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BillGuard: The Fairy Godmother of Personal Finance

There are countless personal finance apps out there today. Some are dedicated to spending. Some to saving. Some to discounts, rewards, points, etc. But when push comes to shove, how many of them actually have your back?

Enter BillGuard, who forevermore shall be known as the Fairy Godmother of personal finance. BillGuard watches over you, warns you of trouble, and gently encourages you to make the right choices.

All joking aside, BillGuard truly is groundbreaking. The company has been around for the past few years, but for those who aren’t familiar, BillGuard is essentially antivirus for bills.  Basically, the app scans a user’s credit and debit card statements daily looking for erroneous or deceptive charges. If any erroneous charges are found, the user is notified and BillGuard helps get their money back. BillGuard uses crowd-sourced big data analytics to acquire collective knowledge about millions of consumer’s billing complaints to merchants and their banks.

BillGuard also searches for “grey charges,” which is a bit of a different animal than straight up fraud. The most common example of a grey charge is a free-to-paid subscription–basically, a free trial turning into a paid subscription without proper notice. Every year, Americans pay $14.3 billion in grey charges, with the free-to-paid instance being $6.1 billion alone. Sure, your bank might call you if there is a very big, questionable charge to your account–but you can believe you aren’t going to hear anything about a grey charge.

Capturing the Whole Picture of Personal Finance

The big news about BillGuard is that they recently added two huge new features–Spending Analytics and Smart Savings. The original app, though awesome, is only a reactive approach to personal finance. These two new features will allow users to be more proactive with their money.  The Spend Analytics shows users where their money is going, and then organizes the expenses into different categories.

The Smart Savings feature notifies users of discounts or coupons that they may not know about. Since BillGuard knows a user’s purchase history, the offers will be relevant to their day to day life.  A user can also accept or reject coupons, and the app will then adjust its behavior accordingly.

As we said before, there are countless finance apps out there, but so far BillGuard is the only one that offers a complete personal finance experience. And like a Fairy Godmother, they will always have the user’s back.

Note: BillGuard is currently only available for iOS, but plans are in the works for an Android version.

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