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Keeping a close eye on your budget has become more necessary now than ever. Everything is expensive and if you are not careful, your expenditures can quickly outrun your income. This is the reason why people balance their checkbooks, save their receipts, and keep a log of their expenses versus cash influx. But doing all of this manually is difficult as well as time consuming.
Thankfully there are tools out there that automate everything and help you monitor your spending. One of these tools that not only lets you monitor spending but also foresee your future finances is a web app called PocketSmith.
PocketSmith is a web service that helps its users manage their finances. The app starts with providing you with a simple check and balance by letting you enter your cash flow specifics. You are given a calendar for your finances; you can click on a date and then make a cash entry. For each entry you can type in a title, amount, type, description, and a color code. Your entries are all visible on your calendar. One of the key reasons the calendar is good for projecting cashflows is in recurring events. This means that users can create events for groceries, utilities and other bills, rent and income, and make them repeat (weekly, fortnightly, monthly, every weekday, plus many other permutations) so that the app can immediately project the users’ future balances.
A graph of your finances is plotted right above the tabs on the online interface. You can quickly see where the cash flow increased or you spent some money.
To help you further, PocketSmith lets you import transactions from an external file. You can log onto your bank account online and export the transaction to a OFX, QFX, CSV, or QIF file; import this file to your PocketSmith account and the data will be ported. The data stored on PocketSmith can be exported too.
Once all the data is received you can look up until 3 months in the past and up till 6 months in the future; the app generates reports which makes it possible to foresee your financial future. And this is only for the free account; the premium accounts that begin from $9.95 per month replace the 3 month and 6 month limits with 5 years and 10 years respectively.
As you can see, PocketSmith is a powerful personal finance management application which will surely benefit all of its users.
- A user-friendly web app.
- Lets you manage your finances online.
- Can import expenses from OFX, QFX, CSV, and QIF file formats.
- Lets you foresee your financial future based on current data.
- Alongside importing transactions using OFX, QFX etc, there is a live bank feed feature which means Premium users can link to their bank accounts to automatically import their transactions.
Check out PocketSmith @ https://pocketsmith.com