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Copilot is a new financial tool in the field of finance management founded by Andres Ugarte in 2019. This tools helps you manage your finances with ease with the help of its advanced features. It aims to manage money more easily and less complicated as compared to the other tools in the same category. It uses AI for finance management which is especially made for people who know how to use technology and those who use Apple products.

In this Copilot review article, we will explore what it is all about, its benefits and limitations as well as who it's best for.

Core Features of Copilot

Automated Transaction Categorization & Tracking:

Copilot uses AI to automatically sort your transactions, also It is very accurate, but you can still change the categories if you want. This allows you to see where your money is spent in order to identify areas where you can make savings and fix problems.

Example: When you buy something from Amazon, it gets put in a group called "Shopping". If you buy coffee at your local cafe, that goes into a group called "Food & Dining".

Budgeting & Goal Setting:

In budgeting, Copilot helps you set financial goals by encouraging you to define them clearly and easily track your progress. Using things like budget rollover and spending forecasts can help you stay on track. Copilot helps you meet your financial goals, whether it's saving money for a field trip or saving money for unexpected emergencies.

Use Case:

 Let's say you're thinking about a trip to Europe. Copilot helps you:

• Make a special budget just for your trip

• See how much you've saved so far

• Figure out how much you need to save each month to have enough for your trip

  
  

Net Worth Tracking & Investment Monitoring:

With the help of the Copilot net worth tracking feature you will get a clear picture of your financial status. because it collects data from your different accounts (banks, credit cards, etc.) and provides you with a quick overview of your financial status. But Copilot might not be the best choice for investors with lots of different investments because it offers some basic features for keeping an eye on your investments, but when we compare it with the other dedicated investment tracking apps it can’t perform well in this area.

Smart Alerts & Insights:

Copilot helps you stay on top of your finances by giving you helpful alerts and information. Get alerts when you're almost out of money, get reminders about your bills to be paid, and see personalized information on how you spend your money.

Example:

 If you're almost out of money for this month's entertainment budget, Copilot might remind you to be careful with how much you spend

Additional Features:

Copilot can do a few extra things depending on which version you have:

• It can keep track of bills you pay regularly (like rent or subscriptions).

• It can make charts and graphs to help you understand your money better.

• It might be able to connect to your bank or other money apps.

User Interface & Experience

Copilot has a clean and modern design making it easier to to use for managing your money. It is easy for users to use and shows information in a visually appealing way. Although, setting up an account may take some time to link all the necessary accounts it will all be worth it in the end! 

At the moment, only iOS devices (iPhone, iPad, or Mac) have access to Copilot. It works smoothly as an app on iPhones and iPads, but there's no news yet that shows that it will be available on Android phones.

Pros & Cons

Pros:

• Automation saves time and reduces manual effort.

• User-friendly interface makes it easy to navigate and understand your finances.

• A comprehensive financial overview provides a holistic view of your money.

• Proactive alerts and insights help you stay on top of your goals and avoid overspending.

Cons:

• Currently limited to iOS devices (no Android support).

• Requires a subscription, which might not be ideal for those seeking free budgeting tools.

• Investment tracking capabilities might be less comprehensive compared to dedicated investment platforms.

• AI categorization, while generally accurate, might occasionally misclassify transactions.

Security & Privacy

The Copilot app keeps your financial information safe and secure and also takes strong measures to protect your privacy. That's why your private information is protected. It protects your data with strong encryption when you send or receive your money. In addition to this, Copilot follows the right financial data rules so that your information will be kept safe according to industry standards.

Pricing

Copilot has both monthly and yearly subscription plans. While it is not free, the price of subscribing might be worth it for people who have the ability how save time and all the premium features it provides. A free trial is also available and you can try it out for free before you have to pay.

Customer Support & Resources

Copilot offers customer support through email and an extensive knowledge base. It also has educational resources and guides that help users to make better use of their experience and understand their finances in detail.

Comparison with Competitors

Updates & Future Roadmap

Copilot is under active development with regular updates and new features coming soon. The development team is improving the platform with the help of user's opinions and making further changes as needed.

Testimonials or User Reviews

"Copilot has been a game-changer for me when it comes to my money. It's really straightforward, and it takes care of a lot of things automatically, so I don't have to spend as much time on it." - John D.

"I really like how Copilot helps me manage my money and reach my savings goals. The tips are really useful!" - Sarah M.

For more reviews click here.

Who Copilot is For

Ideal Users:

• Those tech-savvy individuals who like using technology and prefer things to be simple and easy to use.

• Apple users who want a budgeting app made specifically for their devices.

• People who want help creating a budget and want to better understand their spending.

• People who are comfortable with a subscription-based model for premium features.

Not Ideal For:

• Android users (currently).

• People who need to keep a close eye on their investments and really understand what's going on.

• Those who seeking a completely free budgeting solution.

Final Copilot review:

Copilot is a great choice for you If you want to use AI to manage your money. Its AI features, simple-to-use interface and ability to predict possible financial problems help you make better decisions about your finances. In this Copilot review, we've highlighted its features in detail, along with its pros and cons.

However, some people might not like that it doesn't work on Android phones and that you have to pay for its subscriptions to use it but Copilot has some really good features that make it better than other budgeting apps. Finally, If you use Apple devices and want a simple way to manage your money, Copilot is a good option to check out.

Setup: Step by Step

Download the App: Visit the App Store (currently, Copilot is only available on iOS) and download the Copilot app onto your device.

Create an Account: Open the app and select 'Get Started.' Enter your email address and create a secure password to create your Copilot account.

Verify Your Email: Check your email for a verification link from Copilot and click on it to verify your email address.

Connect Your Bank Accounts: In the Copilot app, you'll be prompted to link your bank accounts. Select your bank from the list provided, and enter your online banking credentials to link your account. Copilot uses Plaid for this step, a trusted financial services company, to ensure your data is secure.

Set Up Your Budget: After linking your accounts, you can set up your budget. Copilot will automatically create some budget categories for you based on your spending history, but you can add, edit, or delete these as needed.

Customize Your Categories: You can customize your income and expense categories to match your personal spending habits. Simply click on a transaction to change its category, or create new categories as needed.

Track Your Progress: Now that everything is set up, you can start tracking your spending, income. Copilot will provide you with insights and projections based on your financial behavior, helping you stay on track with your budget and reach your financial goals.

Copilot vs The Competition

As we dive into this comparative analysis, let's keep our focus on Copilot's unique benefits and how it sizes up to other notable finance apps.

FAQ (Frequently Asked Questions)

• Can I import data from other financial institutions?

  • Yes, Copilot can safely link to your bank and credit card accounts to see your transactions.

• How does Copilot handle multiple currencies?

  • Copilot currently supports a limited number of currencies. You can check their website or app for the most up-to-date list of supported currencies.

• Is my data safe with Copilot?

  • Yes, Copilot keeps your data safe and private. They use strong security encryptions and follow financial data regulations.

If you have any further questions about Copilot, feel free to explore their website or reach out to their customer support team.