Managing personal finances is a break out competitive space and there’s a new service on the block. Pocketbook is a way that you can track where your money goes, while skipping on the elaborate task of categorising transactions. Once you connect Pocketbook to your bank account (scary at first), it then digests your account transactions and automatically categorises them where possible.
You can always modify categories if Pocketbook got things wrong, or nominate items as bills and choose their frequency to refine the data. So once you have a nice picture of your financial position, what can you do with this data?
Below you’ll see a great break down (pie chart style) or which areas you’re hard-earned dollars were spent on. As you spend money at Coles, it’s automatically allocated to groceries, as your monthly phone bill gets paid to Telstra, it’s placed under Utilities. Take a plane trip with Qantas, that’s straight into travel or buy something from Apple and it’s slotted into Tech.
So with the hard work done and a pretty visualisation, probably the best use for Pocketbook comes from its ability to highlight potential areas you can save. Those pesky $2-$2.50 ATM fees for example. Individually it doesn’t seem like much, but having them totalled for the month may be $30-$40 you could be saving.
After Mint.com launched for the US a couple of years ago, Australians have been searching for a local solution. Australian financial providers Commonwealth Bank, Westpac, ANZ, NAB and St George are all supported. It’s open to early testers at the moment, but the good news is we have some invites to give away – leave a comment and watch your inbox.
Pocketbook is the future of financial management, leveraging technology to save you money. Now we just need mobile apps for each platform to manage your money on the go.
More info @ https://www.getpocketbook.com/