Tons of budgeting tools can help you spend less money, but Trim does something unique: It searches your bank account for ways to cut the expenses you may not even know about.
A forgotten gym membership or another unused subscription may cost only $10 or $20 a month, but together these recurring charges add up to hundreds of dollars a year.
Trim analyzes your financial life looking for ways you can save money. The service — also known as Asktrim or the Trim app — offers bill negotiation, a high-yield savings account, and other features, too.
Should you use Trim as your automated financial assistant? Check out my Trim review to learn more.
What is Trim?
Trim was designed to help you save money—by becoming your automated personal financial advisor. A lot of people refer to Trim as an app to help you save money, but you won’t find it in the App Store or Google Play.
Instead, you’d visit asktrim.com to sign up. Then you’d interact with Trim through your SMS text messages or through Facebook Messenger. This feels kind of like you’re chatting with someone about your financial life, though it doesn’t take long to figure out you’re talking to artificial intelligence.
A “conversation” with Trim can help reveal new ways to manage your finances and save money — often in ways, you didn’t know were possible.
And Trim offers quite a few other features I like — including canceling unwanted subscriptions and bill negotiation (which I’ll cover in more detail further in the post).
Trim adds new services all the time. Recently Trim has even added its own FDIC-insured savings account.
How Does Trim Work?
Let’s have a look at how Trim works to save you money:
Trim’s core service is its ability to isolate and cancel unwanted subscriptions.
Once you create an account with Trim, you will have to link your bank accounts. Trim works with almost all financial institutions.
Trim will track your spending and then identify your frequent or recurring transactions. You’ll get an alert about them asking whether you’d like to cancel.
To cancel an unwanted subscription, all you have to do is send a message ‘Cancel name of service.’ Trim will do the rest.
I think this is an awesome feature that could benefit a lot of people. There are so many subscription services these days that it really is easy to forget about the ones you pay for monthly. I know I’ve definitely been there.
These monthly payments may be insignificant on their own, but they add up, and Trim is here to save that money for you by cancelling them.
Trim Bill Negotiation
Trim can also help you save by negotiating the price of your bills for you—because it works with many internet and cable TV providers such as Comcast, Verizon, and AT&T.
All you have to do is find your provider on the Trim dashboard, or send a photo of your latest bill. Trim robots will chat with your service providers, or someone from the Trim team will make a phone call to get your bill down.
Trim can also find the best offers and promotions for you—helping you pick the most cost-effective deals. Trim claims that it can get your bills down by as much as 30%—and it doesn’t cost a thing until they can lower the cost of your bills.
If they manage to reduce the amount you pay (which they do most of the time), they will take up to 33% of your annual savings in one upfront charge to your credit card.
For example, if Trim gets your cable bill down by $20 a month, the yearly saving would be $240. Trim will charge you $80, and the rest of the $240 in savings is yours. Over a year you’ll save $160.
On that note, check out our list of the best alternatives to cable TV.
Trim Simple Savings
One other service worth mentioning is Simple Savings—an online high-yield savings account, which offers the possibility to automate your contributions.
It is a great way to save money and get great interest without even thinking about it.
Trim Debt Payoff
Debt Payoff is great news for those who are trying to get rid of their debt.
Not only does Trim provide you with expert advice and a debt payoff plan, but they can also lower your interest rates on credit card accounts.
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Shop Car and Home Insurance
Trim can even shop to find you the best home and car insurance.
To top it all off, Trim can ask your cable or internet service provider to give you a refund if your service was out.
Even if you didn’t notice there was a service outage!
Is Trim Legit?
Yes, Trim can definitely save you money on your bills—in fact, it can save on average $276 a year!
You’ll see testimonials from real people and the amounts they saved on Trim’s official website. The amounts vary because your level of success depends on the subscriptions and services you have.
In any case, what’s great is that you only pay Trim if they manage to save you money—so it is risk-free and worth a try.
Is Trim Safe?
Now that you know more about Trim, you’re probably wondering whether Trim is safe to use.
You’ll be linking your bank accounts (highly private financial data) so you’ll want to make sure Trim does everything to keep your data safe and secure.
Well, the good news is that Trim is as safe as any of your other financial accounts. Trim uses Plaid to collect banking credentials, and the service never receives nor stores your banking data.
Trim can access your transactions in read-only mode. Trim cannot, in any way, move money or make any changes in your financial accounts. That’s important to know.
The Trim website and server both use 256-bit SSL encryption, and they also request two-factor authentication when signing up for their service. If you are signing in with Facebook, their OAuth protocol is there to protect your data.
Finally, all the data that Trim collects is hosted on online data storage on AWS (Amazon Web Services). This is the same service that is used by NASA, the Department of Defense, and the FINRA (Financial Industry Regulatory Authority).
To sum it up, you can be more than sure that your data is as safe as it can get.
These are the layers of protection Trim has for you:
- 256-bit SSL encryption
- Read-only banking information through Plaid.
- AWS storage and hosting
- Two-factor authentication for SMS and OAuth for Facebook sign in
How Much Does Trim Cost?
