DollarBreak goal is to empower readers to make better financial decisions. This post may contain affiliate links from our partners who share the same vision. Disclosure.
Managing money can be hard. Just when you think your efforts to make a budget from scratch are paying off, you open your bank statement and see that you have somehow overspent.
If this sounds familiar, I’m not surprised.
According to research:
- The average American spends almost $18,000 each year on nonessentials
- 4 in 10 Americans could not afford a $400 emergency (University of Chicago, MarketWatch)
Many people in the United States could do with help reducing their spending and sticking to their budget.
Online tools can help you keep on track with your budget. One of these is Truebill – but is it as good as many people say? In this Truebill review, we answer all the questions about Truebill that you need to be answered.
- No savings, no fee
- Can save on average $96 per year
- Tracks your balance for overdrafts
- Monitors subscription renewals
- 40% fee from your savings
- Requires access to sensitive personal information
What Is Truebill?
According to Truebill, it is an app that “Makes it easy to optimize your spending, manage subscriptions, lower your bills, and stay on top of your financial life.”
Truebill is an app available on iOS and Android. It helps users identify where they are spending and cut out unnecessary bills. For example, you may have a Hulu subscription that you never use. You signed up months ago to watch the new season of The Handmaids Tale and forgot to cancel it. Now it’s taking $6 out of your account every month.
Truebill will flag up any recurring bills coming out of your bank, put them in an easy-to-monitor screen and let you assess which ones to keep and which ones to cancel. It has a bunch of other helpful features, like negotiating down your bills and monitoring for outage refunds.
Syncing your bank account is easy and it doesn’t require you to give any of your banking credentials to the app. The interface is intuitive and having your finances presented in this way can help you catch on to where you are frequently spending money. Yee, your Starbucks addiction is included! In addition, the app can send you notifications when there is a change in your bill and will give you the option to have a negotiator try to lower it on your behalf.
According to Truebill’s founder, it has helped save an average of $512 per year, with 250,000 people signing up.
Best Money Saving Apps
Organize different credit cards in one place
Receive one monthly credit card bill
Settles your payments 2 days before your due date
Up to 40% cash-back for your regular purchases
Close to 2500 participating retailers available
Get $25 once your friend spends at least $25 using Rakuten
How Does Truebill Lower Bills?
Easy money can sound too good to be true. Can an app really help you save a substantial amount of money?
Truebill has a range of features that all aim to help you get your finances in order. With only around one third of Americans keeping a household budget, according to Debt.com, it’s no wonder so many people are looking for ways to cut back on spending.
The services offered by Truebill can help you manage your finances better without the emotionally taxing process of having to thoroughly go through your finances. Most of us would jump at the chance to get an extra $512 a year, so is Truebill the solution to help you get there?
Lower My Bills
With the ‘Lower My Bills’ feature, Truebill negotiates down your bills. They have direct negotiations with a range of service providers such as AT&T and Verizon. With this feature, if they can’t get your bill negotiated down, you don’t pay any cost. However, if they save you some money, they take 40% of the savings.
The feature is easy to use. You simply connect your bill by taking a photo or logging into your account. Their expert negotiators then start working on your behalf. They will never remove features or services to lower your bill and will ensure that you get the same service or subscription but simply for a better rate.
We are all guilty of signing up for too many online subscriptions. In fact, according to West Monroe, 84% of Americans underestimate what they spend on subscription services. You might have a bunch of streaming subscriptions, multiple music subscriptions, or signed up for free trials for things you only used once and then forgot to cancel.
Truebill shines a light on all these subscriptions. Like most people, you probably don’t closely monitor your bank account. Truebill pulls all your subscriptions and puts them in one easy-to-review recurring charges page. The results can sometimes be shocking. You may have to face the unpleasant reality that you are forking out hundreds of dollars a month for subscriptions you aren’t using.
Seeing this information all in one quick-to-review location can make you take stock of your spending habits. You may change your financial behavior and tread more cautiously in the future with signing up for subscription services.
With this information, you can cancel subscriptions you don’t need, and with the premium version of Truebill you can do this from within the app with a simple ‘Cancel service’ button.
Alternatives to Truebill
There are a few other companies out there offering similar services to Truebill. Trim and Billshark are two of the more popular ones.
Trim is an app with a similar offering that charges 33% of your savings. While this is less than Truebill, it does not have access to as many subscription services to cancel and it will not request bank fee refunds.
Here are some other key differences:
- Trim has a free service for canceling subscriptions, whereas Truebill requires a premium subscription
- Trim includes a debt payoff program that costs $10 per month
- Trim does not have a free app for iOS or Android
- Identifies unwanted subscriptions and cancels them for you
- Negotiates with service providers to minimize your bills for you
- You’re paying Trim from the money they have saved you so you don’t have to pay them out of your pocket
- Is a secure app that doesn’t share your financial information with other parties
Billshark is an app that helps you lower your bills such as cable, internet, cell service, etc. It charges you 40% of your savings. This charge is the same as Truebill.
How Much Does Truebill Cost?
Truebill offers a range of services that have different costs. The app is free to download, but there are several optional additional services that cost a fee.
Premium services include Balance Syncing, Premium Chat, Cancellations Concierge, Custom Categories, Unlimited Budgets, and Smart Savings. The premium option costs $35.99 a year or $4.99 billed monthly.
Bill negotiation is charged based on the amount that the negotiators can save you. The success fee is 40% of the first year’s savings.
Occasionally, Truebill can get you an outage refund for when services go down. Like bill negotiations, they will take 40% of the refund you receive.
Is Truebill Safe to Use?
Data privacy is important, especially when you are letting an app access all your financial information. You want to know that your information is safe and will not be sold on or stolen. When using any app that needs your personal data, you should proceed with caution.
Truebill understands that data privacy is important. It does not sell your information to third parties. It also uses bank-level 256-bit encryption to keep your data safe from potential hackers.
In addition, Truebill uses Plaid to connect with financial service institutions. This way you do not need to give your bank credentials to Truebill, and they cannot move money or make any changes to your account.
It uses Amazon Web Services for its hosting. This is one of the most secure hosting options available and is used by the Department of Defense, NASA, and the Financial Industry Regulatory Authority (FINRA).
What Does This Truebill Review Tell You?
With so many Americans unaware of what they are spending on subscription services, Truebill is an app that will be helpful for many. The different subscription options make it easy to only pay for the features you need – and having the app on your phone gives you a convenient way to look at where your money is being spent.
The insights it will give you into your spending will help you change your spending habits and build a clear picture of where your money is going. From here you can set out a more structured plan for your financial future and put a clear budget in place.
The app is free to download, so it is worth starting with the free service and upgrading if you feel it’s necessary. As you become more familiar with the service and get to grips with its features, you may feel the advantages of having premium are worth paying for, in which case you can upgrade.