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Financial goals can be easier to achieve when you take advantage of automation. You’ll never have to worry about a late payment after taking the time to set up your bill payment. But financial automation can have a dark side.
It is very easy for bills and subscriptions to grow out of hand without a monthly check-in. Since your bills are paid automatically, you may not have the time to double-check that you are only paying for the services that you actually want. After all, a random yearly subscription can sneak up on anyone and throw a wrench in your budget plans.
Luckily, Truebill offers a way to eliminate surprise subscriptions and lower the cost of your monthly bills. With the help of Truebill, you can easily eliminate the downside of automation. We’ll cover everything you need to know about this helpful app in this review.
What is Truebill?
Truebill is an app that can help you take control of your subscriptions and monthly bills. The goal of the app is to seek out unwanted subscriptions to help you cancel them. The company takes over the difficult part of negotiating a bill or canceling it for good. Instead of spending your valuable time on the phone with a bill provider, you can just let Truebill take care of the cancellation process.
How does Truebill work?
When you sign up for the app, you’ll need to take a few minutes to connect your bank accounts and credit cards. After you’ve granted Truebill access to this information, it will discover whether or not you have any automated bill payments scheduled. Once it identifies these recurring charges, you will need to decide whether or not you want to continue paying for the service.
If you don’t want to cancel, then you won’t have to do anything. If you do want to cancel, then you can let Truebill know with a single tap in the app. After you’ve made your decision, Truebill will track down the bill provider and cancel the subscription for you. Although that can be time-consuming, you won’t have to worry about this occasionally frustrating process with the help of this simple app.
How does the Truebill app work?
Overall, the service offered is very intriguing. But let’s dive into the details of what this app has to offer.
Track and lower bills
Each month, most of us pay our bills without even considering that there is room for negotiation. In fact, most of our monthly bills can be negotiated for a better rate. In fact, it is possible to save thousands of dollars each year by negotiating for a discount on your bill.
Most of us choose to bypass these savings for the convenience of not having to haggle with a customer service representative over the phone. But Truebill takes this messy step out of saving money. Instead of making a call to your service provider, Truebill will tackle that sticky item on your to-do list.
Before they make the call, you’ll need to upload a recent bill or give Truebill access to your online account. You can start this process with dozens of service providers easily through the app. A few of the companies that Truebill is willing to negotiate with include Netflix, Treehouse, Planet Fitness, and more. You can find the full list of companies on their website.
Since you are attempting to slim down your monthly spending, it makes sense that Truebill offers a budgeting feature. You’ll be able to track your spending through the app while you par down your subscriptions. Each month, you’ll be able to see how much you spent in a breakdown by category. Plus, you can set a budget for any category you chose.
Overall, this budgeting tool is a straightforward way to track progress towards your financial goals. Although it can take some time to perfect your budgeting strategy, an automated tracking system can be very helpful.
If you are anything like me, then you have a multitude of recurring subscriptions and monthly bills. From my favorite TV streaming services to a monthly dog food delivery, I have many services and bills that are set to autopilot. Although I enjoy this convenience, I realize that it can be difficult to keep track of everything.
For example, I recently had a subscription box of dog treats delivered that my dog can’t eat anymore. It was only a $20 box and I was able to share it with some neighbors, but I hated the fact that I missed the chance to cancel the subscription before it arrived at my door.
With help from Truebill, I would never have to worry about this problem ever again. Instead, I could enjoy the peace of mind that comes with knowing that all of my subscriptions are being tracked and managed with minimal effort on my part.
After you link your bank accounts, the app will present all of your automated payments in the Recurring Payment tab of your app. At that point, you can browse through the list and decide if you want to cancel something. The app also adds each of your automated payments to a visual calendar that can serve as a reminder for when your next bill is due.
The Smart Savings feature goes hand in hand with your budget. You’ll be able to set aside savings on an automated schedule each month to help you work towards savings goals. In this case, automation can be a useful tool that won’t leave you with a depleted bank account. Instead, you’ll be able to see true progress towards your savings goals over time.
As you set up your Smart Savings, consider choosing a SMART goal that will propel you towards your financial dreams.
In some areas, deregulated electric power leaves room for swings in prices. Truebill takes advantage of this and will help you seek out the lowest price per kW on a regular basis. You’ll be able to save on your power bill without shivering in the winter.
If you are paying for a service, it makes sense to receive a refund when there is an outage. Unfortunately, many providers will not automatically grant you a refund to compensation for outages caused by issues on their end. Luckily, Truebill eliminates this issue. The company will monitor for any outages of the internet or cable services in your home and request a credit when appropriate.
Although you could take the time to monitor for outages yourself, it is a time-consuming task. Instead of constantly scanning for an outage, Truebill will take this item off your to-do list.
Truebill does offer a free version of their app. But you’ll have to deal with advertisements and a limited set of features.
If you’d like to take advantage of everything that Truebill has to offer, then you’ll need to upgrade to the paid version of the app. You’ll be able to choose your own price for the premium service within the range of $3 to $12 per month or between $36 and $48 for a year.
Important to know; In addition to the subscription cost, Truebill will take 40% of all the savings that it helps you create for an entire year. You will be expected to pay this service fee upfront unless you make a special request. If you are living on a tight paycheck to paycheck budget, that upfront cost may be a deal-breaker. However, the savings they get you could really be worthwhile even despite the fee. You'll want to make sure it makes sense for you.
Is Truebill safe?
Truebill offers a safe way to connect your bank accounts and has a strict policy against selling your data. With standard encryption features to protect all of your data, you can move forward knowing that you are in good hands.
Truebill customer support
If you have questions for Truebill, then you will find them easy to connect with. You can submit a question via their support form and expect a quick response. The company's customer service representatives are available to respond to your questions Monday through Friday from 9 AM to 5 PM.
Pros and cons of Truebill
Like every service, you should know some of the pros and cons before moving forward.
- Time-saving subscription cancellation. It can be difficult to find the time to call and cancel a subscription, especially if you aren’t sure when it will renew. You won’t have to worry about a surprise bill anymore.
- Save on monthly bills. Although you could call to negotiate your own bills, Truebill makes this an easier task. You simply have to provide them with your bill details and they will take care of the rest.
- Budgeting help. While you start to eliminate unnecessary costs, you can track your monthly budgeting progress.
- Automated savings. With an automated way to save money, you can harness the best part of automation to march towards your financial goals.
- Free version to get started. If you aren’t sure about the service, then you can download the free app to decide whether or not it is a good fit.
- Costly assistance. 40% of your annual savings can be a fairly steep price. In some instances, you may be able to negotiate these savings yourself and enjoy 100% of the savings.
- Advertisements. The free version of the app has ads that you’ll need to contend with.
Is Truebill right for you?
Truebill offers a way to eliminate unnecessary subscriptions and slash bill costs with minimal effort.
If you are a fan of automatic bill pay but occasionally allow an unwanted expense to fall through the cracks, then this service could be a great fit. You’d be able to save more money without adding more tasks to your financial to-do list. However, if you pay your bills manually and review each statement, then you may not need the help of this app.
If you are on the fence, then consider checking out the free Truebill app to decide whether or not this service could improve your finances for the better.