Trim App Review [2021]: Is it Legit and Can it Help You Save Money?

Looking to improve your personal finances? Trim can help you save money on things like unwanted subscriptions, gym memberships, or even internet bills.
Last updated Feb 4, 2021 | By Larissa Runkle
Man using Trim app on his phone

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Trim is an online service that seeks to help consumers improve their personal finances. After signing up and syncing your bank account, Trim can help you eliminate unwanted expenses such as recurring subscriptions, automate your savings, develop a payoff plan for your debt and help you with how to manage your money. It can also analyze your spending for any additional savings and even negotiate your cable or internet bill for you.  

While the company does require a linked bank account to achieve all of this, it’s also incredibly secure, using encryption technology similar to that used by banks as well as additional security features such as two-factor authentication.

In this Trim review:

What is Trim?

Trim was started in 2015 by founder and CEO Thomas Smyth with the goal of helping Americans improve their “financial health.” Since then, the company has saved its users over $20 million by helping them manage their everyday finances and find out how to save money in new ways.

The company doesn’t just save you money by scouting out opportunities to cut superfluous expenses — it can also help you set financial goals and stick to them. Through its personalized savings and debt payoff programs, the company works to educate its users on how to manage money by providing helpful guidance and attainable milestones along the way.

Trim Benefits

  • Get money back by canceling old subscriptions
  • Trim has already helped members save over $8 million! How much could it save you?
  • Like carrying a personal financial planner in your pocket!

How does Trim work?

Trim is a budgeting tool that offers a wide array of financial services, all of which are meant to help you simplify your personal finances and better your financial life. Whether you’re looking to more closely track expenses, pay off a large debt, automate your savings, or even find a rewards credit card that better suits your needs, Trim offers online features and counseling that can help you achieve all of these goals.

Although signing up for Trim is completely free, the company offers both free and premium features within its platform; it notifies you in advance whenever any service you’re using carries a fee.

The free services on offer include a customized dashboard with your financial accounts, spend and late fee alerts and reminders, overdraft fee notifications, and the cancellation of unused subscriptions.

Trim’s premium features include bill and interest rate negotiation, debt payoff help, and the Trim Simple Savings account, which offers a 1.5% annual reward on your total balance. These features vary in price, with some being based on a percentage of what the company is able to save you and others set at a flat monthly rate.

While savings and debt programs cost a steady rate between $2 and $10 per month, Trim bill negotiation rates vary based on the savings involved. There isn't an upfront charge associated with bill negotiation; instead, the company charges 33% of its total yearly savings on your bills.

For example, if Trim saves you $120 in a year on your phone bill, the charge would equal $39.60. This might sound like a lot, but when you consider that you’re only charged on annual savings, it’s actually a win-win — even paying this amount still saves you roughly $80 more than if you hadn’t used Trim. And if the company doesn’t save you any money, you’ll pay nothing.

Who should use Trim?

Trim is best for those interested in saving money and improving their finances in a variety of ways using one single platform. While individual platforms offering expense tracking or automated savings are widely available, Trim is a one-stop-shop for those looking to enhance their overall financial standing by exploring every avenue the company has to offer.

Convenience is a huge factor when it comes to the appeal of using an online service like Trim, which is why this won’t be as beneficial for someone who already has individual savings, expense tracking, or debt service programs elsewhere. If you already have these things in place or if you’re comfortable setting up such accounts for yourself independently, then Trim likely won’t be as much of a time-saver for you.

How much can you save with Trim?

While exactly how much money you can save using Trim is unclear, it’s easy to see how such a platform would be beneficial for some people. Trim’s approach to smarter spending and debt management could undeniably save someone money in a variety of ways, with one of the biggest values being education.

The company really isn’t offering any service you couldn’t do for yourself, but sometimes subscription cancellation, negotiating a lower bill, or automating your savings account just isn’t something people think of on their own. You’ll pay Trim for the convenience of performing these tasks on your behalf, but the savings you reap could outweigh the cost of Trim.

Through its variety of services, Trim sets an example of the types of money-savings tactics people can employ in their own lives — which is something they can easily continue to do well-beyond their association with the platform.

FAQs about Trim

Does Trim charge a fee?

Some services on the platform are free, including cancelling subscriptions, while others — such as bill negotiation, savings, and debt payoff plans — come with relatively low monthly fees (between $2 and $10) or are based on a percentage of your savings.

Check the company’s site for a full explanation of costs.

Can Trim cancel a gym membership?

According to its website, the company can cancel a gym membership (citing Planet Fitness as an example) and advertises being able to do so whenever users request a cancellation via text message.

Is Trim safe?

Trim uses 256-bit SSL encryption on its website and databases to protect your sensitive information. It also makes use of additional security features like two-factor authentication.

How do I disable Trim if I change my mind?

You can delete your Trim account at any time by canceling it online through the company’s platform. This will delete all of your bank accounts and associated personal information.

Which service providers does Trim work with?

Trim can negotiate with several providers on your behalf, including Comcast, Verizon, AT&T, Cox, Time Warner, Sprint, Google Fiber, and more. If you aren't using your Netflix or Amazon Prime account, it can cancel or negotiate those recurring charges as well.

Does Trim work with my bank?

Trim currently works with 15,000 (as of Oct. 20, 2020) financial institutions across the U.S. Chances are good that it supports your bank and you'll be able to use Trim to help you save money.

How to sign up for Trim

You can sign up for Trim by visiting AskTrim.com and selecting any of the “Get Started” prompts there. This will bring you to a page that allows you to sign up via email or using your Facebook account.

Once you’ve entered some basic information on the Trim website, you’ll be prompted to connect your Facebook messenger account or your phone so Trim can contact you about potential savings. You'll then connect your primary bank account or credit card accounts — or both. This will allow the company to start recommending savings opportunities that are specially catered to your needs. 

Other money-saving apps to consider

If the Trim app doesn’t quite fit your needs, there are a variety of other money-savings apps and budgeting apps you might consider using instead.

If you want to manage your budget from your favorite mobile device, Truebill offers a robust mobile app with similar bill negotiation features as Trim. You can compare Trim vs. Truebill side-by-side and see which better fits your budgeting needs.  

For those interested in investing their extra change, Stash will allow you to start investing with as little as $5 and choose from a list of curated investments that suit your needs. There are also money-saving apps like Drop, which allow you to earn cash back every time you shop with your favorite brands.

Check out our complete list for more money-saving apps.

Trim Benefits

  • Get money back by canceling old subscriptions
  • Trim has already helped members save over $8 million! How much could it save you?
  • Like carrying a personal financial planner in your pocket!