Two keys to personal finance are paying yourself first and automation. When is the last time you review your budget to make sure it’s as trim as possible? Well if it’s been awhile it may be time to trim the fat from your budget. I’d like to introduce you to a startup called Trim. The concept behind Trim is simple, sign up, connect your credit card, and Trim will analyzes your transaction data to find recurring payments and help you cancel any you decide you don’t want all via text messages.
The Guys behind Trim
Trim was started by Tomas Smyth and Daniel Petkevich. They had the idea for Trim after looking at our own credit card bills. Thomas had subscriptions to Hulu and Vimeo, neither of which he used. Dan was paying monthly for MailChimp, and worse yet, a renter’s insurance policy for an apartment he moved out of a year ago. They considered themselves to be responsible, financially savvy people. How did this happen?
Recurring billing takes advantage of our natural forgetfulness: It’s a lot easier to sign up for something than it is to remember to cancel it! Trim using friendly reminders via text messages and gives you the option to cancel these subscriptions at any time. For example, you can just reply to the text “Cancel Hulu” to cancel your subscription to the TV streaming service.
Cost and Security
Trim is a free service and you can sign up at asktrim.com. In speaking with CEO and Co-Founder Tom Smyth last week, there are no plans at this time to develop an app, but there is a potential to add a premium service in the future. The goal is to keep the service as simple and straightforward as possible.
What about security? Trim uses Intuit and Plaid to securely connect to more than 17,000 financial institutions across the U.S. During the registration process, you will be asked to enter your online banking credentials. These credentials never touch our servers, nor are they stored by us in any way. Your credentials are sent through Intuit or Plaid to your bank or credit card provider, which sends back an encrypted token to us.
This token provides read-only access to your transactions. We cannot move money or make any changes to your account. You can revoke our read-only access token at any time. To learn more about Trim’s Security feature see their website for full details.
The sign up process is simple and straightforward. I was unable to use Trim fully, as my local credit union was not one of the banks Trim has a relationship with. It’s a simple tool that can save you money and a lot of time.
Have you heard of Trim? Would you use it?