I like to think that I’m pretty savvy when it comes to saving money. I feel like I’ve learned all the tricks to cut costs and find extra dollars in my budget.
Boy, was I wrong.
By signing up for one service, and spending about 5 minutes to sync our accounts and submit our internet provider, we saved a whooping $240 a year. Did I mention it only took five minutes? If only every five minutes of my day could do the same!
By far the best money saving app I’ve tried, Trim is fantastic when it comes to cutting bills without a lot of hassle.
How We Saved $240 in 5 Minutes
We were able to save $240 a year in 5 minutes with the Trim app. I’d skimmed a couple of Trim app reviews before, but never really checked into it, though I’m definitely regretting that now.
I do have to admit that a while back I did I sign up and add one account, and then promptly blew it off. I strangely thought it’d be too much work and I assumed they’d never find any savings for us.
Silly, I know.
This time I decided to seriously try it out, even though I was oh so sure that I already was getting the best deals on all of our accounts.
We’re already cut everything possible, and haggled on everything from car insurance to daycare. My husband had even previously haggled with our internet provider to get the best deal, so how could they possibly get us a better one?
How Does Trim Work?
Trim does a lot more than I realized, or expected. I thought it was just a bill negotiator, but I was pleasantly surprised to learn that it does so much more. Trim works in three areas: it analyzes your spending, it alerts you about any subscriptions, and it does bill negotiations on your behalf, making it the best money saving app around!
How Trim Helps With Spending
I was not able to hook up our Barclay card, because it doesn’t support linking with Trim yet, but I did link our checking accounts Trim could check out our transactions. Trim texts you to let you know different notifications, such as:
- If it’s payday
- Any overdraft fees
- Any late fees
- Balance updates
- Credit card usage
- Large transactions (over $100)
- Minimum balance (below $100)
You can turn any of these on or off to cater to what you want to be reminded about. Trim notifies you via your choice of text or Facebook Messenger to make sure that you’re on top of your accounts.
This way, you’re always know what’s happening with your accounts without having to login every day. You know what’s coming in, what’s going out, and when you’re close to running into problems, whether it’s overdrawing your account or if someone puts a big charge on your credit card.
Even better? You can ask Trim how much you’ve spent on particular services this month. For example, let’s say you’re a Target addict (oh, not me – just asking for a friend. Heh.)
If you’re brave, and want to face your Target demons, just ask Trim how much you’ve spent at Target by texting “Spend Target”. Then weep when you see the fallout. Don’t say I didn’t warn you.
How Trim Helps with Subscriptions
I love that Trim can recognize recurring charges and let you know about them. Plus, you can cancel those subscriptions directly from Trim, which is awesome. Less work for me? Hells yes!
Just text “Subs” to Trim, and it will list all of your subscriptions. Then you can easily ask Trim to cancel them for you via text or messenger, saving you money in a snap!
Don’t make the mistake of thinking – oh, I don’t have any subscriptions (like I did). Even though we’ve only been signed up with Trim for about 2 weeks, they’ve found 4 subscriptions for us.
Subscriptions aren’t always things like Graze or Blue Apron or Stitch Fix. For us, they were recurring bills, such as: daycare payments, life insurance payments, my student loan payment, and our car insurance.
Even though these aren’t items we can completely cancel, it’s still a great reminder to make you stop and think about what you’re paying for every month.
For example, we pay car insurance every month. We could pay it once a year instead and save some money that way. I would have never thought about that without Trim reminding me that of that automated payment that showed up in subscriptions. Trim helped me to look at each transaction and think about how I could do differently.
How Trim Helps with Bill Negotiations
This is where we were able to save $240 a year on our internet service. Trim doesn’t negotiate any of your bills without you specifically asking it to, which is great. It also does not alter your terms of service in order to save you money. For example, we have the exact same speed and package for our internet, which we were paying $69.99 for each month. Through Trim, we are now paying $49.99 for the exact same speed and service!
Trim currently works on lowering your bills for your cable/internet provider or your cell phone services only. Soon, car insurance negotiation will be available as well, and you can bet I’m hopping on that as soon as it’s available!
To use Trim to lower your bills, you select your provider and connect your account. For example, I provided our Time Warner/Spectrum login credentials to Trim. Once it’s able to connect, they next ask you for your credit card information (I’ll explain why next). Then, you just wait.
I submitted our Internet info on a Thursday and promptly forgot about it. Imagine my surprise when I received a text a week later letting me know that Trim was able to negotiate our bill and save us $240 a year!
What Happens if Trim Doesn’t Work with Your Service Provider?
Next, I moved on to our cell phone provider, which is Straight Talk. Unfortunately, they’re not listed as a provider that Trim works with. However, they do have a section where you can upload your latest bill in PDF format, or you can email your latest bill to them to see what they can do.
I decided to log into Straight Talk, print my payments in PDF format (they don’t provide a monthly bill), and submit it to Trim to see what happens.
As of the time of this post, I have not received word yet what they can do for us, but in all fairness, I just submitted it this morning. I will make sure to update the post when I hear back!
Is Trim Safe?
The biggest concern with any app where we connect our personal accounts is always wondering just how safe it is. Luckily Trim has security covered and then some:
- They use 256-bit SSL encryption (similar to websites with a secure online shopping cart)
- Two-factor authentication (like having to provide two types of ID)
- Read-only access (meaning they can’t write to your accounts and change anything)
- Trim never stores your account credentials on their servers (they just pass the info along without saving it)
They use a set-up called Plaid that connects to your bank. When they ask for your login, they pass the info to Plaid, which passes it to your bank or credit card company. Then Plaid sends back an encrypted token. This is what’s saved by Trim, rather than your login credentials, and prevents them from having your info laying around.
How Does Trim Make Money? Is Trim Free?
Obviously, Trim doesn’t do all this for free. Well, if you don’t use the bill negotiation section, then yes, it is free. However, if you decide to ask Trim to negotiate your bills, they keep 25% of whatever yearly savings they find for you.
Remember how they asked for a credit card when I submitted our internet info? That’s why the ask for it, in order to charge you the 25% of your savings. In our case, they charged us $60 of our $240 savings.
Does it seem steep? A little. But really, we’re still saving $180 a year. Which equates to a lot of clothes for our kids. Or a night in a really nice hotel. Or tickets to an awesome show.
It’s totally worth it in the end. Trim turned out to be not only the best money saving app we’ve tried, but saved us the time it would have taken to contact and deal with all of those different providers.
Why not give Trim a try? You just might be surprised at the savings they find for you!
Want another quick way to save money? Read more about 10 Simple Rules for a Successful No Spend Challenge!
Have you tried Trim yet? Why or why not? Let me know in the comments!
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