Piere Assessment: AI-Powered Budgeting

Piere is a brand new budgeting app that’s making an attempt to fill the hole left by Mint.

When Mint shut down, thousands and thousands of energetic customers wanted a new budgeting app.

Whereas many free apps have promised to ship premium budgeting companies, Piere would be the first free app that not solely replaces Mint’s performance, it surpasses it. 

Right here’s what you could learn about Piere, from key options to plans and pricing. 

*Paid plan coming in 2024. 

Pierre is a budgeting and monetary administration app that makes use of AI to make creating and monitoring your finances simpler. It has each free and paid plans, however not like many different budgeting apps, the free tier gives loads of performance, together with a number of account connections, and transaction and finances administration.

The app was began by Yuval Shuminer in 2022, and when Mint introduced it was closing, it noticed its reputation skyrocket.

This is a have a look at the app’s key options. 

Though Piere has an formidable product roadmap, its major options are an AI-driven finances, web value tracker, and spending tracker. Right here’s what you could learn about these options.

Two-Click on Finances

Making a finances may be difficult, however Piere guarantees to make it easy by analyzing your monetary historical past and recommending a finances based mostly in your historic spending. Inside two clicks, it gives a “tuned” month-to-month finances which you should utilize to trace your revenue and bills.

The 2-click finances may match for some individuals because it makes use of 90 days of historical past to suggest your plan. However Piere’s finances has a serious drawback. It doesn’t require your finances to be balanced. My 90-day transaction window coincided with paying for summer time little one care and a serious house improve.

We saved prematurely for these bills. Nevertheless, the preliminary finances really useful by Piere confirmed a $4100 finances deficit each month. I used to be additionally shocked to see that Piere’s finances neglected my mortgage cost.

Nevertheless, manually adjusting the finances is straightforward, and monitoring your bills relative to your finances is actually painless.

Automated Categorization of Transactions

Piere mechanically categorizes transactions based mostly on the first vendor. That is necessary as a result of the finances it recommends relies in your transaction historical past. Whereas I wasn’t impressed with the preliminary categorization of transactions (transfers have been characterised as automotive funds, for instance), I used to be impressed by how nicely Piere “discovered” the brand new guidelines.

As quickly as I recognized financial savings transfers, charitable giving, and gymnasium memberships, Pierre utilized the rule to all associated transactions.

Categorizing Venmo Transactions

As a heavy Venmo person, I recognize that Piere “appears inside” your Venmo account, and treats these transactions as significant transactions. It even treats reimbursements as reductions in spending as a substitute of as “different” revenue. I primarily use Venmo to pay for a handful of companies, so I couldn’t take a look at the reimbursement characteristic. Nevertheless, loads of Piere’s on-line critiques give accolades to this characteristic.

Shared Transaction, Good Reimbursement, Pooling Cash and Extra

Piere is doubling down on “shared” funds that don’t embody a major different. Pierre is positioning itself as a substitute for Venmo by permitting mates to share transactions and reconcile transactions throughout the app. It’s additionally created a monetary Pool that’s good for a visit or an workplace PowerBall Pool.

Web Price Monitoring

Piere isn’t merely a spending tracker. It appears at your complete monetary image. Pierre means that you can connect with conventional brokerages like Constancy, Charles Schwab, Betterment, Wealthfront, and Vanguard, and even some crypto exchanges reminiscent of Coinbase. These connections are used to trace your web value over time. It’s value noting that historic web value monitoring shall be a premium characteristic, and customers must improve to Piere Plus to make use of this characteristic.

Are There Any Charges?

Piere presently gives a free plan, referred to as Piere Purple. There’s a Premium model, referred to as Piere Plus+, in addition to a desktop model of the app, within the works for 2024.

When Piere Plus+ is out there, it can embody AI-driven insights, superior transaction guidelines (to rely reimbursements in opposition to spending), historic web value, and different options that haven’t but been launched. Piere Plus will price $9.99 month-to-month or $79.99 billed yearly. 

General, Piere gives a sturdy, easy-to-use, easy-to-customize, and clever monetary administration platform. Piere’s free budgeting software is healthier than most premium budgeting instruments (though YNAB or Tiller could also be higher for these with complicated budgeting wants).

Piere’s web value monitoring software gives insights that rival the insights from Empower. Piere’s free possibility could really be the very best various to Mint.

To get the app, go to the App Retailer and obtain Piere or you should utilize Piere from the Google Play Retailer. You’ll want an electronic mail tackle and password to get began. When you’ve accomplished a profile, you may join your accounts to Piere.

Piere makes use of a third-party service that solely reads info out of your accounts. As soon as that’s performed, you can begin your finances and web value, and categorize transactions. Proper now, Piere doesn’t require customers to enter a bank card to begin an account. This will likely change when Piere begins charging for Piere Plus.

Piere makes use of a third-party service to encrypt info and maintain it safe. The app additionally permits customers to arrange multi-factor authentication to make sure that info is stored protected and safe. Piere makes a giant deal about being SOC 2 compliant. This merely implies that it follows greatest practices for making certain that banks and different monetary establishments can connect with the app. General, Piere has wonderful safeguards in place to reduce the dangers related to identification theft.

Piere’s headquarters is situated at 910 seventeenth St SE, Fort Lauderdale, Florida 33316. You may get in contact with the staff by emailing contact@piere.com. Should you obtain Piere, you may contact the event staff by hitting the Gear Icon within the higher proper nook after which utilizing the “Contact The Workforce” part. The positioning doesn’t presently present any cellphone numbers, and it doesn’t presently have a chat possibility for customers.

Proper now, Piere is a wonderful app, and its product roadmap is promising. Personally, I’m desperate to see how the AI-driven insights carry out when they’re launched. The idea of “roll-over” budgeting can be very thrilling. As a result of Piere is presently free, it’s nicely value downloading. The budgeting characteristic is great, and I’m impressed by the spending tracker.

When customers need to pay for Piere’s premium options, the free model will nonetheless be value utilizing for most individuals. It’s an easy-to-use app that means that you can finances, spend, and monitor your funds simply.

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