Do you ever feel as if your budget only seem to go up? Or you find yourself spending on things you never remember spending it on?
If you're already budgeting, it can be a frustrating experience.
But not uncommon. And if you're as busy as I am, it could be difficult to muster the time and energy to plug all the holes.
But there is an app available – called Trim – that can do all the legwork for you. For free.
All you need to do is sign up for the service, add your recurring bills to the app, and Trim will get to work cutting or reducing over-priced or unnecessary services.
It's really that simple.
Does it sound too good to be true? We thought so too… so we dug a little deeper.
Trim describes itself as a holistic financial management service that enables you to achieve your financial goals. They do this through personalized recommendations and saving opportunities.
It performs various functions to do this, including negotiating recurring expenses, analyzing your transactions to enable you to see where your money is actually going, providing personalized recommendations for the right financial accounts, and recommending the elimination of unwanted subscriptions.
Launched in 2015, and based in San Francisco, California, Trim works closely with its users to determine what features to add to the platform. In that way, Trim is continuing to evolve and grow to become an even more efficient source of saving money. The company claims its users saved over $1 million in the last month.
Much as is the case with financial aggregator websites, you will include all your financial accounts on the Trim app. They host their servers using Amazon Web Services (AWS), which is a secure online data storage and hosting service, also used by the Department of Defense, NASA, and the Financial Industry Regulatory Authority (FINRA).
Trim is looking to build the equivalent of “a self-driving car for your financial life”.
How Trim Works
When you register for the service, you'll be asked to provide online banking credentials for each account you add. Trim can connect securely to more than 15,000 financial institutions across the country. Your credentials don't actually go through the Trim app, and are not stored by Trim. Instead, your credentials are sent through a service known as Plaid (see Trim Features & Benefits – Trim Security below, for more details).
You'll enter credentials for bank accounts, credit cards, insurance companies, utility providers, and any services you have that involve recurring payments.
Trim works by analyzing you're spending accounts to determine where you can save money. It will cancel subscriptions you don't use, negotiate existing service provider bills, or find lower cost alternative providers.
Whatever decision Trim makes or actions it takes on your behalf, you always have the option to override the activity.
In addition to reducing your expenses, Trim also can set spending alerts, provide you with account balances, and let you know how much money you spent in various expense categories and with individual vendors and service providers.
Trim Alerts. Alerts can be triggered by events such as your payroll deposit, a late fee on an account, an overdraft fee from your bank, or a large transaction.