If you’ve been savvy about your personal finance goals over the past few years, then you were likely wowed by Mint. When it first came out, it truly was ahead of the pack with free bill tracking, budgeting, credit score, and other tools.
But in the years since, it’s really stagnated. There’s nothing new in terms of features, and this is how newer entrants have begun winning over more and more users. That’s where Truebill swoops in!
Truebill is a budgeting app that does a little bit of everything. It does everything you’d expect from a budgeting app, but it also has a few other tricks up its sleeve. Truebill can help you identify all your recurring subscriptions and fees, that well all know can definitely add up. It can also negotiate better deals on your behalf with these providers, which has peaked a lot of interest.
Additionally, Truebill is affordable! There is both a limited free plan and a premium version that allows you to pay as low as $3/month.
So, what’s the real deal with Truebill? Is it worth switching from Mint or another personal finance app? It’s time to find out! Learn everything you need to know in this comprehensive Truebill review.
What Is Truebill?
Truebill has been around since 2015. Their main goal is to help you save money on your monthly bills.
This includes not only your recurring energy or rent bill but also recurring subscriptions. And while a few bucks here and there might not seem like much, it can really add up.
The average American is now up to $237 a month. That’s nearly $3,000 per year! Above all, Truebill creates more visibility of the costs, so you have a better sense of how they impact your finance.
Getting Started With Truebill
The first thing you do is link your accounts by signing into them via the secure API plaid. After you do, Truebill will automatically generate a report based on your spending and income as well as the bills you have to pay. Anything it can’t find automatically; you can also add directly in the bill provider section.
This visibility is your first step toward financial health. But let’s check out some of the other key features Truebill offers below.
Truebill Cancel Subscription
Do you really need a subscription to Prime, Netflix, Hulu, Disney, and HBO Max? Maybe or maybe not. That’s up to you.
But have you ever noticed how difficult it can be to cancel one of these subscriptions? It’s never just a simple process but often multiple, painstaking steps.
Truebill can automatically cancel subscriptions on your behalf so you can say goodbye to monthly charges without lifting a finger.
This is the real standout Truebill feature. By enabling this, Truebill will negotiate your bills on your behalf. It may be for your cell phone, utilities, or anything. The result is lowered costs, with some people saving hundreds of dollars each month.
But do note, Truebill does take a pretty large commission on this, 40%! That means if they save you $100/year, they’ll charge you $40. For some people, this is worth it. Remember, it’s a no-fuss option. There’s no dealing with customer service agents or drama, so it may be worth it for the time alone it saves.
With Truebill Premium, you can also turn your savings on autopilot to start putting away money without even thinking about it. For those who are quick to spend, this is a great way to unconsciously start putting away a rainy-day fund.
Other Truebill features
- Credit score monitoring
- Balance syncing
- Premium chat
- Pay Advance
- Outage refunds
How Much Does Truebill Cost?
Truebill offers two tiers of service. The first is a basic free plan that includes the budget monitoring tools.
However, Trueprotect, Pay Advance, and Outage Refunds are available on the free plan though you will have to pay the 40% commissions.
Truebill premium operates on a pay-as-you-want structure of between $3-12/month, with the average user electing to pay $7/month, according to Truebill. This gives you access to the remaining features.
Is Truebill Worth It?
That’s a tough question. Whether it’s Mint, Personal Capital, or any other budget tracking app, you should be keeping a close eye on your finances, and basic Truebill is free.
The two tough questions are whether Truebill premium is worth it and whether you should use Trueprotect.
For the first, Truebill Premium is fine. It’s nothing special that you couldn’t do with another free app, although it has a very good user interface, and with unlimited budget tracking, you can really fine-tune your expenses. Try it out for a month and see, you have nothing to lose by going back to Truebill Free,
Trueprotect is another story. You have to ask yourself whether you really want to interact with all these bill providers yourself to try and negotiate a better deal. What’s very cool about Truebill is that it does everything behind the scenes, whereas you’d have to try your luck across all these different companies.
You might be able to negotiate a better deal, but you don’t know who that will be. And Truebill leverages its user base to get great results, something you might not be able to do.
Ultimately 40% commission is steep, but you have to consider the time and stress it saves and, of course, the remaining 60% that goes to you.
- Includes a free version
- Can negotiate bills on your behalf
- Easy to use
- Great user interface
- Effortlessly track finances
- Pay-as-you-want Premium subscription
- Catches service outages
- Automated savings
- Mobile-only, no desktop version
- High commission on negotiated bills
- The negative reviews on Better Business Bureau are worth considering before signing up for Trueprotect.
Is Truebill Safe?
Yes. Truebill uses bank-level 256-bit encryption to access your accounts. It does all of this through the Plaid API. We won’t bore you with all the technical details, but Plaid the big name in securely connecting finance apps. So, you’re in good hands with Truebill.
There are tons of other basic budgeting apps out there. More likely than not, your bank probably already provides you some budgeting tools free with your account.
However, the only major option that does bill negotiation is Trim. Overall, it is very similar to Truebill. But Trim does have one advantage. Trim only charges a 33% fee vs. Truebill’s 40%. Trim also has a $10/month program to negotiate lower interest rates on your outstanding debt. Trim doesn’t offer a mobile app. Likewise, Truebill doesn’t offer a desktop app. So, if you prefer managing your expenses on one or the other (or both!), do keep that in mind.
There are definitely pros and cons to each. If you unsure you should check them both out and see which is the better fit for you.
Truebill Review: The Final Verdict
If you’re looking to save money on your monthly bills, Truebill is a great place to start. It automates negotiation with service providers and can save you hundreds each month. See what it can do for your finances. Try Truebill now.