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I’m always on the lookout for new personal finance tools that can be of help to you! There’s a ton of mediocre apps + tools out there, so I try my best to curate these reviews. That being said; when I first heard about Trim, I was intrigued.
The value proposition is enticing: A free financial assistant that helps you save money on autopilot?
Ok Trim, you had me at “free”. You’re at least worth a shot.
So I tried out the service myself and graded them on 3 criteria for this review:
- Price vs. Value
- Software/Ease of Use
Let’s jump right in.
What is it?
Trim is essentially an A.I. assistant for your finances. It’s like being able to ask Siri:
“Hey Siri, how much am I spending on subscriptions per month?” or “Hey Siri, can you help lower my bills?”
The founders are, in their own words: Building the equivalent of a self-driving car for your financial life. And while I wouldn’t say it’s that intuitive yet – I’m all for streamlining my life in any way possible.
What Does it do?
At the time of this writing, Trim’s main functionality comes from cancelling recurring subscriptions you no longer want, or may be unaware of (this is how they started). When you sign up for the free service, you can see all the subscriptions you currently have, and can choose which ones you’d like to keep.
With some recently added features, Trim can now:
- Price protect your Amazon purchases (get you money back if the price drops after you purchase)
- Negotiate/Lower your Comcast bill (get money back for outages, etc.)
- Give you bonus $ for using service (more on that in a bit)
What they’re currently working on and hoping to do in the near future:
- Lower your insurance bills by auto-switching to better provider
- Provide AI-optimized financial advice
How does it work?
The overall process is pretty simple. You sign up for the free service either through Facebook, or email, then link your relevant accounts. Trim then automatically searches your history of purchases/subscriptions to see where it can save you money.
How did I use it?
In an effort to live more frugally, I used Trim to cut down on my monthly expenses. I personally didn’t find any “hidden subscriptions” – but I did get a good grasp of how much unnecessary waste I had.
I ended up using it to cancel most of my reoccurring bills. (Netflix, Amazon Prime, and Spotify, etc.)
I essentially got paid $10, and reduced my monthly expenses in just a few minutes. 🙂
Price vs. Value: A+
Ok, so you can’t get cheaper than free. But just because something is free, it doesn’t mean it’s valuable. Flyer ads are free, but seldom valuable. So the main question I had when I signed up for Trim was that: is it valuable?
Will it provide value to me, and/or my readers? For now, I am confidently saying yes it is.
A lot of free services and apps are inundated with ads. As of this writing, Trim is not. They also don’t try to push any paid services on you either. Currently, Trim is only being paid if they are able to lower your Comcast bill, but even that is paid by Comcast – and not by you the user. They are also paid by their partners on an affiliate basis if you switch a service, but typically you would only switch a service if you lower your bill anyway.
Software/Ease of Use: B+
Overall, Trim’s software is friendly and easy to use. I found the setup process to be easy and intuitive.
Here’s an overall view of their dashboard. You can see the different features on the right hand side of the screenshot.
The one knock I have on the software however (and the only reason I didn’t give software an A), is that I would personally prefer the Trim A.I. bot to be self contained.
What I mean by that – is that currently, Trim “talks” to you through either text messages, or Facebook messenger.
I would prefer it if Trim had it’s own phone app, or if the bot just talked to me on the website itself. I think it’d be better for the overall user experience.
Maybe the founders purposely did it this way to make it seem more A.I.-ish? Like if Trim was a real person, I guess you would text or message him… Whatever the case – I’d still prefer not having to use a different portal to talk to it!
Trim’s current features are great. It’s convenient to be able to manage all my subscriptions in one place. And the fact that it automatically sifts through all my Amazon purchases for price drops is a huge plus! (The chances of me doing that on my own is literally 0%).
These two features alone make the service worthwhile, but what I’m more excited about is the future of it’s A.I.
Will Trim be sophisticated enough to one day, negotiate my insurance rates for me every year? How about find me the products with the best ‘sweet spot’ of being cost effective, but highly rated? I hope so!
My Personal Recommendation:
The cost vs. benefit is really a no brainer.
The cost will come at about ~5 minutes of your time to link your accounts – but the benefit could be substantial. I would not be surprised if many of you saved money on your Comcast bill, found a subscription or two that you forgot you had, or saved $20+ from Amazon price drops.
And since the service is completely free, you could cancel it right after you had it do a “check up” for you.
I’m excited to see what the future of Trim, and other Fintech will be. I’m sure it’ll only get better and better from here. 🙂
Mr. Smart Money
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