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Perhaps you heard the joke: Want to lose 15 pounds of ugly fat? Cut off your head.
However, this is no joke: Want to save $500 a year with very little effort: Cut off those subscription services.
It is easy to sign up for a subscription and then forget about it. Are you like me and signed up for a trial membership and forgot to cancel it before the monthly fee started hitting your credit card? You might be paying for a service you no longer use.
According to MSNBC, these “grey area charges” add up to “hundreds of thousands of dollars per year” in needless spending. These charges may also increase over time as the price of the service goes up.
Adding insult to financial injury, some subscriptions may live on after an attempt to cancel. MSNBC refers to this activity as “zombie memberships,” and they are becoming harder to keep track of.
How come cancelling a subscription is never as easy as signing up? Don’t answer that, we know the answer: They want to keep us paying them as long as possible. It can be time-consuming trying to figure out what services you are on the hook for each month, and how to cancel them. It’s not easy finding a number to call or a link to click.
It’s as if they want you to forget so money continues to be withdrawn so easily and effortlessly from your bank account every month. An added frustration is that these forgotten charges can create additional fees in the form of credit card overage fees or overdraft fees that end up costing you even more of your hard earned cash.
Thanks to mobile subscription manager applications, canceling subscriptions is easier than ever. These apps will monitor your monthly spending and provide you a summary of your recurring monthly fees — they even provide cancellation details to make your life a little bit easier.
At the heart of subscription management applications is the ability to see what services have their hand in your pocket on a monthly basis. Once downloaded and connected to your bank account and credit cards, they will go to work collecting and analyzing your spending data. This, in turn, gives you the option of cancelling a service … or two or three or four.
There is no better way to start saving time and money than by downloading mobile applications like Trim or Truebill right now in order to get a clear picture of how much you are paying in subscription services.
Trim App Review
With the Trim app, forget about having to deal with a customer service rep whose sole job is to keep you from canceling, and don’t worry about endless call transfers to speak to a supervisor. Trim’s got this one for you, and it is so simple.
What is Trim?
Trim’s primary focus is to function as your financial assistant. It uses software to analyze your spending habits to save you money. And, here’s the good news: When Trim identifies a payment as a subscription, it will notify you via text or Facebook Messenger and ask if you want to cancel it.
This is invaluable because you might be paying for services you forgot about. Don’t be like the one couple who was paying for OnStar long after they sold their vehicle. Trim knows what services use auto-pay and it can differentiate between subscription and non-subscription payments.
Does Trim Save You Money?
Trim saved its users more than $1 million in the past month and more than $20 million overall. Yes, Trim can save you money. You can rest assured, if there is a service that you are auto-paying for, Trim will track it down and give you the opportunity to cancel it. Best of all, the cancellation service from Trim is free!
If all Trim did was to alert you to subscriptions you might no longer use, that would be enough. However, when you sign up for Trim, you are in store for so much more. Here are some of its features:
- Bill negotiation services
- Analyze your spending patterns
- Automate your savings
- Customize a debt payoff plan
How Does Trim Work?
Once you sign up and connect your bank account and credit cards to Trim, the search for money-saving opportunities will be on – and you will be the benefactor. When a recurring subscription charge is detected, Trim will ask you if you wish to cancel the service.
The easy part is that it does it by text messaging you; all you do is text back for approval to proceed with cancellation.
Is Trim a Free Service?
Yes, Trim finds and notifies you of unknown subscriptions for free, and it will cancel those unwanted subscriptions at no charge. They do, however, offer other services, like negotiating lower rates on cable and cellular, that charge a fee..
Does Trim Charge a Fee?
While Trim is free to download and use for subscription cancellations, it offers other fee-based services. You will never pay Trim unless you specifically sign up for those additional services.
Cancellation Services (Free)
When Trim analyzes your spending habits, it will detect recurring subscriptions payments. When it does, it alerts you to see if you want to cancel. If you say yes, Trim will handle it for you at no cost.
Analyze Spending (Free)
When you securely link your credit cards and bank accounts to Trim, it will analyze your spending to see where your money goes. This is a free service.
Bill Negotiation Services
Trim earns its keep when its expert negotiators work on your behalf to lower your cable and phone bills. You will only pay a fee if Trim is able to save you money. If they cut your cable bill $10 a month, You will save $120 a year. Trim will charge you $40, and your net savings will be $80 the first.
Trim’s Simple Savings lets you put your savings on autopilot. Set an amount to be automatically deposited into a savings account that will pay you 1.1% APR. The fee is only $2 a month.
