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Sunday, 15 December 2019
Agent Resource Center
Agent Resource Center

Truebill: The Personal Finance App That Can Put Extra Money in Your Pocket

Written by Jaymi Naciri Posted On Wednesday, 20 November 2019 05:30

We’re always on the lookout for great new financial tools and savings tips. This new find is intriguing, and may be the answer for those who need clever ways to save more money to buy a house—especially at this time of the year, when holiday gifts are on the mind. Let’s take a look at personal finance app Truebill.

As a starting point, the app provides a complete picture of your finances, connecting to your accounts so you can “easily see your cash, credit and investment balances in one place,” said CNN. “You can access reports that categorize your expenses to help you better understand where your money is being spent. But that's not all—the app also aims to help you cut spending right away. You can manage and cancel any unwanted subscriptions, giving you the chance to consider which services are necessary and which you can do without. Truebill can also help negotiate lower rates for your cell phone, cable and other bills. You also have the option to automatically set aside funds to help you with any specific goals you set.”

Truebill says it has already “helped countless people save over $14 million dollars by helping them identify and cancel unwanted subscriptions, lower their bills, and get them refunds on fees and outages.”

Let’s break down the finer points of the app.

Lowering bills

The most exciting part of Truebill for us is the possibility of lowering existing bills. The company negotiates with various service providers to get you better rates on cell phone service, Internet, etc. The average savings: about 20%. 

Can you do this stuff on your own? Sure. Last year, we called the cable company to try to renegotiate our service, using a competing offer and the company’s own new customer promotion as leverage. We were successful in trimming $18 a month (less than 10%) from our service, the savings had a three-month expiration date, and it took us over two hours and three phone calls.

Outage monitoring 

An added bonus of Truebill is outage monitoring. You know those times when your Internet is out for an afternoon or your cable goes down in the middle of the big game? Truebill turns those frustrations into opportunities to get some money back by requesting credits to your account for the downtime. 

Automated payments and subscriptions

The College Investor likes Truebill in part as a solution to out-of-control automated accounts. “Companies like Amazon, Spotify, Audible, Netflix, Hulu, Time Warner Cable, your gym, insurance companies, and Sling TV know that when you sign up for the service, you’ll likely continue to pay for the service long after you’ve stopped using it if you’re set up with automated billing,” they said. “You can use the information provided to change your behavior, cancel subscriptions, and more. Or, if you really need some help, you might be inclined to upgrade to Truebill Premium ($4.99 per month or $35.99 for a year of service). With Truebill Premium, you can simply click on a recurring subscription, choose ‘Cancel Service,’ and Truebill will cancel the service for you. It will also automatically request refunds for overdraft fees or late fees.”

Cost

Truebill is a free to download and use, but some of the more appealing features of the app will cost you. The company says their premium plans start at $3 per month, and include “a suite of Premium Services including Balance Syncing, Premium Chat, Cancellations Concierge, Custom Categories, Unlimited Budgets, Smart Savings, and More. “ 

Keep in mind also that if they negotiate lower bills, they charge “40% of your annual savings” and also keep 40% of the outage refunds they are able to negotiate.  

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