When you’re in control of your money, you can save, invest, and reach your financial goals. Struggling with this? Trim can help. In this review, you’ll learn how the app can assist with your financial plans.
Most Americans don’t budget or track expenses well, often just keeping receipts without organizing them. Thankfully, there are many tools available to help manage all your accounts, loans, and expenses in one place. No need to juggle multiple apps or spreadsheets.
One helpful app is Trim. It helps you pay bills, cancel unused memberships, and pay off debt. Here’s what Trim does and how it can help you.
Trim is a website that acts as your automated personal financial planner. Many people use Trim to save money. You can link Trim with SMS or Facebook Messenger to chat about your finances easily.
Trim’s chat feature helps organize your finances and find savings you might not have noticed. It offers features like canceling unwanted subscriptions and bill negotiation, which we’ll discuss later.
Trim also introduces new services periodically, like their FDIC-insured savings account. Similar to Mint, Trim helps organize your funds, investments, and accounts, so you can view your cash flow quickly.
Trim negotiates your bills, cancels unnecessary subscriptions, and helps you switch to cheaper services, saving the average user $620. It offers features like Simple Savings, TrimPay, and a debt calculator.
Budgeting apps like Trim provide suggestions, but the final decisions are up to you. Trim aims to fill a market gap by actively categorizing your assets using artificial intelligence to help you reach your financial goals.
To start with Trim, sign up on their website and link your accounts and credit cards. Having a budgeting tool like Trim is convenient for managing your finances. Trim offers both free and premium features.
Though famous for its bill negotiation tool, Trim has other lesser-known features. Let’s explore how they can help you budget your money.
Trim is free and provides subscription cancellation services using algorithms and automation to save you money. Here are some free features:
– **Subscription Cancellation**: Trim finds and cancels charges or subscriptions that drain your finances. It alerts you to recurring charges and lets you cancel them to save money.
– **Debt Calculator**: This tool shows your overall debt and interest rates, helping you create a repayment plan.
– **Financial Dashboard**: View all your accounts and expenses in one place. It’s simple and encourages you to manage your funds better.
– **Bill Reminders**: Avoid late fees by entering your bill information, and Trim will notify you of due dates.
– **Service Recommendations**: Trim suggests switching to cheaper service providers to save money.
Trim also offers a premium account for $99 per year to maximize their services. Premium features include:
– **Bank Fee Negotiation**: Trim negotiates your bank fees based on your statements.
– **TrimPay**: Set up automatic credit card payments to avoid missing due dates.
– **Savings Account**: Trim sets up automated transfers to their savings account, which pays 4% annual interest on deposits over $2,000.
– **Credit Card Fee Negotiation**: Automated bots negotiate your credit card fees and APR.
– **Medical Bill Negotiation**: Trim arranges payments with a 0% APR and negotiates settlements for hospital bills.
– **Bill Negotiation**: Trim negotiates with service providers like Verizon and Time Warner to lower your bills.
Trim makes money by charging 33% of the total annual savings from bill negotiations. They also suggest financial products like home, car, and credit card insurances, as well as utility options like Arcadia Power.
Trim is safe to use, employing Plaid to collect banking credentials without storing them. It uses 256-bit SSL encryption and two-factor authentication to protect your data, hosted on Amazon Web Services.
Now that you understand Trim, let’s weigh its pros and cons to see if it’s right for you.
Trim isn’t the only budgeting tool out there. Other options include:
– **YNAB (You Need A Budget)**: Links your accounts and lets you decide where your money goes. It helps you discipline your spending according to your budget.
– **Mint**: A free app that links all your financial accounts in one place, tracks expenses, and sets saving goals.
– **TrueBill**: Manages subscriptions, lowers bills, and tracks spending. It charges 40% of the savings it helps you achieve.
– **Harvest**: Helps lower overdraft and bank fees, keeping 25% of the refunded amount.
Managing your finances can be overwhelming, but tools like Trim can help you save money, lower bills, and create a budget to achieve your financial goals. Trim is designed to help you save hundreds or even thousands of dollars per year.