Our Truebill review will give you a feel for how Truebill works and why you would benefit from using it!
Like most people, you’ve probably been overcharged by your service providers at least once (and likely more than that!). These charges can add up quickly, whether it’s an errant late fee or an unannounced rate hike.
These situations are frustrating, but Truebill can help save money each month and smooth out your financial life.
Overview: Truebill Review
- Truebill offers a free and premium version of their app.
- They also offer a free 7-day trial of their Premium subscription.
- The free app includes financial tracking, budgeting, and credit score features.
- The premium app includes additional features, such as balance alerts, a Smart Savings account, etc.
- One of the premium features is that Truebill will scan your bills and then negotiate with the company to get the best rate.
- They also provide bank-level encryption to ensure the privacy and security of your data.
What Does Truebill Do?
One of the app’s main features is its budgeting tool, which helps users track their spending and stay within their budget to help avoid lifestyle inflation.
The app also provides users tips on saving money and services such as negotiating lower prices on bills and subscriptions.
The premium subscription of the software offers even more features and advantages that may help you lower your bills to save more money every month.
Get Refunds On Fees & Outages
The Truebill app will scan your bank account and bills for fees, like an overdraft fee or late fee. They will work to get you a refund for those fees to help you lower your bills each month.
It’s a good perk if you are unaware of the credit card and bank fees you’re paying or don’t have the time to negotiate bills on your own.
One of Truebill’s most valuable functions is reporting service outages and attempting to get back money for these disrupted services. The service may keep track of cable, phone, and internet provider service failures and then ask for a refund on your behalf.
Do you know how much you are spending on subscriptions and recurring bills? No? You’re not alone! It’s easy to lose track of how much you spend on monthly subscriptions.
Truebill can help you keep track of your subscriptions and even cancel unwanted subscriptions on your behalf. It’s a great way to save on things you may not be using anymore.
You can decide which subscriptions you want to keep and which ones you want to cancel.
For example, if you have a gym membership that you never use, Truebill can cancel it and save you a monthly fee.
The app will also work to negotiate better rates for the subscriptions you want to keep, like a lower rate for your cable bill, for example.
Truebill has a free and paid version of its app. They also offer a free 7 -day trial of their premium features.
The Truebill Premium subscription feature is on a “Pay Truebill What You Want” price model. The Truebill cost means that you decide what you pay, anywhere between $3 – $12 per month.
One downside, though! Truebill does charge a 40% savings fee on the savings you make in the first year.
- Financial tracking
- Balance alerts
- Credit score
- Syncing your balance
- Premium Chat
- Cancellations Concierge
- Custom Categories
- Unlimited Budgets
- Smart Savings
- $120 Pay Advance
- Real-Time Account Sync
5 Steps To Lower Your Bills
Truebill is a free service at first. It does look for savings in various ways with the free version. You have to sign up for the premium service and pay a monthly fee to get the more significant savings.
Truebill charges a “savings fee” of 40% for every dollar from the subscription services Truebill can lower. You aren’t charged if Truebill’s bill negotiation is unable to save you money.
So how do you let Truebill know which bills to look for savings? Here’s how Truebill works:
1. Select Your Provider
The list of bill providers on Truebill is pretty comprehensive. Some of the companies on the list include AT&T, Comcast, and Time Warner Cable – all big names that offer various services.
If your provider isn’t listed, you can submit a request for them to be added.
2. Connect Your Bill(s)
Okay, this is the step that some people don’t like because they wonder, “Is Truebill Safe?” But not to worry, Truebill uses Plaid to provide bank-level security and encryption when connecting to your accounts.
In this step, you will give Truebill access to your monthly billing statements by connecting or linking your Truebill account with your bill providers. Connecting the two accounts can be done by entering your bill provider login information or uploading an image of the bill on the Truebill portal.
3. Fill Out Some Info
After you’ve connected your account, you will need to provide a little more information (your mobile number and Account Pin) and decide if you want to enable “TrueProtect.”
TrueProtect allows Truebill to try to lower your recurring bills (like your cell phone bill) by negotiating on your behalf.
4. Add Your CC
In this step, you will add a credit card.
If Truebill saves you money, they will charge the one-time success fee to your credit card, aka the 40% charge from the subscriptions Truebill successfully negotiated that we mentioned earlier.
5. Start Saving!
After you’ve completed all the steps, sit back and relax. Truebill will analyze your bills and work to save money. The company has a pretty success rate, reportedly saving users an average of $180 per year.
If you’re not happy with the service, you can cancel.
Budget & Tracking
Truebill’s Budget and Tracking feature is simple. It allows users to see their spending habits and easily track their monthly budget. The feature is easy to use and helps users stay on top of their finances.
Free version users can create two budgets, but premium account users can create multiple budgets.
The budgeting feature can be found under “Start a budget” on your Truebill dashboard.
The tracking feature of Truebill is one of the most simple we’ve seen. You can instantly see your cash flow and how much you’ve spent this month when you open the app.
