If you are looking for a budgeting application, there is a good chance that you will encounter Pocketguard in your search. It has been around since 2015 and over the years it has attracted a lot of fans and is highly praised by Android and iPhone users.
Like Rocket Money, PocketGuard is perfect for the average budgeter, with a range of features, ease of use and affordable. It stands out most is its debt planning feature, which can help you develop strategies to pay off outstanding balances.
Is PocketGuard the right budget tool for you? We use it for testing drives to help you decide.
8.8
Pocket guard
like
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Debt income plan
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Added security layer
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Bill Negotiation
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Personal financial education
dislike
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Limited trial period
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Cancel without subscription
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Unclear data privacy and marketing policies
How does PocketGuard work?
PocketGuard works similarly to most budget applications: You can use lattice and exquisite links to check, savings, investments and credit card accounts to import data in just a few seconds without sharing your account or sensitive information.
PocketGuard automatically classifies some of your transactions into expenditure categories, but I had to manually classify many of my transactions. However, this is not necessarily a bad thing. Spending some time thinking about where cash is going can help you manage your money better.
You can also mark duplicate expenses, set savings goals, and perform all the regular budgeting measures taken by most other budget applications.
The most valuable feature of PocketGuard is its debt return tool, which helps you develop a payment plan, calculate the interest you pay and track your progress.
I was disappointed that the app discouraged me from seeing if I could set aside more money to pay my credit card balance. If you want an app that challenges you to be a better budgeting hand – and keeps you accountable for your goals – you might consider Cleo.
What We Like
- Debt Income Plan: Debt can be overwhelming, and Pocketguard can help you develop strategies to address you. Many budget applications do not offer this feature.
- Additional security layer: PocketGuard requires a unique pin to access your account, and also provides facial and fingerprint recognition to log in. This can reassure you that your financial information will not slide into the wrong hands even if you lose your phone.
- Act Negotiation Services: PocketGuard will automatically try to save some savings for your repetitive bills like cables, home security, and phones. If the company successfully lowers your bill, it will cost 40% of your savings. (Rocket Money also offers this service and charges 30% to 60% of the first year savings.)
- Personal financial education: The app includes a free 20-minute, self-guided tutorial covering different approaches to budgeting, debt management, goal setting, and more. Although information is basic, it will help anyone in the early stages of a monetary plan.
What We Don’t Like
- Limited trial period: PocketGuard’s free trial period is only 7 days, and it’s not a ton of time to see if the app is right for your needs. If you decide to pay for the app, I recommend choosing the monthly billing option initially. While the price is higher, $12.99 per month, you don’t want to lock yourself in a $74.99 per year fee without being sure you’re actually using the app. PocketGuard has a free version, but it’s one side of the bone.
- Cancel service without subscription: The app can show you your recurring subscriptions and provide instructions to cancel them, but you need to do leg work. Rocket Money, on the other hand, can identify and unsubscribe for you.
- Unclear data privacy and marketing policies: “We do not sell your data, we do not display ads, but make money specifically by selling subscriptions and better services,” Pocketguard notes. However, the company’s privacy policy includes a disclaimer about using your financial information to generate offers for products and services from its marketing partners. When I start using the app, I have to ask not to track my activity on other websites.
Is PocketGuard safe?
PocketGuard checks all boxes when ensuring data is secure. The company uses 256-bit SSL encryption and goes beyond many other budget applications by requiring you to create a unique PIN for account access. You can also enable facial and fingerprint recognition for the additional protective layer.
Whose Pocket Guard is the best suited for?
If you are juggling multiple credit card balances and want an easy way to create a payment plan and monitor progress, PocketGuard is a reliable option.
Alternatives to PocketGuard Budget Applications
If you are considering PocketGuard, make sure you can also check out Rocket Money, the best overall budget application for CNET editors to choose from 2024. RocketMoney is equally easy to use, has a lower price, and offers all the basic budget features you need. It offers free subscription cancellation services and credit score monitoring, but lacks Pocketguard’s debt return tool.
Check out our best budget app review for other options worth exploring.
Manage your money more easily with PocketGuard.
PocketGuard has two pricing tiers, one priced at $12.99 per month and $74.99 per year.
If you want to help with a plan to get rid of debt, PocketGuard may be worth it. According to the company’s statistics, it helped users pay off more than $90 million in debt. And if you have a maze of billing and subscriptions, the app can help you negotiate some of these fees or show you how to cancel the service altogether.
It depends on what you need from your budget application. Both apps have similar features and pricing models, although Rockets’ money is a little cheaper. However, PocketGuard has advantages for users who want to help pay off their debts.
