In searching for how can I lower my bills and have better control of my finances, I came across Truebill. Does it really help save money? How does it work? This Truebill review looks into whether the program is worth using or not. This is what I found, in case you too are looking to trim your budget.
According to reviews, Truebill can help save money by discovering unnecessary expenses and lowering bills. The founders explain that the platform is a finance management center. Meaning that you can see all your upcoming bills, account balances, monthly spending and your investments in one place to simply your financial life.
What is Truebill
Table of contents
How Truebill lowers your bills
People usually tend to subscribe to magazines, delivery or other types of services and then forget about monitoring the charges. However, the Truebill software finds these forgotten bills for you. Identifying recurring charges that you may be unaware of or no longer want is one of the ways Truebill savings are found.
When Truebill finds savings, you can take action, or you can let Truebill do it for you.
Truebill can call up the company and try to get a better rate, a promo, or a one time discount on your behalf.
How Truebill Works
Truebill gets started searching for savings in 3 steps:
How Truebill finds savings
- You can either download Truebill app or go to Truebill.com to sign up.
- Enter your full name, email and choose a password and agree to terms.
- Next connect your checking account and/or credit cards.
- Afterwards Truebill scans your financial data for certain keywords in order to identify bills and subscriptions.
- Once the program is done scanning your accounts it lists all your subscriptions and recurring bills.
- You then determine if there are any subscriptions or charges that you want to keep or delete.
You can also connect investment accounts to Truebill. Everything about your finances is contained under one app, and that’s how Truebill becomes your financial management hub.
Truebill Online Safety
Financial security is a top concern when using any online financial transaction. Truebill encryption security is backed by Plaid, the same security protection used by M1 investment app, Drop shopping app and the likes, and is considered pretty safe.
Truebill app is free but there are additional premium features for a cost. Depending on which feature you add, the subscription is between $3 and $12 per month or annually for $36 and $48. You can cancel the premium services any time.
Truebill premium features
- syncing your balance,
- premium chat,
- automated cancellations,
- unlimited budgets,
- custom categories,
- smart savings
- bill negotiation
Bill negotiation is a personalized service in which a Truebill employee negotiates for a better price on your behalf. A premium service that comes with the premium subscription or that non premium users pay for only if Truebill successfully saves you money. Truebill asks for a 40% share of the amount it is saving you. A finders fee. Thus, if you save $10, Truebill will keep $4.
Where does Truebill find savings?
Well, did your internet go out? Truebill may be able to get you a refund when an outage occurs. Were you charged interest or other fees? Truebill may also negotiate reducing or having them erased. Generally, these are savings that we don’t normally think to ask for, or have the time to find.
Maybe you’re overpaying for your internet or cell phone bill and don’t know it. I’ve had this happen to me. I found out my internet company had lowered the rate for internet services, but they had not adjusted my bill. 😡
The subscription cancellation feature is an extra benefit for a fee. However, it cancels subscriptions with the click of a button. Truebill handles the rest. Nonetheless, you can also elect to handle cancelling them on your own.
Seeing recurring charges and subscriptions in the app is free.
For bill negotiation tactics, Truebill works with companies like Sprint, AT&T and other internet & phone companies, to name a few. This feature is part of the premium charge, but as I wrote above, you can also request Truebill to negotiate your bill for you without the premium plan. In this case, if they do save you money, you get 60% of the money negotiated. They keep a service fee given that it is a time consuming process.
Just like subscription cancellation is automated, meaning that all you do is click the button and they’ll take care of it for you, lowering bills is also automated. Truebill does it.
The ability to have a snapshot of all your bills in one place is what a lot of Truebill users said they liked also. Second to finding savings. Being able to see your ‘upcoming’ bills as well as recurring expenses gives a more realistic view of your budget. A feature that I find essential in keeping within budget and avoiding overspending.
For example, if you know ahead of time that you have a big expense coming up, you may refrain for buying something now, so that you can have enough money to cover the upcoming expense. I wouldn’t go on a shopping spree if I know my car insurance bill is coming up.
Like all financial apps, you can also create a budget with Truebill. However, I found that a nice feature in Truebill is the ability to create different budgets. For example, creating a budget for a vacation separate from a household budget.
However, what good would creating a budget be if you’re not able to track your spending? In addition to bill tracking, Truebill is a budget app. In addition, it integrates a spending report into the app as well. Here you can track what you spend, and also sort spending by categories. Tracking where your money goes can be an eye opener, and another great feature for saving money.
The free version of Truebill allows for a set number of categories, the premium version allows for more though.
By tracking your spending in a month, you can then compare spending over several months, and then analyze your spending habits. The app points out what are your frequent expenses, large purchases, interests and fees you’ve been charged. I find this a great feature that gives a true snapshot of where you spend your money.
Once you see where your money is going, you can make changes to it, lower your bills and improve your finances.
Smart Savings is the feature that Truebill offers to save money. Like everything else in the app, savings is also an automated process that is easy to set up from the dashboard.
The premium feature also takes care of downloading and updating financial data from the accounts you added. As an alternative, you can also download it yourself in the free version.
Overall, I find that Truebill offers some great features for taking control of finances. Some are free, some are paid, but since the app is free to download and it doesn’t cost anything to analyze your finances, its worth seeing what savings Truebill finds.
Happy savings, TaLis
I wish my bills shrank and my income increased. Unfortunately, its the other way around. I’m on the hunt to change that. Here’s another app that can help reshape your finances too: YNAP.
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