycheck cycle. With YNAB, you assign a mission to every dollar and get honest about your true spending. When you get into flow, the goal is to age your money, which means spending money that is at least 30 days old. If you like diving into the details, YNAB may be the right budgeting app for you. After a 34-day trial, it costs $14.99 per month or $99 per year. For more information, see our YNAB review.
Monarch money is a robust financial platform that tracks your spending, assets and financial goals. The ability to customize your dashboard lets you stay on top of what matters most to you right now. For example, if you're focused on curbing your spending, you can move your monthly spending plan front and center on your dashboard. After a 7-day free trial, Monarch Premium costs $14.99 monthly or $99.99 per year. Find out more in our Monarch Money Review.
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iOS, Android, Web, Alexa and more |
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How do I open an account?
If you decide to open a PocketGuard account, you will be asked to provide an email address and add a password. You will also be asked to select a free account or enter your credit card information for the paid version. From there, you can begin connecting your accounts to PocketGuard and setting up your recurring invoices.
You can also use the app without connecting your bank accounts. If you do this, you will also be able to connect your bank accounts at a later date. Once everything is connected, you can check your budget using PocketGuard's “In My Pocket” feature.
If you have the paid version, you have access to all of PocketGuard's features, including custom categories, export and import transactions, unlimited savings goals, and more.
Is it safe and secure?
PocketGuard uses bank-level 256-bit encryption to protect your personal information. When you use the app, you will be asked to set up a code or biometric authentication to confirm your identity before you can do anything within the account.
How do I contact PocketGuard?
If you would like to contact PocketGuard, you can send an email to support@pocketguard.com. With thousands of 5-star reviews on both the Apple App Store and Google Play Store, the platform enjoys a good reputation. The positive reviews suggest that you are likely to have a good experience with the app.
Is it worth it?
PocketGuard is a valuable tool for budgeters who want to closely monitor their spending without having to manually enter all transactions. While many users choose to upgrade to the paid version to take advantage of the greater feature set, the free trial gives you the opportunity to test the app before committing to a payment.
However, if you already have your spending under control and are more focused on your long-term financial goals, PocketGuard may not be the right choice. Instead, you might prefer an app like Empower, which offers budgeting tools but focuses more on monitoring your investment portfolio.
If you think PocketGuard isn't the right solution for your needs, check out our list of the best budgeting apps.
Check out PocketGuard here >>
PocketGuard features
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Automatic syncing with bank accounts |
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Credit monitoring |
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Web/Desktop Account Access |
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