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Do you ever wish that you could automate your savings or that you had a personal finance assistant to help you with your bill negotiation? AskTrim is probably the thing you didn’t know you needed in your life.
If you haven’t heard of it, that’s okay. It’s still “technically” new with the website having been created and released in 2015, not everybody has heard of it.
With mobile apps like ibotta having been around longer and with them being more commonly known as money saving products, breaking into the mobile app/website community is difficult. (And I know this personally because my husband created a mobile app game).
But either way, whether you’ve heard of it before or not, if you have any reserve for why you haven’t signed up for Asktrim then hopefully this Trim app review will give you all the information you need to decide if it’s right for you.
What is Trim?
More than just an app, Trim is a personal finance assistant. It’s AI technology working to provide services to you, in an attempt to save on bills.
Yes, that’s all it does (in one was or another) it works hard to save YOU money!
How Does it Work?
You sign up for Asktrim and input your bills information. Everything from phone to cable and internet. Trim says that they can help with ANY provider and lower your bills up to 30%!
The easiest way to do this is to give them your bill information such as account numbers and whatnot, but you can also simply upload a copy of the most recent bill.
They need that billing information so that they can track your usage, power outages and more. With that information, they can then create compelling letters and calls to the companies providing you service and negotiate your bills down.
It might seem scary to give such sensitive information out, but Trim uses some great encryption technology to keep your information safe.
Is Trim legit? Is it Safe?
A natural question to ask, I mean, you are giving some very important information to a complete and total stranger of a company. You have to give your billing information as well as a checking account and credit card details.
But, no fear. They have your banking information set to “read only” which means that they can not make any changes to your accounts. They cannot move money around, or do anything else like that, they’re simply watching and gaining the numbers needed.
If that sounds a tad scary, I understand. But, you can revoke their access to your account at any point in time.
The Trim saving money website uses a 256-bit SSL encryption which is basically the same used by your online banks.
According to their FAQ page, Trim doesn’t share any of your data with third parties. They don’t sell it or use it in any way other than what they say they need it for.
Fun fact, Trim doesn’t really hold on to your information
They go through a secured program called Plaid. It’s a banking program that connects bank accounts to digital product platforms, like a bridge.
They use Plaid to receive data from over 15k different financial institutions. Plaid sends all of the authentication data that you give to Trim, to your bank. (Like a middleman). This means that Trim isn’t given direct access, and makes the process that much safer!
So any fears you had of someone hacking into Trim should be put at ease because they don’t have any of your sensitive banking information, thereby removing the risk.
Two Step Verification
The Trim saving money website also uses a two factor authentication for users. They send you a text message to confirm your identified before letting you officially log on. Your account is just as safe as it is on your bank’s website.
What Trim Savings Offers You
Trim can save you money in multiple ways. These include:
- Negotiating your bills.
- They cancel all subscriptions (with your permission).
- Monitor your accounts looking for additional ways to save you money.
- They offer a simple investment plan to make your money work for you.
- They also have a debt payoff calculator, financial goal tracker, and other customized products
How many times have you looked at your cable or phone bills and thought that the price went up? I bet you also think about the amount of coverage and usage you get out of it and think the price isn’t worth it too, right? Or maybe that’s just me.
Also, how many times do you watch for your companies to offer promotional deals and then call in asking for a discounted rate on what you’re already paying?
While I know that a lot of people actually do this, not everyone has the time, patience, or ability to remain calm when discussing things with a customer service representative on the other end.
This is where Trim’s bill negotiation services comes in handy!
Trim watches your companies, your providers, and your expenses. They see how much you’re paying and how much you’re using/ They’re the big brother you don’t mind having over your shoulder.
They’ll contact your service providers via email chat robot, or by having a person physically call in on your behalf. They’ll discuss facts and try to get you a better deal.
And it’s not a one time thing either. They might lower your monthly bills one month, but if they spot that your service was out for any period of time, they’ll contact the company and try to get you some cash or credit back to your account.
Why pay for services you couldn’t even use, right?
Probably one of the best tools they offer (besides bill negotiation) is subscription canceling.
Now, for the record, they do not cancel things without your consent.
If Trim notices that you have subscriptions set to your account, they will send you a report showing your subscriptions. You can text back saying that you want them canceled by literally just saying “cancel.”
Then they take care of the rest.
They’ll send an email, make a phone call, or send a certified letter in the mail if needed in order to get your subscription canceled.
Fun story, back when my husband and I first started trying to make a budget (back before Trim ever existed) we discovered over $200 in subscriptions he was paying for (and had no idea about more than half of them!)
This was an expensive leak in the budget, and one that took months to find them all. Had we had Trim, it most likely wouldn’t have taken nearly as long, or cost us nearly as time, money, or headaches.
When you’re trying to do a budget and pay down debt, or you’re living on a tight income, the best things to do are to remove the frivolous purchases and charges happening to your checking account.
