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September 8, 2009

Pocketsmith – Forecasting Your Financial Future

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Pocketsmith is a web-based calendar designed to assist you with your financial future. There are a ton of sites online that help you organize your financial life—and most of them are great. But Pocketsmith offers one thing that others don’t: they focus more on the future than the past, forecasting how you could (or should) use your money and how much you’ll need to save, thus helping you reach your financial goals. This is what we like most about Pocketsmith. Plus, the calender they have in place makes the process really easy, so if you’re sick of dealing with messy spreadsheets, Pocketsmith is a great alternative.

There are other sites better designed for quick, everyday financial maintenance, so if you’re looking for this type of solution Pocketsmith might not be it. Of course this isn’t necessarily a strike against Pocketsmith, because the site actually puts more control into the users hands, forcing you update your financial information and monitor your progress.

Overall, we must say it’s also extremely easy to use. You simply input your financial information and your goals, and then watch as Pocketsmith forecasts your financial future (either 6 or 12 months into the future). It will then give you predictions about your daily balance, and you can look at different charts or follow your calendar to see how you’re doing financially.

Practical Uses:

  • Budget for that new car you’ve been dreaming about
  • Determine if your 401k account is healthy and aligned with your financial goals
  • Sit down as a couple and go over your financial future together
  • Create a plan for your child’s college fund or for the next family vacation

Insider Tips:

  • Upload your transactions to the site for even better planning
  • Use CalDav to access your budget on your iPhone calender
  • Take advantage of the affiliate program and earn 20% of referred subscriptions

What we liked:

  • Use of the calender instead of a spreadsheet is a nice touch
  • The emphasis on your financial future
  • It’s easy to use and accessible from nearly anywhere

What we didn’t like:

  • Users could tire of updating expenses regularly

Alternatives:

Company Info:

  • Launched: 2008
  • Privately Held
  • Headquarters: Dunedin, New Zealand
  • Founded by: Jason Leong, James Wigglesworth and Francois Bondiguel
  • Web site: http://www.pocketsmith.com

Costs:

  • Plans for free, $5, or $12 per month

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