Under the spending tab, you can see all your transactions. There is a filter to search for specific transactions made on any linked accounts. There are also monthly reports that you can generate to show where your money is going
Truebill Premium Services
While the free version of Truebill offers some great features, the paid version is even better. For just $3 – $12 per month (billed annually), you can get access to:
One of the Premium features we like is syncing your bank account balance. It makes it easy to keep track of your money in one place. You can link all your bank accounts and transactions to see how much money you have left in your account.
To get started, connect your bank account and credit card accounts to Truebill. Then, go to the settings tab and select “Enable Balance Sync.”
You may have questions from time to time. With the chat, you can connect with Truebill’s excellent customer service to answer your questions quickly.
If you don’t want to chat with support, you can find the answers in the Truebill knowledge library, or you can email support for help.
Truebill saves you money with its premium services feature bill called cancellations concierge. This feature is excellent if you have a lot of bills and don’t have the time to cancel subscriptions.
Truebill monitors and works to help you cancel your services – from your cell phone plan to your cable subscription.
You have to provide the concierge with your account information, and they’ll take care of the rest and cancel subscriptions for you.
The free version provides you with instructions on canceling subscriptions, but you don’t have to lift a finger with the paid version!
Truebill lets you create custom categories to help you organize your finances. Custom categories are beneficial if you have a lot of expenses and want to track them by category.
For example, you could create a custom category for “household” and then add all of your household expenses to that category. This would let you see how much you’re spending on household supplies each month.
This feature allows you to track as many budgets as possible without any additional fees. You can create budgets for anything, including food, entertainment, and travel.
For example, you might want to create a budget for your weekly food expenses. You can limit how much you want to spend on groceries, and Truebill will track spending habits and alert you if you go over budget.
Smart Savings Feature
We think that sub-saving accounts for short-term objectives are a fantastic idea. Truebill provides sub-savings accounts with a Premium service called Smart Savings.
Smart Savings is a feature that you can use to simplify saving for small and short-term savings goals.
With this feature, you can move money from your checking account to an FDIC-insured bank account to reach your financial goals without thinking about it.
You may opt to have automatic transfers run, establish limits to avoid overdrafting, and withdraw funds from your savings accounts at any time.
For example, you could use your Smart Savings account to withdraw $50 a month from your checking account before Christmas to pay for gifts.
You can use Truebill to get cash early- simply apply for your pay advance up to 15 days before your payday.
Once your check arrives, Truebill deducts the money you owe from your checking account. This service comes with no interest, so you can focus on your finances without worrying about additional fees.
Truebill Pros & Cons
- Simple to use and manage your finances and
- Offers a variety of features that helps save money
- Helps you keep track of your budget
- Your data is kept safe with bank-level encryption
- Bill negotiation service lowers your costs each month
- View all your recurring charges in one place
- FREE 7-day Premium subscription to see if Truebill works
- Takes some time to connect the account with bill providers
- Fee is 40% of your full year of savings (if they successfully negotiate a lower bill)
Truebill Vs. Trim
Both companies offer bill negotiation services that will help you lower bills like the cable company bill each month.
Here’s some info on Trim to see why people use it:
Trim has a philosophy that they want “to help all hardworking Americans be financially healthy!”
Trim is simple to use and offers a variety of features that can help you manage your finances. You can use Trim to track your spending, lower monthly bills, budget your money, and even cancel your unwanted subscriptions.
Here’s a list of what Trim offers for free:
- Subscription Cancellation
- Monitor daily bank transactions
- Negotiate Medical Bills
- Bank Negotiation – Lower credit card APRs and get bank fees refunded
- Simple Savings (automate your savings)
- Car Insurance Comparision
- Liabilities Calculator
Trim and Truebill both offer bill negotiations with over 15,000 financial institutions. The big difference between Truebill and Trim is the amount Trim charges for bill negotiation.
Trim recently lowered their fee to 15% of the total first year of savings. Remember, Truebill’s success fee is 40%.
But like Truebill, if they cannot negotiate savings and lower bills for you, there is no charge.
Is Truebill safe to use?
Yes, Truebill is a safe and secure way to manage your finances.
This financial app uses the Plaid service to connect with different financial institutions and encrypt your data with bank-level security to ensure that your information is safe.
Who would benefit from Truebill?
Truebill is an excellent tool for anyone who wants to lower their monthly bills. If you’re looking for a simple way to keep track of your budget, detect potential savings, and lower bills, Truebill is a great option.
How much can I save with Truebill?
You may be wondering, “Can Truebill save me money?” Truebill says they can save you an average of $180 per year. However, your savings will depend on your specific financial situation.
Keeping track of your spending is possible with the Truebill free budgeting app. Truebill makes it easy to see where your money is going and where you can save.
The app is easy to use and offers a variety of features that help manage your finances. The paid version is even better, offering more features and benefits that can help you save money each month.
If you are looking for an app to help you keep track of your budget, we recommend Truebill.