Financial automation is here to stay, and it helps us in a big way. We all love how much easier it makes our monetary lives and probably wouldn’t mind more of it. However, as with all good things, there are downsides.
There is a real risk of your finances getting out of control if you automate your processes. By choosing this easy path, you could end up paying more. What’s worse is that you will make payments for things you don’t even require.
For this reason, several financial management solutions have come up to help us with bills. From managing subscriptions to finding bargains for you, these apps can help revolutionize your finances.
Truebill and Trim are two such applications that you could potentially use. However, which should you choose? The answer, as always, lies in what they have to offer. We will look at each of these apps individually before making a general comparison of their features and benefits. After all this, it will be easy for you to know which app suits your needs in the best way.
Truebill is an app that helps you manage your finances. It has been in existence since 2015 and in that time, has acquired a decent following. Some of the things that people say draw them to Truebill include their billing and security structure. We’ll look at all these and more in detail, but first, let’s begin with the usage process and a discussion of their interface.
1. Interface and Usage
You don’t need any expertise to find your way around Truebill. The interface is among the simplest we’ve ever seen. It has a minimalistic feel, and you won’t need to go far in search of any essential buttons. Their website is just as easy to use. It has very few links, including one that texts you the app for installation.
The Truebill app is also available on Android and iOS devices. Once you’ve installed it, you then connect all your accounts. We realize you might feel uneasy about this step. That is understandable. It is, after all, not wise to allow any third party access to your finances. We can gladly assure you that you can rest easy. As we will explain further in the next section, Truebill has an elaborate security plan that ensures all your data is safe.
After you link your accounts, Truebill gives you a breakdown of your money situation. The application then gets to work, seeing where it can cut down your expenditure to save you money.
Any application that deals with finances must have safety as its top priority. Truebill is no exception. There are two levels to security with Truebill.
Accessing client data
When registering on Truebill, they will ask you to provide your bank details. Truebill doesn’t store this information anywhere. They use Plaid, an app that helps connect apps to users’ bank accounts, to send the data to your bank for verification. Plaid secures this data as you send it to your bank via Truebill. Plaid also encrypts this data before sending it back to Truebill. Truebill eventually gets your bank information but in a read-only format.
Truebill cannot access your account or authorize any transactions. This way, you can be sure Truebill will not make any transactions using your banking details. What’s more, If you wish to revoke this read-only access, you can delink your account.
Encryption and servers
Truebill doesn’t store your data in its original format. They store only the tokens they get from Plaid. For this, they have a system of dedicated servers. These servers store your encrypted data and other kinds of data too. Truebill hosts its servers on Amazon Web Services (AWS), one of the most secure and widely used hosting solutions in the world. With your data on AWS, you can rest easy; no one can access it.
Lastly, Truebill promises never to sell your data. If you have any concerns about security, you can access them via an email they have on their security page.
Truebill has several features that can help you make savings and manage your finances better. The cool thing about all these features is an excellent pricing scheme which we’ll discuss shortly.
Bills are likely the reason why you’ll search for an app such as Truebill. We all want lower bills and jump in joy at any discount. However, keeping track of all promotions and discount opportunities is a nightmare, and this is where Truebill comes in.
Truebill is always aware of any promotions or offers in the market. The company has links with most of the high profile providers of services and goods.
Linking your bill
You can connect your bill by either taking a picture of it and uploading or logging into your app. There’s always a team of negotiators on standby waiting for your uploads. Immediately after you upload your bill, they get to work, finding you any opportunities to lower it.
The negotiation process doesn’t lower the quality of the services you’ll receive. Truebill always negotiates to find you a better rate or credit application to your account for the same quality of service.
Truebill keeps a clear line of contact with you during negotiations. Once a consultation is complete, you will get an email detailing how much you’ll pay and how much you have managed to save.
In the beginning, we talked about subscriptions and how you could lose control of your finances with them. Truebill has a way to help with this. During registration, when you upload your bank details, Truebill gives you a breakdown of your financial situation.
In this breakdown, you’ll get to see any subscriptions you have and other kinds of recurring bills. Billing companies take money for pending bills on specific dates. You will also get a breakdown of these dates. With this information, you can choose which subscriptions to keep and which to cancel.
If you subscribe to Truebill premium, you’ll get even more control of our subscriptions. You can authorize Truebill to cancel them automatically and request refunds.
4. Pricing and Plans
The Truebill application is free to download. Truebill’s first plan charges you a constant percentage. From whatever savings they manage to make for you, they take 40%.
