Bills pile up quickly. Between car insurance, credit card payments, and utilities, managing finances becomes overwhelming fast. One moment you’re having a great day, the next you’re scrambling because your phone service got cut off after forgetting a payment.
While most companies now offer autopay to automatically debit your account each month, this automation creates a new challenge: a growing list of monthly charges happening without your active involvement.
Factor in streaming subscriptions like Netflix and HBO, and the problem compounds. Most of us don’t scrutinize credit card statements monthly, so subscription price increases often slip by unnoticed.
That’s where Ask Trim (the Trim app) comes in. Launched in 2015, this online service initially focused on helping people monitor and cancel unwanted subscriptions.
Today, Trim has evolved into a comprehensive financial wellness platform that’s saved customers over $40 million to date. This review explores whether Trim could help you reduce your monthly expenses too.
Ask Trim Features
Ask Trim offers multiple money-saving features including subscription monitoring, cancellation assistance, bill negotiation, bank fee disputes, and more. Let’s examine each feature in detail.
Subscription Monitoring
Americans spend an average of $237 monthly on subscription services. More surprising? 84% underestimate their recurring subscription costs.
Trim tackles this through comprehensive subscription monitoring. After you connect your bank accounts and credit cards (protected by 256-bit SSL encryption, secure databases, and two-factor authentication), the app analyzes your transactions.
Trim then identifies all subscription charges across your accounts and compiles them into an easy-to-read report showing exactly what you’re spending on each service.
Found services you no longer want? Simply tell Trim which subscriptions to cancel, and they handle the entire process. This streamlined approach helps you cut unnecessary expenses and make smarter financial choices.
Bill Negotiation
We’re conditioned to accept whatever price companies quote us. While you wouldn’t haggle over milk prices at the grocery store, service bills are nearly always negotiable.
Cable companies excel at luring customers with attractive introductory rates, then hiking prices months later under the guise of “premium features.” They count on customers either accepting the increase or missing it entirely.
Trim’s bill negotiation service works behind the scenes, analyzing your financial transactions to uncover savings opportunities. The platform connects to your bank account and scans emails for receipts showing price drops.
Simply upload your bill to Trim’s website or email it to them, and they handle the rest. Trim claims potential savings of up to 30% on cable, cell phone, internet, and other monthly services.
Bank Negotiation
Banks can feel intimidating, even for financially savvy individuals. Yet we entrust them with our money while they impose various fees that chip away at our savings goals.
Consider overdraft fees alone: the Federal Deposit Insurance Corporation (FDIC) reports Americans paid banks $12 billion in overdraft fees during 2017. How much of that could have been recovered through simple negotiation?
While Trim isn’t a dedicated banking app like Chime Bank, they advocate for you on overdraft fees. They alert you when fees are assessed, then schedule calls with your bank to request waivers.
Trim also disputes other bank fees and will even attempt to lower your credit card APR upon request, enhancing your overall financial health.
Medical Bill Negotiation
Medical bills contribute to 60% of bankruptcy filings, yet they’re almost always negotiable.
Hospitals and clinics frequently offer substantial discounts or interest-free payment plans—exactly what Trim negotiates on your behalf.
This process requires additional steps: you’ll submit consent forms allowing Trim to contact your healthcare provider directly.
Once authorized, Trim begins negotiations to secure better terms. Importantly, they won’t accept any payment arrangements without your explicit approval.
TrimPay
Credit card debt accumulates quickly but proves stubborn to eliminate. Trim offers assistance if you’re struggling with credit card balances.
You choose a weekly amount for automatic withdrawal from your bank or checking account. Trim then applies this as an extra monthly payment to your selected credit card, accelerating your path to a zero balance.
Remember: you’ll still need to make minimum payments yourself when using this service.
Trim Simple Savings Account
Trim Simple Savings functions as an automated savings account that differs from typical high-yield savings accounts. The platform offers tiered interest rates based on your account balance and enables automated weekly transfers from checking to savings.
This system helps you build vacation or emergency funds at competitive rates. The Trim personal finance dashboard tracks your progress while sending spending alerts and reminders, helping you appreciate your annual savings growth and achieve greater financial freedom.
Ask Trim Cost
Trim offers subscription monitoring and overdraft-fee tracking services completely free for users who prefer not to pay for their automated personal finance assistance.
Bill negotiation services cost 33% of your annual savings achieved through Trim’s efforts.
For instance, if Trim saves you $100 annually on cable, you’ll pay a $33 fee.
Trim Security
Is Trim safe? This common concern arises when linking bank accounts to financial apps. While Trim may not match bank-level security, it exceeds most e-commerce site protections.
Trim’s security measures include:
- 256-bit SSL encryption
- Two-factor authentication
- Read-only account access
- No information storage on Trim servers (applies to both paid and free accounts)
Trim Pros
Like other money-saving apps, Trim works with virtually any cable, internet, or phone provider. While discount approval depends on individual companies, Trim doesn’t limit which services they’ll negotiate.
The availability of free services allows you to test Trim before committing to paid features. Their premium plan offers enhanced money-saving capabilities through a 14-day free trial, followed by $99 annual pricing.
Trim continues working even after initial negotiations, re-negotiating bills on an ongoing basis. Their spending analysis helps develop money-saving habits while ensuring debt payoff progress.
Trim Cons
There’s inherent irony in paying for a subscription service designed to eliminate subscriptions. Trim could easily become another recurring charge appearing on your statements.
You could negotiate bills yourself by calling customer service representatives directly to discuss lower rates.
Additionally, Trim lacks iPhone or Android apps, which may frustrate users accustomed to managing finances through well-designed mobile applications.
Ask Trim Competition
Truebill
If mobile app availability is crucial, consider Truebill. This app has garnered over 16,000 Apple App Store reviews.
Truebill creates financial snapshots of linked accounts similar to Trim, generating easy-to-read lists of active and inactive subscriptions.
However, that sleek mobile interface comes at a premium: Truebill charges 40% fees compared to Trim’s 33%.
Clarity Money
Budget-conscious users will appreciate Clarity Money’s completely free service. The platform displays linked financial accounts in an intuitive, readable format.
Unlike Trim and Truebill, Clarity Money won’t cancel subscriptions for you. Instead, the app provides contact information, requiring you to handle cancellations personally.
Conclusion: Ask Trim Review
Managing numerous services and accounts makes it easy to lose financial control. Trim offers a solution if you find yourself in this situation.
At worst, Trim becomes another service you’ll eventually cancel. At best, it could help you regain control over your finances and put money back in your pocket.
Enjoyed our Trim review? Check out the LifePoints review and YNAB review.
