Pier Review: AI-Powered Budgeting

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Piere is a new budgeting app that tries to fill the gap left by Mint.

When Mint closed, millions of active users needed one new budgeting app.

While many free apps have promised to provide premium budgeting services, Honey is perhaps the first free app that not only replaces Mint's functionality, but surpasses it.

Here's what you need to know about Piere, from key features to plans and pricing.

• Ad-free budgeting, spending and wealth tracking app.
• AI-driven budget recommendations.
• Unique integration with Venmo.
• Paid plan from 2024.

*Paid plan from 2024.

What is Piere?

Pierre is a budgeting and financial management app that uses AI to make creating and tracking your budget easier. There are both free and paid plans, but unlike many other budgeting apps, the free tier offers plenty of features, including multiple account connections and transaction and budget management.

The app was launched in 2022 by Yuval Shuminer and when Mint announced its closure, its popularity skyrocketed.

Here's a look at the app's key features.

What does it offer?

Although Piere has an ambitious product roadmap, its key features are an AI-driven budget, a wealth tracker, and a spending tracker. Here's what you need to know about these features.

Two-click budget

Creating a budget can be challenging, but Piere promises to make it easier by analyzing your financial history and recommending a budget based on your past spending. With just two clicks you get a “reconciled” monthly budget that allows you to track your income and expenses.

Two-Click Budget might work for some people because it uses a 90-day history to recommend your plan. But Piere's budget has a big problem. It is not necessary that your budget is balanced. My 90-day transaction window coincided with summer child care payments and a major home upgrade.

We saved up in advance for these expenses. However, the original budget recommended by Piere had a monthly budget deficit of $4,100. I was also shocked to see that Piere's budget overlooked my mortgage payments.

However, adjusting the budget manually is easy and tracking your spending relative to your budget is truly painless.

Automated categorization of transactions

Piere automatically categorizes transactions based on the primary supplier. This is important because the recommended budget is based on your transaction history. While I wasn't impressed with the initial categorization of transactions (transfers were characterized as car payments, for example), I was impressed with how well Piere “learned” the new rules.

Once I recognized savings transfers, charitable donations, and gym memberships, Pierre applied the rule to all related transactions.

Categorizing Venmo transactions

As a heavy Venmo user, I appreciate that Piere “looks inside your Venmo account” and treats these transactions as meaningful transactions. Reimbursements are even treated as expenditure reductions rather than “other” income. I primarily use Venmo to pay for some services, so I wasn't able to test the refund feature. However, this feature is praised in numerous online reviews by Piere.

Shared transaction, smart refund, money pooling and more

Piere is increasingly relying on “joint” finances that do not include a partner. Pierre is positioning itself as a replacement for Venmo by allowing friends to share and match transactions within the app. A financial pool has also been created, perfect for a trip or a PowerBall pool in the office.

Asset Tracking

Piere isn't just a spending tracker. It looks at your entire financial picture. Pierre allows you to connect to traditional brokers like Fidelity, Charles Schwab, Betterment, Wealthfront and Vanguard and even some crypto exchanges like Coinbase. These connections are used to track your net worth over time. It is worth noting that historical net worth tracking will be a premium feature and users will need to upgrade to Piere Plus to use this feature.

Are there any fees?

Piere currently offers a free plan called Piere Purple. A premium version called Piere Plus+ and a desktop version of the app are in the works for 2024.

When Piere Plus+ is available, it will include AI-driven insights, advanced transaction rules (to offset refunds against expenses), historical net worth, and other features not yet released. Piere Plus costs $9.99 monthly or $79.99 billed annually.

How does Piere compare?

Overall, Piere offers a robust, user-friendly, easily customizable and intelligent financial management platform. Piere's free budgeting tool is better than most premium budgeting tools (although). YNAB or tiller may be better for those with complex budget needs.

Piere's wealth tracking tool provides insights that rival Piere's Authorize. Piere's free option may really be the best alternative to Mint.

How do I open a Piere account?

To get the app, visit the App Store and download Piere or use Piere from the Google Play Store. To get started, you'll need an email address and password. Once you create a profile, you can connect your accounts with Piere.

Piere uses a third-party service that only reads information from your accounts. Once this is done, you can start reviewing your budget and net worth and categorizing transactions. Currently, Pier does not require users to provide a credit card to open an account. This may change when Pier begins loading Pier Plus.

Is it safe and secure?

Piere uses a third-party service to encrypt information and keep it secure. The app also allows users to set up multi-factor authentication to ensure information is kept secure. Piere places great emphasis on SOC 2 compliance. This simply means that best practices are followed to ensure that banks and other financial institutions can connect to the app. Overall, Piere has excellent security measures in place to minimize the risks associated with identity theft.

How can I contact Piere?

Piere's headquarters is located at 910 17th St SE, Fort Lauderdale, Florida 33316. You can get in touch with the team by sending an email to contact@piere.com. When you download Piere, you can contact the development team by clicking on the gear icon in the top right corner and then using the “Contact the team” section. The website does not currently display phone numbers and there is currently no chat option for users.

Is it worth it?

At the moment, Piere is an excellent app and the product roadmap is promising. Personally, I'm excited to see how the AI-driven insights develop when they are published. The concept of “roll-over” budgeting is also very exciting. Since Piere is currently free, it's worth downloading. The budgeting feature is excellent and I'm impressed with the expense tracker.

Even though users have to pay for Piere's premium features, the free version is still worth using for most people. It is an easy-to-use app that allows you to budget, spend and track your finances easily.

Check out Piere here >>

Piere features

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