Consumers have many choices when it comes to budgeting apps. Some apps offer extensive functionality, while others provide a basic view of a consumer’s spending patterns. PocketGuard fits somewhere in between. PocketGuard is built with simplicity in mind, and its main purpose is to help customers understand exactly how much money they have left after calculating their bills and other expenses.
If you’re easily overwhelmed, PocketGuard’s simple onboarding will appeal to you. Customers can also use features like a subscription tracker and debt repayment planner to help them reach their financial goals.
This article provides a comprehensive look at PocketGuard’s features, pros and cons, and how it compares to other popular household accounting apps on the market.
Pocket Guard Overview
- Main features: PocketGuard provides customers with a balance number that shows how much money they can safely spend at any time.
- Perfect for: automated budgeting
- Free version: PocketGuard offers a free version, but it has very limited functionality.
- Pricing: $74.99/year or $6.25/month. Some customers report that lifetime subscription offers are available.
What is Pocket Guard?
PocketGuard is a household budgeting app designed to help people better understand their spending habits and avoid overspending. Rather than asking users to allocate every dollar to work before the month begins, PocketGuard automatically categorizes transactions, tracks bills and subscriptions, and estimates how much you can safely spend given your regular expenses and savings goals.
This app combines budgeting, invoice tracking, and basic financial planning tools in a clean, easy-to-use interface. Features like subscription monitoring, bill negotiation, and net worth tracking make it more than a simple expense tracker, and its automated approach allows for relatively hands-off budgeting.
PocketGuard is perfect for people who want to easily monitor their spending without managing a detailed monthly budget. Customers looking for a more proactive budgeting experience may prefer apps like YNAB, which follows a zero-based budgeting philosophy, or Monarch Money, which offers more customizable budgeting and financial planning tools.
Main features of pocket guard
PocketGuard has several key features that help customers manage their money, track spending, and predict future spending. The company also regularly adds new features and shares them on the news section of its website. Here are some of the main features of the app.
Comprehensive budgeting toolkit
PocketGuard’s main purpose is to help customers track their budget and spending to improve cash flow. The app currently offers predictive modeling software called Pace that helps you estimate changes in your spending from month to month. All of this helps customers know how much money they have left over that they can safely spend on what they need while still meeting their key financial obligations.
net worth tracker
Paid accounts allow customers to sync all their financial accounts, including bank accounts, investment accounts, and debt. Customers can also track real estate value and add it to their net worth.
debt repayment plan
Many customers want to use apps like PocketGuard to better understand their spending patterns and help them pay down debt. PocketGuard offers a debt repayment plan feature that allows customers to list their debts, choose a repayment strategy, and view their debt repayment schedule.
savings tracker
Once you set up PocketGuard, you’ll have the option to set savings goals like buying a home or traveling. You can track your progress towards these goals in the app.
bill negotiation
PocketGuard partners with Billshark, a company that negotiates lower rates on your behalf. To the extent that Billshark is able to lower your rates, you must pay Billshark through a portion of the amount saved. This primarily goes toward cell phone, cable, and Wi-Fi bills.
spending analysis
PocketGuard provides spending insights that show your customers’ spending habits. The app can create custom reports, allowing customers to see areas where they can improve their finances.
Fraud prevention
PocketGuard uses algorithms that notify customers when unusual charges occur or when an app is suspected of being stolen. This fraud protection allows customers to notify their bank in time.
pocket guard price
Free version
Customers can try PocketGuard for free for 7 days.
premium version
After a 7-day trial period, users can use PocketGuard Plus for a fee of $74.99 per year (or $6.25 per month).
additional cost
It’s widely reported on Reddit that many users will receive the option to purchase a lifetime subscription. Some people received this benefit after canceling their free trial. Some people may have seen the offer in a promotional email or advertisement.
Advantages and disadvantages of pocket guards
Strong Points
- PocketGuard is user-friendly and aims to help you know exactly how much money you have left.
- The app also offers subscription tracking in addition to budget management.
- Plus accounts allow for some customization, including budget categories.
Cons
- To access a free trial, customers must provide credit card information.
- The free version is very limited. Customers can connect a limited number of accounts.
- Lifetime subscriptions are also available, but are not listed on the main pricing page. The customer later reports that they received the offer.
Comparison of PocketGuard and other household accounting apps
Recommendation: Who is PocketGuard best for?
PocketGuard is perfect for anyone looking for an easy, automated way to control spending without managing a detailed budget. A great balance feature makes it easy to see how much money you can safely spend after taking into account your bills, regular expenses, and savings goals.
This app is especially suitable for beginners, busy professionals, and those who feel overwhelmed by more complex budgeting systems. Customers who want additional features like subscription tracking, debt repayment planning, and net worth monitoring will also appreciate PocketGuard’s all-in-one approach.
Who should skip it?
PocketGuard isn’t right for everyone. Customers who prefer a hands-on budgeting system that requires all their money to be allocated to a purpose may be satisfied with YNAB, while those looking for more customizable budgeting, household planning, and tracking of financial goals may prefer Monarch Money.
Budget-conscious users may find PocketGuard’s free version too restrictive. Rocket Money offers a higher performing free tier.
Bottom line: Is PocketGuard worth it?
Yes, PocketGuard is valuable for customers interested in better managing their monthly cash flow, especially if you can purchase a lifetime subscription at a reasonable price. This app is especially valuable because you can use many of PocketGuard’s features and have access to upgrades with a single payment.
Pocket Guard FAQ
Is Pocket Guard free?
PocketGuard offers a limited free version of PocketGuard Plus and a 7-day free trial. After a trial, PocketGuard Plus costs $74.99 per year (approximately $6.25 per month). Many advanced features, such as custom budget categories and net worth tracking, require a paid subscription.
Is Pocket Guard safe to use?
PocketGuard uses bank-grade encryption and connects to your financial institution through a secure third-party provider. This app is read-only. This means they can view your account information, but they cannot move money or make transactions on your behalf.
Is PocketGuard available with all banks?
PocketGuard supports thousands of financial institutions, including many banks, credit unions, and credit card issuers. However, compatibility may vary, so it’s worth checking that your financial institution is supported before subscribing.
What is PocketGuard’s remaining money feature?
Leftover Money is PocketGuard’s signature feature. It helps you avoid overspending by estimating how much money you can safely spend considering your income, bills, regular expenses, and savings goals.
Does PocketGuard negotiate bills?
yes. PocketGuard has partnered with Billshark, a third-party rate negotiation service that helps you lower eligible cable, internet, and cell phone bills. Billshark only charges a percentage of the discounted amount if it successfully reduces your bill.
How do I cancel my PocketGuard subscription?
If you subscribed through the PocketGuard website, you can cancel your subscription by signing in to your account and managing your subscription settings. If you purchased a subscription through the Apple App Store or Google Play Store, you must cancel your subscription through the same platform you purchased it from. Please cancel before your renewal date to avoid being charged for your next billing cycle.
