Piere Assessment: AI-Powered Budgeting

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

When Mint shut down, tens of millions of energetic customers wanted a new budgeting app.

Whereas many free apps have promised to ship premium budgeting providers, 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 funds simpler. It has each free and paid plans, however not like many different budgeting apps, the free tier provides loads of performance, together with a number of account connections, and transaction and funds administration.

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

Here is a take a look at the app’s key options. 

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

Two-Click on Finances

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

The 2-click funds may go for some folks because it makes use of 90 days of historical past to advocate your plan. However Piere’s funds has a serious drawback. It doesn’t require your funds to be balanced. My 90-day transaction window coincided with paying for summer season baby care and a serious dwelling improve.

We saved upfront for these bills. Nonetheless, the preliminary funds advisable by Piere confirmed a $4100 funds deficit each month. I used to be additionally shocked to see that Piere’s funds missed my mortgage cost.

Nonetheless, manually adjusting the funds is easy, and monitoring your bills relative to your funds is actually painless.

Automated Categorization of Transactions

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

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

Categorizing Venmo Transactions

As a heavy Venmo consumer, I respect that Piere “seems 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 providers, so I couldn’t take a look at the reimbursement function. Nonetheless, loads of Piere’s on-line critiques give accolades to this function.

Shared Transaction, Sensible Reimbursement, Pooling Cash and Extra

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

Internet Value Monitoring

Piere isn’t merely a spending tracker. It seems at your entire monetary image. Pierre lets you hook up with conventional brokerages like Constancy, Charles Schwab, Betterment, Wealthfront, and Vanguard, and even some crypto exchanges akin to Coinbase. These connections are used to trace your web value over time. It’s value noting that historic web value monitoring can be a premium function, and customers should improve to Piere Plus to make use of this function.

Are There Any Charges?

Piere at present provides 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’s going to embrace AI-driven insights, superior transaction guidelines (to depend reimbursements in opposition to spending), historic web value, and different options that haven’t but been launched. Piere Plus will value $9.99 month-to-month or $79.99 billed yearly. 

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

Piere’s web value monitoring instrument provides insights that rival the insights from Empower. Piere’s free choice could really be one of the best different to Mint.

To get the app, go to the App Retailer and obtain Piere or you should use Piere from the Google Play Retailer. You’ll want an e mail deal with and password to get began. When you’ve accomplished a profile, you’ll be able to 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 executed, you can begin your funds and web value, and categorize transactions. Proper now, Piere doesn’t require customers to enter a bank card to start out an account. This will change when Piere begins charging for Piere Plus.

Piere makes use of a third-party service to encrypt info and hold it safe. The app additionally permits customers to arrange multi-factor authentication to make sure that info is stored secure and safe. Piere makes a giant deal about being SOC 2 compliant. This merely signifies that it follows greatest practices for guaranteeing that banks and different monetary establishments can hook up with the app. General, Piere has wonderful safeguards in place to attenuate the dangers related to id theft.

Piere’s headquarters is positioned at 910 seventeenth St SE, Fort Lauderdale, Florida 33316. You may get in contact with the crew by emailing [email protected]. When you obtain Piere, you’ll be able to contact the event crew by hitting the Gear Icon within the higher proper nook after which utilizing the “Contact The Workforce” part. The positioning doesn’t at present present any cellphone numbers, and it doesn’t at present have a chat choice for customers.

Proper now, Piere is a superb 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 at present free, it’s effectively value downloading. The budgeting function is superb, 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 lets you funds, spend, and observe your funds simply.

Take a look at Piere right here >>