PocketGuard is a personal finance tool that helps you keep track of your spending, budget, and designate funds for savings. It’s not gonna make you rich, but it will help you have more control over your finances.
Read below for more details on PocketGuard.
PocketGuard Features
Before you can benefit from the PocketGuard’s features, you must connect your checking, credit, ands savings accounts. Just link your financial accounts and the app can tell you what you’re spending, where to save, and remind you of due bills. Furthermore, the more accounts you connect with PocketGuard, the smarter your budgeting will be.
Auto-Categorization
When you link your accounts to the app, PocketGuard will automatically sync and categorize transactions into “pockets.” This will depend on the merchants. The process is very accurate, but you need to go and manually check if the transactions are auto-categorized correctly.
Spending Limits
PocketGuard will help you save money when you set a spending limit on your “pockets.” If you overspend in a category, you’ll receive a notification and the line under the spending limit will turn bright orange. Plus, it will show you the amount you went over as well.
Savings Goals
This special “pocket” is where you’ll be able to plan and save a certain amount every month. The goal will immediately start over every month with the same amount. However, you’re more than welcome to change the amount whenever you want.
Spending Pie Chart
This is a great utensil for quick analysis of your expenses. It will show you all you’ve spent over the current month, divided into categories, so you can easily see where your money is going.
Hashtags
To track certain types of expenses or assets, you’ll be able to add hashtags. For example, you’ll be able to link together all the transactions from a particular trip: transportation, accommodation, restaurants, entertainment, etc. Just add the hashtag with the name of the destination.
Find Savings
PocketGuard is partnered with several financial services that can help you lower your bills, pay off loans, improve your credit score, and get shopping rebates. But, first you have to answer some questions about yourself in the Profile section. Then, the app will generate offers that are fit for you.
In My Pocket
This perk will show you how much money is left for your daily spending. After accounting for bills and subscriptions. It’s calculated with this formula:
Income – Bills – Savings Goal – Ongoing Spending = In My Pocket
With this feature, it prioritizes your funds for necessary expenses and savings. Then, it gives you free access to what’s left over. PocketGuard recommends checking your In My Pocket daily, or at least before you go shopping. It will save from impulse buys that lead to overspending.
Pricing
PocketGuard Basic is free to use, however it does have its limits. For a full variety of services, consider the PocketGuard Plus with a monthly subscription of $3.99 or an annual subscription of $34.99. With the higher tier plan, you’ll get to:
- Track cash that you spend and receive
- Plan for cash bills
- Know how much cash is in your pocket
- Record ATM withdrawals
- Add custom pockets
| Plan | Free | Plus |
| Cost | $0 | $3.99/month $34.99/year |
| Bill payment | x | x |
| Insights | x | x |
| #Hashtags notes in transactions | x | x |
| Add your own categories | – | x |
| Cash transactions | – | x |
| Cash bills | – | x |
Referral Program
If you want to get PocketGuard Plus for free, invite your friends to use the service and earn points when they start using the app:
- 10 points for the first 3 friends you successfully refer
- 5 points each time a friend you refer purchases PocketGuard Plus for the first time.
Your friends will benefit from the referral program. Every one will get 10 points just for getting started.
For every 30 points, you’ll receive one month of PocketGuard Plus for free. In other words, 30 points comes with the value of $3.99.
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Conclusion
PocketGuard will analyze your finances in order to help you figure out when a good time is to spend your money. It’s perfect if you find yourself being a little short every month, or can’t save money. For most people the free version will suffice. Additionally, this is a great way to test out the app before you pay for the subscription service.
