Can Truebill Help You Pay Less for Subscriptions?
Introduction
Set-it-and-forget-it subscription services are convenient but their fees add up. A Netflix subscription here, a gym membership there. You need to see “Game of Thrones” so you get HBO Go and never use it after the series finale. Plus, there’s monthly utility bills which seem to get more expensive every month. Truebill wants to help.
Image Description: A person looking frustrated while reviewing their subscription expenses on a laptop.
What is Truebill & How Does It Work?
Truebill is a money management app and website that helps you organize and manage your finances. It offers bill negotiation and subscription cancellation as well as a savings plan and services to find deals on recurring payments to help users save money.
After linking your accounts via encrypted connections, Truebill compiles them to show your spending and cash on hand. You can categorize spending in a budget and create a bill payment calendar. Truebill also identifies subscriptions and recurring payments.
The website’s functionality is limited so the app is really the best platform for using Truebill.
Truebill’s Premium Service (starting at $3 a month) includes a subscription cancellation service, a Smart Savings program, an overdraft and late fee request service, bill negotiation, internet outage refunds, and fully customizable budgeting options.
Image Description: The Truebill app interface showing linked accounts and subscription tracking features.
The Good
Accounts Are in One Place
If you have multiple bank accounts and a wallet full of credit cards, you can have all of those balances in one place.
Image Description: A consolidated view of multiple bank accounts and credit cards in the Truebill app.
Balance Alerts Help You Control Spending
One of the better free features is a balance alert service that notifies you when your account balances go below or above a certain amount.
Image Description: A user receiving a balance alert notification on their phone.
Highlights Your Subscriptions
If you subscribe to a lot of services over many different accounts, Truebill consolidates them in one place to show you where you’re spending.
Image Description: A detailed view of all subscriptions managed by the Truebill app.
The Bad
The Subscription-Tracking Service Requires a Subscription
Canceling subscriptions and negotiating bills takes time — Truebill founder Haroon Mokhtarzada says it can take up to two hours for them to negotiate a bill. It’s fair for Truebill to make money from those services. However, it’s ironic that you have to subscribe to use its subscription cancellation service.
Image Description: The subscription tracking feature in the Truebill app.
Smart Savings Actually Costs You
Truebill’s Smart Savings plan pulls money from your bank account and stashes it in a separate account to meet your savings goals. However, this feature is part of the premium service, so it costs you money. The account is insured by the Federal Deposit Insurance Corp. but you don’t earn interest on it nor does Truebill give you any financial bonus.
Image Description: The Smart Savings feature in the Truebill app, showing a separate savings account.
You May Have to Share Too Much Information
For Truebill to cancel subscriptions or renegotiate bills, it needs a lot of information from you including account numbers, PINs, and answers to security questions. While the information is stored securely, some users may feel uncomfortable sharing such detailed financial data.
Image Description: A user entering sensitive financial information into the Truebill app.
Is Truebill Worth It?
Truebill can be a helpful tool for those who find managing subscriptions and recurring payments challenging. However, the cost of premium services and the need to share sensitive information may be drawbacks for some users. Weigh the pros and cons before deciding if Truebill is the right solution for you.
Image Description: A happy user reviewing their savings and managed subscriptions in the Truebill app.
