Automating your bills is a great way to simplify your finances. It saves time and ensures all of your bills are paid on time. This is lifesaver when you’re busy or don’t have the time to pay your bills manually. The one downside is overlooking savings opportunities. However, a service like Truebill lets you mitigate that risk without giving up savings.
Despite the misconception that bills can’t be reduced, one of the best ways to save money on services is by negotiating lower prices. If negotiation isn’t something you like to do, the Truebill app, and others like it, can do that work for you.
According to Truebill founder Yahya Mokhtarzada, Truebill saves users $500+ a year by cutting unused services or negotiating lower prices on those you do use. Mokhtarzada created Truebill after finding out he was paying $40 a month for in-flight WiFi and he didn’t even know it.
If you want to save more money this year, our Truebill review shares how the app can help you accomplish that goal.
How Does Truebill Work?
Truebill helps users save money in several ways, including:
- Lowering bills
- Monitoring subscriptions
- Monitoring for outages
- Electric saver
When you download the Truebill app, it syncs with your bank accounts and credit cards. Once done, the app works to find and cancel unwanted subscriptions, lower bills, and get reimbursements on fees.
Since 2015, Truebill has helped people save a total of $14 million. Basic service with Truebill is free, but when Truebill helps you reduce your bills or get some fees refunded, it takes 40 percent of the annual savings.
For example, If Truebill finds $200 annual savings for one bill, it keeps $80 of that savings. While you can do the negotiating yourself, it’s no guarantee you’ll get the same savings.
It also saves your time so you can focus on other important things.
The app works as a personal assistant to help you get your finances back on track. The most enticing thing about the Truebill app is its ability to help you save, so let’s dive deeper into that.
Get Better Rates on Your Bills
Truebill is one of the best bill negotiation services and works by working with retailers to lower your bills. You simply enter your bill information or snap a photo and Truebill goes to work.
The app doesn’t downgrade your services, but you receive either a better rate or a one-time credit applied to your account.
Once Truebill finds a way to lower your bill or obtains a one-time credit, you receive an email stating how much they saved for you. Truebill finds the most success with cell phone and cable/internet providers, such as:
- Sirius XM
Remember, the Truebill app is free but they will keep 40 percent of what you save. If they can’t negotiate any savings, you won’t pay a fee.
Refund Your Fees
Sometimes we forget about those minimum payments on our credit cards. While some companies send you reminders that a bill is due, it’s still easy to forget.
We’re humans and sometimes things slip our minds. However, forgetting a minimum payment can result in a late fee, which is usually between $25-$40 depending on the card issuer.
Truebill can notify you when you missed a payment and works to help you get it refunded. According to Mokhtarzada, the app is successful, with 85 percent of bank fee refunds for customers.
Cancel Your Subscriptions
After linking your accounts, Truebill recognizes which transactions from your account are recurring and how much you pay for each service. This information is curated and presented to you in one place, and it gives you a chance to think about whether all of the subscriptions are worth it.
My husband and I decided last year that the $120 we were paying a year for Hulu wasn’t really worth it to us anymore.
*Related: Want to save more money? Check out our guide on bill negotiation strategies to follow to garner more savings.*
That added up to a lot of money throughout the year, plus we already had one streaming service to keep us entertained. You may feel the same way after seeing how much you pay annually for some of your subscriptions.
If you decide that you want to cancel your subscription, Truebill provides you with step-by-step instructions to follow. You will also be given a link to the website to cancel.
They take it a step farther with gym memberships. Since most gym memberships have to be canceled in person, the app can send a certified letter for you. This saves you both money and a trip to the gym.
If you’d rather have Truebill cancel a subscription, you can do that with Truebill Premium, which is covered later in this review.
Monitor for Outages
If you have cable or internet service, you know it’s possible to lose service due to bad weather. This is not a good feeling, especially if you rely on the internet for work or entertainment.
Truebill helps you monitor these outages and can request an account credit if you lose service in your area. Truebill states that they save users about $100 a year due to this service.
This isn’t a lot, but it’s free cash you can apply towards other needs.
This option is available only in areas of the country where energy is deregulated. If you live in one of these areas, the Truebill app looks for the lowest price per kW of electricity to help lower your energy bill.
This can result in savings of up to 30 percent on your electric bill, according to the service.
Categorize Your Expenses
Another great feature of this app is that it breaks expenses into different categories and analyzes them. Organizing your money in a manner like this gives you the best idea of what’s happening with it.
How Much Does Truebill Cost?
The Truebill app is free to download. As covered earlier, the service does take 40 percent of your savings. The service also offers a higher tier – Truebill Premium,
The premium service costs $4.99 per month, or $35.99 if you pay annually. The premium service adds additional features like actually canceling services for you instead of you having to do it manually.
Is Truebill Safe?
Safety is an understandable concern with any service that has access to your bank or credit card information. The Truebill app uses bank-level 256-bit encryption.
The service only has read-level access of your information, so it’s not possible to change anything with your financial accounts. Truebill does not sell your data, and if they want to, they must ask your permission first.
Truebill vs. Trim
Since Truebill is very similar to another service – Trim – many compare Truebill vs. Trim the services to determine which is the better of the money saving apps. Both apps offer very similar services, and both do the following:
- Negotiate lower prices
- Cancel unused subscriptions
- Offer bank-level security
While similar, they do offer different features. For instance, Truebill offers electric savings and downtime monitoring. And Trim has a new debt payoff program that helps users pay off debt and negotiate lower APRs on their credit cards.
Both services charge you a part of your savings as cost. Truebill collects 40 percent of your savings, while Trim collects 33 percent.
Trim also asks you enter a verification code anytime you log into their website. Check out our Trim review to learn more about how it differs from Truebill.
Pros and Cons
As with any service, Truebill has some terrific benefits but also some drawbacks. Keep these mind when considering Truebill:
- Saves money on your bills – have the app do all the work for you
- Cuts unwanted subscriptions
- Refunds your fees and monitor for outages
- Can possibly save you hundreds per year
- Takes 40 percent of your savings they help you generate
- May not negotiate with every bill company or service provider
The Truebill app is not perfect but it does offer some helpful tools to help you save money.
Overall, Truebill is a pretty solid app. It does what it sets out to do, which is help you save money, eliminate unwanted bills, and reduce the time associated with having to do it yourself.
The app is a good alternative to Trim. While Trim offers cancellation services for free, their offering is a bit more limited than Truebill’s. Although Truebill takes a higher percentage from the savings on your bills and subscriptions, it is a more robust app.
Despite the small fee they take from your savings, if Truebill helps you save a noticeable amount of money and you’re putting in little effort, it’s worth a try.
How often do you negotiate lower prices or cancel services you don’t use? Does it concern you to let an app have access to your banking information? What’s one bill you’d love to cut this year?