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Updated on Tuesday, April 4, 2017
It’s easy for small expenses to add up and burn straight through our cash. Especially since there are so many subscription and membership services available to sign up for that automatically bill accounts after a free trial.
Trim is a website that wants to help you identify and cancel these recurring costs to save money. You can connect your accounts to Trim, and it searches transactions for recurring payments to merchants that you can cut off.
According to Trim, the service has saved its users $8 million in sneaky expenses, so we’re putting it to the test. In this post, we’ll review the site to see what expenses Trim can identify.
- How Trim works
- How much Trim costs
- Pros and cons
How Trim Works
First, you need to go to asktrim.com to create an account. You can sign up for an account by email or through Facebook. For this review, I chose the email option.
Authenticating and setting up your account
After you input your email, first name, last name, and phone number, the website will send you a text message to confirm your phone number.
A confirmation of your phone number is necessary because the website corresponds with you via text message. You can also choose to receive messages from Trim through Facebook Messenger if you prefer. There currently isn’t a Trim app.
Trim needs to connect to your bank and/or credit card accounts to locate recurring subscriptions for cancellation.
Trim supports over 20,000 U.S. financial institutions. If you don’t see yours on the list, you can email Trim for support. Although I find tweeting a company usually gets a faster response.
The syncing of your financial accounts to Trim takes just a few seconds.
You’ll get a text message with the subscriptions Trim has found once the connection is complete. The identified recurring costs will also populate in your account dashboard on the website.
Here are a few of the subscriptions it found for me:
The dashboard breaks down your recurring charges into three different sections. There are subscriptions, utilities, and frequent charges.
Altogether, Trim found:
- A car insurance payment
- A Comcast bill
- A banking account fee
- Work-related expenses (Bluehost, Grammarly, and Freshbooks)
You’ll probably find like I did that not all charges found will be ones you can cancel or need to cancel. The purpose of Trim is to seek out any surprises.
How Trim cancels accounts
The cancellation aspect of Trim is what I consider the highlight because of how much of a pain it can be to terminate your subscriptions and memberships.
To cancel a service using Trim, you hit the red “Cancel this subscription” link on the website.
You can also message “Cancel (insert service)” to authorize cancellation from your phone.
Trim will contact the company by sending an email or calling. In some cases, like a gym membership, Trim may send out a certified letter.
I’ll be honest, I’ve moved from one city to another and completely forgot to cancel my gym membership before. This feature is one I can appreciate since gym memberships can be a huge hassle to cancel remotely.
Does Trim catch all recurring charges?
I went into this review with a pretty good grasp of the recurring charges that I pay. I was mostly curious to see how many of them the website algorithm would catch.
Trim found many of the biggies instantly.
But I was a little disappointed it didn’t catch items like my Hulu subscription through Apple iTunes.
The FAQ page states that Trim first identifies popular merchants like Netflix that use recurring payments. Then, it goes back through your bills monthly. The algorithm may pick up on other merchants after a few billing cycles.
I reached out to Trim via Twitter to see if there’s a reason Apple iTunes didn’t appear. I figured that would be one of the more popular merchants.
They got back to me the same day. It seems as though Apple charges can be hit or miss.
Extra Trim features
Trim has a few additional bells and whistles. You can review recent transactions of your financial accounts by merchant and category time.
Trim also offers other savings tools. For auto insurance, there’s a section on the site where you can type in your car’s make, model, and year to shop for cheaper insurance rates. You can also look for better Comcast deals through the account dashboard to potentially negotiate a better contract.
How Much It Costs
The Trim website is currently free to use. You’re probably wondering — what’s the catch?
Trim is really free. There are plans to roll out a paid financial advising component. But the basic Trim subscription review and cancellation service is supposed to remain free of cost.
According to Trim, the service uses Plaid security to connect to your financial institutions. This means Trim does not store the usernames and passwords used to access your financial accounts.
Instead, the credentials are sent through Plaid directly to your bank or credit card issuer to retrieve your transaction history. The transaction data Trim uses is read-only so that no changes can be made to your accounts. Trim also uses 256-bit SSL encryption for its own site and databases.
Pros and Cons
Now, for the pros and cons:
- The service is free.
- Trim finds monthly recurring costs that you may have forgotten.
- You can delete your Trim account at any time.
- You can connect Trim to over 20,000 financial institutions.
- You can correspond with Trim via messaging, which makes managing your account easy.
- The Trim Twitter account responds quickly if you have questions.
- Trim may not pick up on all sneaky expenses right away.
- Although there are security measures in place, connecting your financial accounts could be a deal-breaker if you’re extra cautious.
- Ideally, you want to pay enough attention to your bank and credit card accounts to spot sneaky charges on your own. Trim is a nice shortcut to see if you’re missing anything, but for the long term, try to get into the habit of monitoring your statements.
The Final Verdict
Overall, Trim is an easy-to-use tool that can help you make sure there are no subscriptions from many moons ago still posting to your account.
However, Trim did not catch my iTunes Hulu membership initially, so I suggest you plan to keep your account open for at least a few months to give the algorithm time to identify money leaks.