Consumers have many options when it comes to budgeting apps. Some apps offer extensive features, while others offer a basic view of a consumer’s spending patterns. PocketGuard fits somewhere in between. PocketGuard is built for simplicity, and its main purpose is to help customers understand exactly how much money they have left to spend after accounting for their bills and other expenses.
For people who get easily overwhelmed, PocketGuard’s simple onboarding will be appealing. Customers can even use features such as subscription trackers and a debt payoff planner to help them reach their financial goals.
In this article, we’ll provide a comprehensive view of PocketGuard’s features, its pros and cons, and how it stacks up compared to other popular budgeting apps on the market.
PocketGuard at a Glance
- Key feature: PocketGuard gives customers a Leftover Money number, which is how much they can safely spend at any given time.
- Best for: Automated budgeting
- Free version: PocketGuard offers a free version, but the features are very limited.
- Pricing: $74.99 per year or $6.25 per month; some customers report the availability of a lifetime subscription offer.
What Is PocketGuard?
PocketGuard is a budgeting app designed to help people better understand their spending habits and avoid overspending. Rather than asking users to assign every dollar a job before the month begins, PocketGuard automatically categorizes transactions, tracks bills and subscriptions, and estimates how much is safe to spend after accounting for recurring expenses and savings goals.
The app combines budgeting, bill 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, while its automated approach keeps budgeting relatively hands-off.
PocketGuard is best suited for people who want an easy way to monitor spending without maintaining 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.
Key Features of PocketGuard
PocketGuard has several key features that help customers manage their money, track spending, and predict future spending. The company also regularly adds new features, which it shares on the news section of its website. Here are some of the app’s key features.
Comprehensive budgeting toolkit: PocketGuard’s primary purpose is to allow customers to track their budgets and spending to improve their cash flow. The app now offers predictive modeling software called Pace that can help estimate month-to-month spending changes. All of this helps customers know their Leftover Money number, which is the amount that customers can safely spend on wants while still meeting their main financial obligations.
Net worth tracker: With a paid account, customers can sync all of their financial accounts, including bank accounts, investment accounts and debt. Customers can even track real estate values and add them to their net worth.
Debt payoff plan: Many customers want to use an app like PocketGuard to better understand their spending patterns so they can pay off debt. PocketGuard offers a debt payoff plan feature where customers can list their debts, choose a payoff strategy, and review their debt payoff schedule.
Savings tracker: When you set up PocketGuard, you’ll have the option to set up savings goals, such as buying a house or taking a trip. You can track your progress towards these goals on the app.
Bill negotiation: PocketGuard partners with Billshark, a company that negotiates for lower rates on your behalf. You will have to pay Billshark through a portion of what they save you, only if they’re able to lower your rates. This is primarily for cell phone, cable, and Wi-Fi bills.
Spending analysis: PocketGuard offers spending insights that show customers their spending trends. The app can build custom reports, which allow customers to see areas where they can improve their finances.
Fraud protection: PocketGuard uses an algorithm that notifies customers if there’s an unusual charge or the app suspects theft. This fraud protection can help customers notify their bank in time.
PocketGuard Pricing
Free version: Customers can try PocketGuard for free for seven days.
Premium version: After the seven-day trial, users can pay a fee of $74.99 per year (or $6.25 per month) to use PocketGuard Plus.
Additional costs: It’s widely reported on Reddit that many users will receive the option to purchase a lifetime subscription. Some received this offer after canceling the free trial. Others reported seeing the offer in promotional emails or ads.
PocketGuard Pros and Cons
Pros
- PocketGuard is user-friendly and aims to help people understand exactly how much money they have left to spend.
- The app offers subscription tracking in addition to budgeting.
- The plus account allows several customizations, including budget categories.
Cons
- Customers must give their credit card information to access the free trial.
- The free version is very limited; customers can only connect a limited amount of accounts.
- A lifetime subscription is available, but it’s not on the main pricing page. Customers report receiving the offer at a later date.
PocketGuard vs. Other Budgeting Apps
Who is PocketGuard best for?
PocketGuard is best for people who want an easy, automated way to keep their spending in check without maintaining a detailed budget. Its standout Leftover Money feature makes it easy to see how much is safe to spend after accounting for bills, recurring expenses and savings goals.
The app is especially well suited for beginners, busy professionals and anyone who feels overwhelmed by more complex budgeting systems. Customers who want extras like subscription tracking, debt payoff planning and net worth monitoring will also appreciate PocketGuard’s all-in-one approach.
Who should skip it?
PocketGuard isn’t the best fit for everyone. Customers who prefer a hands-on budgeting system that requires assigning every dollar a purpose may be happier with YNAB, while those looking for more customizable budgeting, household planning and financial goal tracking may prefer Monarch Money.
Budget-conscious users may find PocketGuard’s free version too restrictive. Rocket Money offers a more capable free tier.
Bottom line: Is PocketGuard worth it?
Yes, PocketGuard is worth it for customers who are interested in managing their monthly cash flow better, especially if they’re able to purchase a lifetime subscription for a reasonable rate. Being able to use PocketGuard’s many features and get access to upgrades for one payment would make this app especially worthwhile.
FAQs About PocketGuard
Is PocketGuard free?
PocketGuard offers a limited free version and a seven-day free trial of PocketGuard Plus. After the trial, PocketGuard Plus costs $74.99 per year (about $6.25 per month). Many advanced features, including custom budget categories and net worth tracking, require a paid subscription.
Is PocketGuard safe to use?
PocketGuard uses bank-level encryption and connects to financial institutions through secure third-party providers. The app is read-only, meaning it can view your account information but can’t move money or make transactions on your behalf.
Does PocketGuard work with all banks?
PocketGuard supports thousands of financial institutions, including many banks, credit unions and credit card issuers. However, compatibility can vary, so it’s worth confirming that your financial institutions are supported before subscribing.
What is PocketGuard’s Leftover Money feature?
Leftover Money is PocketGuard’s signature feature. It estimates how much money you can safely spend after accounting for your income, bills, recurring expenses and savings goals, helping you avoid overspending.
Does PocketGuard negotiate bills?
Yes. PocketGuard partners with Billshark, a third-party bill negotiation service that can help lower eligible cable, internet and cell phone bills. Billshark charges a percentage of the savings only 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 subscribed through the Apple App Store or Google Play Store, you’ll need to cancel through the same platform where you purchased the subscription. To avoid being charged for the next billing period, cancel before your renewal date.
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