Trim will create a custom debt payoff plan for you that takes into account your credit card amounts and interest rates. It will work to negotiate lower APRs for you to help you get out of debt faster. The fee is $10 a month.
Is the Trim App Safe?
Trim uses 256-bit encryption to keep your data safe. As it collects and analyzes data, you can be sure the highest standards are in place to protect your personal information.
This level of encryption, when maintained between all channels of communication between you and your bank, is virtually unguessable.
Why Does Trim Need my Credit Card?
Trim needs a credit card on file in order to collect payment for negotiating a successful savings from a recurring monthly bill. Trim will collect 33% of what it saves you for the first year. Keep in mind that this is an optional service and nothing is charged if it cannot save you any money.
How to Sign Up for Trim
It is easy to get started using Trim, visit the Trim website and register with an email or sign up with Facebook.
Once you establish an account, all you need to do is connect Facebook Messenger or a phone number so that Trim can exchange messages with you. The final step is to securely connect your bank account to Trim. Once completed, Trim will start scouring your account for hidden savings.
You will be amazed at the info provided by Trim.
Another popular service to help lower you find hidden money is Truebill, available for Android and iPhone platforms. It is equally as simple to use as Trim and it is also free to use.
What is Truebill?
Truebill will cancel those unwanted recurring subscriptions for you. Truebill’s research shows 84% of us have subscriptions we have forgotten about.
It will also analyze your spending, negotiate lower rates on cable and phone bills, and help you save on energy costs.
How Does Truebill Lower Bills?
Trubill’s research shows 84% of us pay for subscriptions we have forgotten about. After you download the app, a list of current your subscriptions will be located in the “Recurring” section. When you see a subscriptions you forgot about or no longer want, tell trubill to cancel the subscription.
Trubill also analyzes your phone and cable bills. If Truebill alerts you that you are paying too much, you can give Trubill permission to negotiate a lower monthly payment.
Is Truebill Safe to Use?
Worried about connecting your personal information to Truebill? Don’t be. CNN reported that the company also utilizes 256-bit encryption to keep prying eyes out of your private information. In addition, Truebill uses Touch ID for an added layer of security.
How Does Truebill Work
The app boasts users can start saving money right away by cutting out unwanted or long-forgotten automated bills. Truebill has automated the process of monitoring your financials to alert users where their hard-earned dollars are going each month.
How Good is Truebill?
When an unwanted charge is detected, Truebill wants to make cancellation as easy as possible. After connecting your account, Truebill will list all of your subscription-based services. If you recognize one you forgot you are paying for, cancel that subscription with one click. Truebill also identifies where you might be overpaying for a service and alerts you.
How Much Does Truebill Cost?
Truebill offers a mix of free and paid services.
When Truebill analyzes your payments, it will list out your recurring ones. You can visit Truebill’s website, and it will detail step-by-step how you can cancel your memberships on your own. This is free!
Or, you can take advantage of its premium service, and it will take care of these cancellations for you. How much will this cost? Just $3 a month. And, you can cancel premium any time. So, if you sign up, and Truebill takes care of all your cancellations in the first month, then cancel the premium service.
If you decide to go with the premium service for the automated cancellations, you will also get an ability to create unlimited budgets, bill negotiation, outage refunds, pay advances, and set up an automated savings program.
Lower Your Bills
While you are getting Truebill to analyze your spending patterns and cancelling your subscriptions, why not see if it can lower your bills, too.
On the website, select one of the providers (cable and satellite TV, electronic security services, cellular providers), upload your bill, provide a little personal information and link a credit card. Truebill’s negotiators will work to lower your payments. They have an 85% success rate. If they can’t save you any money, there is no cost. If they do save you money, they will charge a 40% fee and put it on the credit card.
When we pay for internet, cable or satellite TV, we expect the service to be available 24/7. After all, we are paying for it. Don’t you get mad when it goes out? Well, Truebill will take care of that for you, too.
Trubill will get you a refund for the time your cable goes out. If they save you money, they will charge 40%. Thanks, Truebill.
Need a little cash before payday? Truebill will advance its premium subscribers up to $100 at its discretion. You will need to be a subscriber in good standing for three months, and Truebill will need to see six months of direct deposit activity. The best part? Truebill will provide this service at no additional cost. It will ask that you offer the company a tip, but it is not necessary.
Premium members also enjoy Truebill’s automated savings program.