Money is the fuel powering the engines of our daily lives, but managing it is no easy task. In our busy day-to-day lives, keeping track of income and expenditure can be a confusing and overwhelming see-saw.
To combat and simplify these tasks, we need technology to come to our aid with intelligent applications which do the heavy lifting for us. Truebill is a leading example of such an application. It is aimed at bearing this load of monitoring, tracking and analysing all your incomes and expenses. In this article, we will explore:
- What is Truebill?
- How Does Truebill work?
- Is Truebill Free or Paid?
- Is the Truebill App Secure?
Let’s dive into the details.
What is Truebill?
Truebill, as the name suggests, is an app, conceived and developed to reveal to its users the TRUE BILL from their various service providers. At the crux of the Truebill application lies the claim of regaining control of your finances by maintaining a proactive control over your subscriptions and saving money on surcharged ordinary bills.
How Does Truebill Work?
Truebill pilots your finances through expert techniques to optimize your spending, managing your recurring subscriptions and lowering your bills. Thereby, making your journey free from the turbulences of managing and navigating the complicated skies of personal budgeting and finance.
How does it achieve all this? Below is a list of features explaining how it can help you reach your budgeting goals:
1. Finance Tracking and Monitoring
a. Spending Behaviour
One of the biggest challenges consumers face is to gain a higher level of understanding about where their money's getting spent. Truebill accumulates all of this data from your transaction history and your app usage to give your data geared at providing insights into your spending habits.
Truebill uses the data from your previous and current transactions to generate an overview and detailed reports in the form of charts and graphs. You can find statistical data like:
- Cash, credit and investment balances
- Total available balance
- Upcoming bills
- Money spent/saved compared to the previous month
- Spendings according to category
- Largest expenses
- Most frequent expenses
A skip in timely payments can result in penalty fees which can dent your budget. Truebill sends you reminders for upcoming bills so that you never face penalty charges.
3. Subscription Management
Truebill was developed with fast-pace consumerism in mind. Therefore, it provides the feature to see a complete list of all your known and known-but-forgotten subscriptions that you may have acquired over the years. This allows you to discontinue unwanted subscriptions and get off the recurring payments loop. You can also see if the amount you’ve paid for those subscriptions has changed over time.
The complete list of the subscriptions that Truebill can cancel for you is available here.
4. Bill Reductions by Expert Negotiators
This is a unique feature which gives you a chance at lowering your bills like phone, electricity, cable, etc. Truebill fuels your savings by negotiating a better rate on your bill or getting 1-time credits applied to your account. They would also look for hidden discounts and promo rates available to you. This negotiation ability is powered by the ability to communicate with many among the network of the nation's largest service providers.
Upon successful negotiation leading to a drop in your bill, Truebill will charge you 40% of the amount that they helped you save. So for example, if you save 100$ on your bill using their service, you will pay Truebill 40$ as a fee. Here’s the list of service providers that Truebill negotiates with.
5. Refunds for Late Payment
Overdraft or late fees can shake your budget and drain out your resources unnecessarily. Truebill offers the service of sending a letter to banks requesting potential refunds on overdraft or late fees on your connected accounts.
Note that communication with all banks on your behalf could be out of scope. Therefore, you can check if your bank communication is supported at the time of availing this feature.
6. Savings Goal
Automation, when used for the right purposes can unleash its full potential. Truebill savings goal feature allows you to set aside a certain amount from your earnings towards your savings to reach your goal. Also, constantly monitor where you were and where you are now in the journey of reaching it.
Is Truebill Free or Paid?
Truebill is a free app to download. There are no charges for monitoring spending habits and budgets, getting reports, savings goals, etc. If you opt for the negotiation service, you will pay a 40% charge if the negotiation is successful.
On top of this free version, there are additional features which can be unlocked by upgrading to Premium for a yearly fee of $35.99 or $4.99 per month. Below is a list of features which will boost your budgeting further:
★ Truebill Premium Features
- Balance Syncing
- Premium Chat
- Cancellations Concierge
- Custom Categories
- Unlimited Budgets
- Smart Savings Plans
- Subscription renews automatically but can be cancelled at any time.
Is the Truebill App Secure?
Handing over your account information and financial transactions history requires a remarkable amount of trust. Users certainly begin to wonder about the security infrastructure of the app. Truebill addresses all of them by securely connecting your accounts using bank-level security with 256-bit SSL encryption and read-only access.
Truebill is one of the most effective tools in the market for anyone trying to gain firmer control over their money and their financial lives.
Truebill manages the overwhelm that comes from trying to stay on top of your spendings habits and always keeping a track of your expenses by providing financial tracking and informative reports. They handle the frustratingly long and varied roadmaps laid out by companies to cancel their subscriptions at the click of a button. Finally, they bestow you with an arsenal of experts solely tasked with overcoming the hassles and obstacles to bring down the cost of your bills.