Just after I wrote about automating your savings and retirement to make more money in 2009 I found out about a cool new feature from Wesabe called the Cutback Tool. The Cutback Tool helps users save money by analyzing their automated expenses and identifying areas that can be cut. Wesabe is a money management Website which aggregates all of your numerous checking, savings and credit card accounts in order to provide a snapshot of your finances.
The Cutback Tool is an excellent addition to the Wesabe user experience and has already helped many Wesabe users. Quite a few users have found a charge from freecreditreport.com which had previously eluded them and one Wesabe employee discovered a bank charge for $7 which was easily cut. I didn't find any wasteful bank charges or surprises when I tried out the Cutback Tool today but I had already removed my own $7 bank charge back when I first checked out Wesabe for WalletPop last year.
What it did find however was that I had more than a few subscriptions which combined were costing me several hundred dollars a year. One of my automated payments that was missing was my cable bill but I'm going to chalk that up to the new lower monthly payment and credits I scored following the simple steps of WalletPop blogger Tracy Coenen.
As great as automated payments are for keeping on top of your bills, setting and forgetting makes it easy to continue paying for a service long after you stop using it. The Cutback Tool takes the time and hassle out of tracking down these payments and saving you money. If you've already signed up for Wesabe you can check out the tool by logging into your account right now. If you aren't a member signing up is simple and offers several options for sharing your financial data. What are you waiting for; cut those automated payments before you die!
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