WellPaid, an Alternative to Trim

published on 21 April 2022

4 minutes by Valerie Mellema

WellPaid vs Trim-gqxsx

It’s no longer the age of excess. In fact, those years are long gone, and after the current pandemic situation, what’s trendy is actually saving money and becoming financially responsible. 

To make that happen, there are many financial planning services out there to help people get their finances back on track. You only have time or patience for a few apps, so let’s narrow it down by comparing WellPaid to another popular service: Trim

Features of Trim

Trim is a spending analysis tool. You connect your accounts, and Trim looks at where you could potentially save money. They even take it a step further and negotiate with telecom service providers to get you a lower rate. Finally, if you have unused or forgotten subscriptions, Trim can act on your behalf to cancel these for a fee. 

Trim keeps an eye on your spending habits and bill patterns and lets you know when there is an area where you can be using your money more wisely. Your data is safe since they use 256-bit SSL encryption as well as two-factor authentication—the same technology that big banking institutions use. 

Most items at Trim are free, but LevelCredit, that helps improve credit by reporting rent or other expenses, costs $6.95/month. Additionally, any savings from negotiated savings on telecom, medical bills, or cancelled services encur a 15% fee on annual savings.  

What WellPaid Does for You

WellPaid is built a little differently and is designed to support shared expenses between groups of people. WellPaid connects to checking and credit card accounts to identify all recurring bills. What makes WellPaid unique is that you can share these bills with others to track charges together and automatically split the cost. 

The same process that identifies subscriptions is constantly waiting for charges in your connected accounts. When a bill that you share arrives, your roommates or significant sees the charge in your group account when you do. The service lets all split charges get added up in a ledger, and you can even settle up with others using simple bank transfers. 

WellPaid also allows you to send money between your accounts on a recurring routine. Setting a routine can include auto-savings anytime you have a deposit or putting money aside for taxes. The service even allows you to top up an amount from savings or refill balances if a balance goes below a set amount. Find more details on the recurring transfers allowed here.

While WellPaid doesn't analyze your budget, it does alert if a shared bill is materially different than expected, even if your partner or roommates pay. WellPaid also provides details on sharing restrictions for over 150 services. This handy service is free for tracking personal expenses or moving money between accounts, but conducting transfers with others or sharing bills requires a $3/month subscription.

Final Thoughts

Most financial planning services out there offer the same foundation of services, but with their own twist or flair. Trim helps you monitor your accounts and reach out to other companies to help negotiate or lower bills. If you have that down, but have roommates and want to track house charges together, then WellPaid is the platform for you. 

Read more