Do you know exactly where your money goes each month? While you can likely rattle off the basic expenses and necessary bills you pay every month, you may be less aware of some of your extraneous and smaller costs.
As the popularity of television streaming services like Netflix and Hulu arose, a slew of other companies and services decided to jump on the monthly subscription bandwagon.
Search the Internet and you can find a subscription for everything from fitness classes, books, beauty boxes, food delivery, clothing, and so much more. Of course, what might seem like an inexpensive recurring cost upfront, can quickly add up when you do the math.
Furthermore, accumulate more than one subscription service and you might fail to realize where that large portion of your income ends up.
Companies bank on your forgetfulness and failure to meticulously analyze your statements and expenses. Ergo, once signed up, it’s all too easy to forget just what you’re actually subscribed to, which means you could be forking over large sums of money to companies and services you haven’t used in months or years.
The solution? Trim Financial Manager; the completely free service whose sole job is to save you money at every step possible.
All About Trim
You might be rolling your eyes at the thought of downloading yet another app to your phone or tablet, however, one of the perks of Trim is that it isn’t an app.
Instead, Trim works as a chatbot via Facebook messenger or text message. Trim connects securely to link to either your bank account or up to two of your debit or credit cards’ data and then searches to identify consistent payments around the same amount and time.
That being said, Trim is intelligent enough to ignore your daily lunch or Starbuck’s run. Once Trim has evaluated your data, you’ll receive a list of your subscriptions and an easy way to opt out of said subscriptions.
Trim will work to seek out every subscription you’re currently paying for, from insurance to streaming services, magazines, gym memberships, or monthly clothing boxes. Then, via text or messenger, you’ll receive a line-item list of all current subscriptions.
While Trim only pulls data from the last 90 days, meaning it could miss annual subscriptions, it’ll still pick up the majority of your recurring expenses. Upon looking through said list, should you find any non-essential services or ones you simply don’t use anymore, you can simply respond to the text or message with the phrase “Cancel __” with the name of the subscription company.
After which, Trim will call or send an email to the company notifying them that you wish to cancel. Moreover, should you need a certified letter, Trim will do that for you too!
Should you decide to keep all of your current subscriptions, Trim will continue to proactively review your accounts and alert you to a new subscription. This acts as a fraud protection alert, and gives you notice when a trial period has ended in order to help you avoid that first monthly bill should you choose to cancel.
Apart from monthly subscriptions alone, Trim has the additional feature of partnering with a list of service providers like Comcast, Charter, Time Warner, and others, in order to help you negotiate your cable or Internet bill.
Trim will analyze your bill to see if it can find ways to maintain your plan at a lower cost. The chatbot will seek out promotions and discounts to help you save money and keep you from ever overpaying.
While no doubt a useful feature, it is worth noting that to use the service provider feature comes at a slight fee. Should you utilize any discounts or promotions, the service will keep 25 percent from your first month’s savings. Even so, as Trim’s solely paid for feature, it’ll still save you money in the end.
If you’re someone with a tendency to overdraft your bank account, Trim can assist you there as well. As it monitors your bank accounts for subscriptions, Trim will also monitor your account balance.
Should you be on the verge of spending more than your balance enables, Trim will shoot you an alert to prevent any overdrafts. And, in the case of an error in fee charges, Trim will help you fight those as well.Click To Tweet
Cleaning up your expenses is just one of Trim’s financial benefits. Link a Visa card to Trim and it’ll work to save you money as well. By signing up for Trim Savings, you’ll receive not only a $10 coupon the next time you grocery shop, but will continue to receive offers and discounts to various retailers or stores.
Activate certain offers by surpassing spending requirements, and it will reward you with pay via a statement credit. While you won’t save hundreds each time you activate an offer, it’s always good to have a little extra back in your pocket. Moreover, unlike the cable feature, Trim Savings comes at no cost to you.
Aside from coupons, Trim Savings also helps you save money when you link it to your Amazon account. Should the price of a recent Amazon purchase drop, it will help refund you the difference.
The chatbot will file the refund, and should everything pass through, you’ll get a check for the difference. All in all, if you’re someone who frequents Amazon, this is one perk that you’ll really reap the benefits from.
The Bottom Line
Between work and life, consciously monitoring your spending isn’t always an easy task. Certain expenses and purchases slip up and before you know it, you no longer know just where your income is going. Trim Financial Manager is like having your own personal financial assistant; it makes analyzing your spending and trimming your finances easy, all at no cost to you.
You’ll lower bills, get great discounts and refunds, and find hidden expenses and cancel them before shelling out hundreds of dollars. At the end of the day, giving Trim a try can only serve to benefit you in the long run.
Do you use electronic financial management systems? How many subscriptions do you think you’ve signed up for?