Trim helps to get rid of the nuisance charges and price creeping contracts. They keep your providers in check and your money in your pocket.
Trim’s Simple Savings
If you’ve heard of the Acorn app (I have it listed on my top recommendations page) it’s an investment app that’s really simple to use.
You can put a certain amount of cash in and set up monthly additions to your amount or enroll in the round up program where purchases are rounded up to the next whole dollar and that change is put into savings.
Trim’s Simple Savings works kind of like that (although not completely).
It’s an automated savings account where you gain back 1.5% interest annually on your balance. This is actually a very generous amount compared to the average savings account. Although there is a $2 monthly fee for this service.
You can set up automatic withdrawals from your bank to the savings account too. Because the money is out of sight, this could be a good way to set up a holiday sinking fund. Have a small amount of money go towards it every payday and let it gain some interest too.
Trim Debt Payoff
This feature is really neat. It’s where they offer you a professional financial coach to look at your finances for a much cheaper rate than you’d pay elsewhere.
They look at your situation and try to find ways to improve it by offering you advice and suggestions. This service costs $3-$10 a month.
The Spending Analysis
Getting an update once a month about your progress and financial changes since the last month is a great way to spot the differences and look for ways to improve.
They let you compare month by month by exact date and by category (yes they categorize your purchases).
There’s even a budgeting section where you can budget with Trim and they’ll keep you informed throughout the month as to how well (or poorly) you’re following along with it.
Is Trim Free?
Now after seeing some of the evergrowing features offered by this program you’re probably hooked, huh? I have good news, a lot of the features mentioned here are 100% FREE!
Some, like the bill negotiation aspect, will cost a small percentage of the savings. Which, if you think about it, is money you may not have seen or gotten back without their help, so it’s totally worth it!
There is a free version and a paid version
It is 100% free to sign up for Trim. If you sign up to have them manage your bills and negotiate lower rates, it is free to do. All they ask is for 33% of the savings. So if they save you $100 a year, they take $33 and you get $77 of our hard earned dollars back in your pocket.
You don’t have to do anything other than sign up and agree to let THEM do the work. Of course, if you did it yourself, it’d be free (but it would cost you time and energy).
The Premium version runs about $10 a month but comes with a 90 day money back guarantee. This is a pretty great deal as a lot of companies only give 14-30 day money back guarantees.
Other Important Things to Note About This Money Saving Service
It’s not an app
It’s often referred to as the Trim App, but it’s actually not an app at all. They have a mobile optimized website, but no app. This can of course make it confusing, but as an added benefit that means it works for both Android and ios!
They work on credit cards too
They don’t just negotiate bills, they also help you with your credit cards! They’ll work hard to try and lower your APR interest rates on credit cards, which is a great way to help lower your monthly bills and get out of debt faster.
If you can’t use SCRA’s military benefits to lower credit card interest rates, the least you can do is let Trim try to save you some money, right?
Sometimes they charge you upfront
If they’re saving you $600 annually, you may get asked to pay their cut of the money upfront. This can be a little squeeze in the tight budgets, but once you knock that one time payment out of the way, you’re freeing up cash every month thereafter.
A good idea for after signing up
A super cool tip for following through with after signing up for Trim is to link all of the companies and accounts you used online that received your billing information.
Once you have all of the accounts linked, Trim will look at the payments and data from the previous 90 days and start making money saving suggestions. So it’s really important to do this asap so you get faster help and get money in your pocket much quicker.
Also, Trim is linked to your Facebook (kind of)
I don’t know a single person that doesn’t have Facebook messenger. If you don’t it’s okay. You can choose to have Trim message you via Facebook messenger or through standard text messages.
That’s pretty much all that they need your Facebook information for, is to let you share status updates through social shares or to send you a message.
They recommend sponsored personal finance products
All of the products that they recommend save you money in one way or another and are things that they think would be a good fit for you.
If you choose to sign up using Trim’s links to these products, then Trim gets money (at no cost to you). It’s like an incentive they get from the company for recommending their products and increasing signups. Much like the affiliate links you see here on this blog.
This is one of the ways that they can continue to afford offering free services.
How to Sign Up for Trim
Signing up for Trim is very simple. Just click here and follow the prompts.
You’ll need to enter your email address or Facebook login information to sign up.
Once you’ve completed that, the Trim login process is easy. You’ll need to connect your Facebook account or a working phone number to receive their messages.
After that, the next Ask Trim login step is to connect your bank accounts, credit cards, or any other payment and bill information you want to share with them. Remember, they use bank-quality security and don’t keep any of your sensitive information.
With the many different ways to save money with Trim, I’m sure you’ll find countless ways to cut bill costs and save money.
And don’t forget, the number of ways that you can save money with Trim is constantly growing as the company evolves!
If this sounds like something you want on your side, and you want to sign up for a free Trim account, then click here.
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