3/29/2021 0 Comments Free Personal Finance App
You need to have money to make money, and youre not going to have much money if youre spending your income on a bunch of services you dont really need or use.You cant just have one drink, you only buy products that are on sale, youre an impulse buyer, youre thrifty when it comes to renting hotel rooms, all these insights can be gleaned by looking at someones bank account.
![]() The truth is though, most people that live in a developed market as a corporate slave pulling down some sort of monthly salary dont really pay much attention to what they spend their money on because theres so much going on in their personal finances. One company that wants to address all these first-world problems in one app is Truebill. That might sound a bit too ambitious until you read about the three Afghani brothers who founded the company. In 2001, the Mokhtarzada brothers founded Webs, the first company that allowed users to easily create websites from templates, and cashed out in 2011 when their venture was purchased by Vistaprint for just over 117 million. During their time at Webs, they noticed that many people would subscribe to the service and then forget about it. That insight led them to found their next startup, Truebill. Apparently, there are lots of people that just pay their credit card bills sight unseen and such a service was needed. According to Truebill, 84 of people have subscriptions theyve forgotten about. With Truebill, thats just one of the perks on offer for free. There are the usual heres what you wasted your money on this month insights along with a monthly budget tool so you can curb all that spending. The app will help you save money not only by putting some aside at regular intervals, but also by negotiating your bills with various service providers like Verizon, CenturyLink, ATT, DirectTV, and many others. And its not just bills that get negotiated but also late fees. ![]() If youre wondering how they make money by providing the app for free, theyll simply take a cut of whatever money they manage to save you. They claim to have saved 50 million dollars for over half a million users since launching, and the CEO says theyll never sell your data to anyone so you can rest easy. When it comes to competing apps, Truebill believes their ability to categorize your expenditures is superior in that they have humans in the loop who make sure that your 4 Starbucks coffee doesnt get filed under groceries. Its not because were all capable of managing our own finances like adults, its simply because we didnt really feel like giving Truebill access to our most intimate information our bank account logins. We found out later that you dont actually give Truebill anything. Your credentials are sent through Plaid to your bank or credit card provider. Plaid then sends back an encrypted token to us which provides read-only access to your transaction data. More likely than not, theyre all using a unicorn called Plaid. If youve ever given your banking credentials to another firm for whatever reason, then youve already used Plaids service and theres nothing to worry about. As of 2018, 25 of people in the U.S. Plaid at some point. Dont allow yourself to have credit card debt, stop buying four dollar cups of flavored water and giving Starbucks free loans by using their coffee cards, stop paying companies like Amazon for the privilege of shopping there, and the list goes on. Amazon Prime happens to be the most common subscription for Truebill users and also the one most canceled. For disciplined adults, an Excel spreadsheet and your banks transaction data ought to be enough to create a budget and control spending. Personal Finance App Download An AppFor those darn millennials living like the Kardashians from paycheck to paycheck, maybe its best to download an app like Truebill for a much-needed reality check.
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