There is another service called Truebill Premium, for which you pay $4.99 every month. If you opt for an annual subscription, you’ll pay $35.99. Truebill Premium has several additional features, including automatic cancellation of services. You don’t have to cancel unnecessary subscriptions manually. You can have Truebill do it for you.
When you go to Trim’s website, you’ll read that it is a financial health company. Trim has also been around since 2015, but unlike Truebill, it isn’t an app but a digital assistant.
1. Interface and Usage
Trim’s website has a bit more content compared to Truebill. However, the interface isn’t cluttered.
There are still a small number of links and helpful information right on the home page. There’s also a bar showing existing clients and how much Trim has managed to save for them in a month.
You can either sign up with Facebook or on your own. After you sign up, you connect your accounts to Trim, and it can check on the state of your financial help. Trim will offer you suggestions on what you can cut down to save.
You get these suggestions via Facebook messenger.
Trim has read-only access to your bank and card data. Read-only access means it cannot alter any information or authorize transactions on your behalf.
The data you register with is encrypted using the highest standards – 256-bit encryption. 256-bit encryption is one of the most secure forms of encryption we currently have. It is used by banks and governments to keep their data safe, so you know your data remains secure. In addition to bank-level encryption, you also get two-factor authentication.
Two-factor authentication is a way of verifying identity that works on two levels. You may need to provide your actual login data and authenticate your identity by your device before logging in.
All this shows how secure your data is with Trim.
3. Cable and Internet Bills
Trim primarily focuses on Cable and Internet bills. Cable and Internet are two areas where you are likely to find offers and reduced rates. The company has links with some of the largest providers of these services, including Comcast, Time Warner, and Charter. Trim’s negotiating team can cut down your bill by up to 30%.
Trim’s focus on only cable and internet bills is a disadvantage. Cable and the Internet may have the highest level of flexibility on payments, but there are a lot of other decent areas too.
Just like Truebill, this is one of Trim’s significant areas of operation. The bank data you give while signing up shows your financial situation. Trim goes through all this data and gives you a list of all your subscriptions. From here, it is easy to monitor them as you will always get updates. You can also ask Trim to cancel subscriptions for you though this is a premium feature.
5. Automated Savings
Trim can save money for you. Saving is a unique feature that sets the company apart. Once you connect your account, you can automate it to save money without your knowledge. You can set up weekly transfers to a savings account and watch your savings grow. Saving is a hard thing to do consciously, so having a digital assistant do it for you automatically is impressive.
6. Debt Advice
The premium plan from Trim offers you debt advice. You can lower your APR and get help from professionals on how to stay out of debt.
Trim’s distinct disadvantage is the lack of an app. Though they don’t have an app, you can get notifications directly from their website. You can get information on your accounts and spending patterns on the site. You can also set up message updates to your phone. Once these are set up, you get all your updates on your phone.
8. Pricing and Plans
The regular version of Trim charges a commission on the savings they make every year. You would pay 33% of the total money you saved yearly, so for instance, if you saved $100 via Trim, you’ll pay $33. If Trim does not manage to make any savings on your bills and subscriptions, you will not pay any money.
9. Trim Concierge
Trim Concierge is the premium plan you get from Trim. In this plan, they pair you with a financial expert. The coach goes through your accounts, and you can also ask him any questions. The coach aims to help you achieve your monetary targets and make savings wherever you can make them.
In addition to this coach, you also get access to other premium features such as automatic cancellation of subscriptions. The exciting thing about Trim concierge is that there is no set fee. Trim asks you to pay an amount that you consider fair between $3 and $10 every month.
Comparison: Truebill & Trim
Trim is at a significant disadvantage because unlike Truebill, it doesn’t have an app. As we’ve already seen for you to get updates, you must log in to the website or configure text notifications. An app provides a more intimate experience for a client, and the interface is just better. Truebill wins here because you’ll have an easier time using it.
Truebill’s bill negotiations span a wide range of services. Trim, on the other hand, only negotiates bills for cable and internet services. If you want a money-saving app that covers a variety of bill types, then Truebill is for you.
Both solutions charge a commission on the savings they make for you. Trim wins here because it costs less than Truebill. For the premium versions of both solutions, Trim also has the upper hand with its flexible payment plan. Truebill charges a fixed rate though it isn’t much higher than the Trim’s minimum.
If you’re not on the paid versions and cost is your only consideration, then Trim is your best option instead of Truebill.
Trim has an automatic saving feature that is unique that you won’t find in Truebill. If that’s a consideration for you, then you should choose Trim
Verdict: Truebill & Trim
Overall, Truebill takes the win because it can negotiate with a broader range of service providers than Trim. Also, the fact that it’s an actual app instead of a digital assistant blows Trim out of the water.