If you don’t know where your money goes and you’re never able to save, you need a budgeting app. According to the Center for Financial Services Innovation, almost half of Americans spend as much or more than they actually earn, which leaves them without any financial buffer.
The Federal Reserve Board estimates that an unforeseen $400 expense will not be borne by 40 percent of Americans. This financial stress is not only dangerous, but it can also have a lasting effect on your health.
And there is no better time to stick to the pledge to make your spending smarter than now. It will help your bank account, and your mental and physical health will improve. Up next, we’re going to tell you about the Truebill app that is will help you make life easier by budgeting.
Truebill is a personal finance app designed to help you gain complete control of your spending. The app connects to your accounts to give you a full and straightforward look at all your finances, so you can easily see your balance of cash, credit, and investment in one location.
You can view reports that identify your expenses to help you understand better where your money is being spent. But that isn’t all — the app also aims to help you cut spending as soon as possible.
You can manage and cancel any unwanted subscriptions, allowing you to consider which services you need and can do without. Truebill will also help you secure lower prices on your mobile phone, cable, and other bills.
And there’s no need to worry about the security of your financial or account information. With 256-bit SSL encryption and read-only access, Truebill securely connects to your accounts using bank-level authentication.
Truebill Benefits and Advantages
You’ll probably notice that, during the signup process, Truebill advertises itself as a free service. True, there is no upfront fee for trying to lower your bills, but you definitely don’t get away with the savings without compensating for the business.
The company wants 40 percent as a “savings fee” for every dollar saved by Truebill’s use. That fee is charged once the savings are secured, and it applies to one-year savings at a time. If Truebill is saving you $500 on your bill each year, expect them to charge you $200.
If Truebill can not find savings, there is no cost to you. Up next are a few of the ways they save you money.
Give particular attention to the disclaimer on this screen, which gives you an explanation of why Truebill wants access to the bank account. It also reiterates that the account in question will not be billed.
Remember, if they claim a savings fee of 40 percent, they already have a credit card on file to charge you. The idea is that Truebill will recognize all the recurring monthly charges in the account you provide them and then help remove unnecessary fees.
You can delete these subscriptions independently of the app on your own, or you can sign up for the premium service Truebill offers, and their concierge team will cancel them for you.
Truebill provides the service of sending a letter to banks to request refunds on overdraft or on connected accounts for late fees. Once you set up your account, this process is started via the dashboard. It’s worth noting that not all banks will allow Truebill to do this on your behalf.
Additionally, Truebill tracks outages on services like your cable, internet, and telephone providers and will check for a possible refund for you. Such results would be subject to the 40 percent savings fee if they are successful.
Security of Truebill
You are not mistaken to be skeptical whenever a financial app asks for access to personal online business records. It should raise a red flag right away, and you should proceed cautiously.
Truebill acknowledges that potential customers may be concerned about the security threats the service entails. One of its website’s primary tabs, aptly titled “Security,” is an attempt to ease your mind about virtually handing the keys of your accounts over to them.
Here are some security features you need to know about.
- Bank-level 256-bit encryption is in use for your data
- Truebill uses the Plaid service to connect with financial institutions
- Because of Plaid, you should not be asked to give banking credentials to Truebill
- Truebill says that it does not sell your data to third parties
- Truebill hosts its data on Amazon Web Services, which stores sensitive data for the Department of Defense (among others)
How Much Does it Cost?
Truebill is a free app, but there are extra features you can get access to with different pricing plans. The costs range from $3 to $12 per month or annual subscriptions that change in cost depending on your need.
Pay Advance Feature
Truebill Pay Advance let’s you get an advance on your paycheck and the service is free. You may voluntarily choose to tip Truebill upon repayment of your pay advance. This tip is totally optional and does not impact your Truebill service or potential use of Pay Advance.
How to Get the App
You can head over to the Truebill website where you can download the app. Alternatively, you can click here and it will take you to the correct place.
Truebill is a program designed to help save you money on your monthly bills. In return, you will have to pay the app a portion of the savings they get you. So before you use the service you should make sure that you get rid of any unnecessary costs you have and just let them deal with the tough stuff.