Pocketbook: Free money management app review
The Pocktbook app helps you track your spending and categorise your transactions.
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The Pocketbook app can help you keep on top of your money and tick to your budget, with all your transactions in the one place. The app shows you a clearer picture of your financial position by including not only you day-to-day transactions but also your loans, bills and credit card payments, too.
What is Pocketbook?
Pocketbook is a free app that links with your bank accounts, credit cards and loans and then keeps track of your spending. It automatically sorts transactions into categories such as groceries, bills, loan payments, travel and more. This is really helpful, as being able to clearly see which category most of your spending falls into will help you cut back and save where you can.
How to get Pocketbook
The Pocketbook app is free to download and use. It's available for iPhones and Android phones and can also be logged onto via the net, helping you get easy access to your account wherever you are, so you can identify areas of your spending which you need to address and reduce.
Features of Pocketbook
Here's the main features and benefits of using Pocketbook app to help track your finances.
Track your spending.
If you find it hard to track your spending in real-time, Pocketbook has you covered. You'll be able to set a "safe spending" limit, which will actively count down as you spend throughout the day or week. If you don't know what your safe spending limit is, Pocketbook can also calculate it for you.
It's a confronting (but effective!) way of getting you to limit your spending as it happens now rather than afterwards, as is the case with many other budgeting apps. If you have an account but would rather it not be tracked by Pocketbook, you can simply choose not to sync it. This gives you the benefit of still being able to quickly see your balance in relation to your other accounts.
Track your spending by location.
You can also manually plot your transactions geographically so you know where they're occurring and the app presents you with a weekly update of your spending, income and bills so you know exactly where you stand.
Another major benefit of this app is that it notifies you of incoming bills and whether or not you have enough money to cover them.
Pocketbook is great at helping you budget each week. If you log onto your smartphone or web application you can see exactly how much you’ve spent in the past weeks, as well as how much you have left to spend for this week. If you want to see exactly what you’re spending your money on you can click on the week in question and get a full breakdown of your transactions.
Analyse tool gives deeper insights into your spending.
If you’re a visual person you can unlock the Analyse tool by simply letting a friend know about Pocketbook via email or donating $9. This tool gives you an easy way to see where you’re putting your money towards, and it groups your transactions into categories. For example, the app will identify how much you're spending on entertainment, groceries, bills etc.
You can get real-time notifications sent to your phone when you've had a fee charged to one of your bank accounts. This is a good way to keep on top of the fees and charges you're paying, and to identify any errors.
Which banks does Pocketbook support?
Pocketbook currently supports the following banks:
- Bank of Melbourne
- Bendigo Bank
- Commonwealth Bank
- ME Bank
- St. George
How secure is Pocketbook?
Pocketbook has a number of technological countermeasures it employs to protect your details, the first of which is the same 2048-bit Secure Sockets Layer (SSL) encryption used by the banks. This basically sets up a secure channel between two machines over the net. It also uses CloudFlare, which protects the app from viruses and other malicious cyber dangers.
Pocketbook's servers are located in Sydney and are protected by a range of security countermeasures, the most notable being biometric security access (think fingerprint access and eyeball scanning). The app also uses information from the ACCC and ASIC to help identify fraud before it strikes.
Probably the most important fact to mention is that Pocketbook is a read-only service. It doesn't allow you to move money between accounts; you can only view the information provided by these accounts. It can only obtain access to your transaction history and balances, limiting the risk to you.
As mentioned above, your details are encrypted so no one can see them and if you'd like your details purged you can email Pocketbook to do so.
Top 10 apps to help you manage your spending
If you're looking for an app that can help you manage your money and save more, we've got a guide on the top 10 personal finance apps to help you save money.
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