Opening a Trim account costs nothing. Many of Trim’s services are free of charge, including:
- finding subscriptions and canceling them.
- setting up spending alerts and personalized reminders.
- detecting overdraft or late fees and fighting them.
- accessing your personal finance dashboard.
That said, if you want the extras, you will have to pay.
You will be charged if Trim manages to negotiate your bills down. Trim will take up to a third of your total yearly savings. This fee is applied only after Trim successfully negotiates your bill down.
But it doesn’t always feel that way. Because your total yearly savings don’t become realized until a full year passes — and because Trim will take its third of your savings right away in one lump sum — you may be surprised when Trim takes its fee.
In fact, this fee is the source of a lot of the negative reviews I’ve read about Trim.
Trim also has other paid services such as savings accounts, which have a monthly fee of $2, and Debt Payoff, which creates a payoff plan, financial advice, and lowering interest rates on your credit card accounts.
Trim Freemium vs. Trim Premium
Here’s a more detailed breakdown of the difference between the free version of Trim and Trim Premium:
|Trim (Free)||Trim Premium|
|Pricing||$0||$99 per year|
|Bill Negotiation||Trim takes 33% (if successful)||✔️|
|Subscription Monitoring||Included for first 30 days||✔️|
|Daily Transaction Monitoring||Included for first 30 days||✔️|
|Debt Payoff Calculator||✔️||✔️|
|Bank Negotiation (credit cards and bank fees)||✔️|
|High-Yield Savings Account||✔️|
|Negotiate Medical Bills|
How Does Trim Make Money?
It might sound too good to be true with so many free services—and you might think there’s a catch. Well, the answer is quite simple.
Trim will take a cut of everything they manage to save for you, except for canceled subscriptions.
Trim also offers Premium features that will cost you $10 a month. On top of that, like most other budgeting tools, Trim will recommend other financial products, such as credit cards and insurance services.
Pros and Cons
So, what are the pros and cons of Trim? There are definitely more pros, though, it’s important to highlight the cons as well:
- Free for many services.
- Ease of use — it’s like chatting.
- Even fee-based services won’t charge unless they save you money.
- Trim negotiates your internet service and cable bills and helps you to save up to 30%.
- Trim can detect and cancel subscriptions you don’t use, eliminating recurring charges.
- A financial dashboard helps you plan and budget, helping you reach financial goals.
- You can set personalized alerts and reminders about late fees or overdraft fees.
- The service offers many other great features that help you to save money, including a high yield savings account.
- You will be asked to link your bank accounts, which might feel a bit uncomfortable for some people.
- Trim charges you up to 33% of the annual amount it saves for you, but you’d have to pay this fee upfront in a lump sum — before the actual savings play out over time. This has been jarring for some users.
- There is no mobile app, but the website is mobile-friendly.
Trim is a great tool that can help you save money. It is super simple to use as it communicates to you via SMS or Facebook Messenger and handles all the negotiating for you, so no long phone calls for you to handle on your own.
- Free to Sign Up
- Easy to Use
- Good Customer Service
- Charge Once They Save You Money
- No Mobile App
Which cable companies and internet providers does Trim negotiate with?
Trim works with AT&T, Comcast, Verizon, Spectrum, and most other leading cable TV and internet providers. You can contact Trim directly via email at [email protected] with more specific questions.
Can Trim save money on my other utilities?
No, Trim won’t negotiate with public utilities such as your water, power, or gas bill.
Why does Trim want to connect to my bank account?
Trim will analyze your spending habits and recurring charges so it can suggest ways to save money. Without accessing your checking account, Trim can’t gather this data.
Why does Trim ask for a credit card number?
Trim can only monitor your checking account; it can’t make changes or withdraw money. The service asks for a credit card so it can charge its fee: 33% of your total annual savings on cable or internet bills.
Couldn’t I just call my cable company myself to ask for a lower rate?
Yes. Trim doesn’t do anything you couldn’t do yourself. Its value comes from identifying savings for you and saving you time by contacting your service providers on your behalf.
Can you trust Trim?
Trim will behave as it promises; however, through an upfront fee, Trim will claim a third of your total yearly savings — a practice many users have complained about.
Can Trim really lower bills?
Yes, people save money every day by letting Trim serve as their financial assistant.
What is the main value of using Trim?
Trim has a way of showing you unused subscriptions you may have forgotten about. I like any service that prompts me to analyze my own spending habits.
Is Trim Worth It?
To sum it all up, Trim saves you money if you have recurring charges, unwanted subscriptions, or out-of-control cable bills — without requiring you to make the phone calls yourself.
This service can lower bills by negotiating down your credit card interest rates (APRs). Trim is definitely legit and secure.
It is also super simple to use as it communicates with you via text messages or Facebook Messenger chats. (SMS texts will be charged to your phone bill if you don’t have unlimited texts.)
The best part about trying Trim: It will not cost you anything to see how much you can save.
Trim is always on the lookout to find more ways to save money. I’m curious to see the next money-saving tool Trim introduces!
Want to compare a similar money-saving tool? Read my full Trim vs. Truebill comparison.