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There are infinite techniques people use to save money. Similarly, there seem to be countless online tools to help people make it happen. Developers of such tools need to come up with a way to differentiate themselves from the rest, and a new service called Cinch may have come up with just the way to do that.

Cinch’s goal is to help users save money on common household expenses such as your home insurance, car insurance and mortgage payment by making sure you have exactly the coverage or product you need. But beyond that they also want to help you choose the very best bank and credit card for your needs.

The first thing users should do is to tell Cinch where they are located. This is imperative for the service to be able to customize the information that is offered in relation to where you live. After that is complete, there are two different paths users can choose to explore what Cinch has to offer to improve their financial situation.

1.) Statement Or Bill Analysis

Cinch users can choose to provide information about their current bills, and then let Cinch search their database for information in your specific location. There are three ways users can provide this information.

• Upload a Bill : Upload a bill. Then, tell Cinch what you just uploaded and provide the email address that Cinch can send a recommendation to.

• Email : If you don’t feel comfortable uploading a bill, you can send the pertinent information to them in an email.

• Q&A : Finally, users can simply answer questions directly on the website for any product recommendation.

Cinch will take it from there and provide suggestions as to how you may be able to save money by changing your insurance coverage, mortgage, and even applying for a different credit card based upon real products offered in your area.

2.) Top Picks

The service from Cinch also allows users to browse top rated financial products in the following categories:

• Auto Insurance
• Home Insurance
• Mortgages
• Banks
• Credit Cards

These are called “Cinch Picks,” and are rated on a scale from 0 to 100. Users will see a summary of the top picks for a category, but can also click on an individual company and see detailed analysis of the positives and negatives of their product.

Downsides :

• Privacy Issues: You should always do a little research before uploading documents that contain personal information such as where you do business, your address, and your account number. Cinch does state that documents are destroyed regularly and your information won’t be shared, but I always recommend that you check things out enough to feel comfortable before sharing.

• Information Availability: While I could get information about credit card offers that suit my needs, none of the other categories are available in my area yet. To be fair, they are just starting out and sure to expand. While many users may not be able to fully utilize the recommendations on the site just yet, recommendations are available through BillSnap or email for users anywhere in the US.
  

Upsides :

At the beginning of the article, I said that online tools fighting for the public’s attention need to differentiate themselves, and Cinch does that in three very important ways:

Multiple Products: Many services will help you find the best mortgage, or the best auto insurance, or even a credit card offer. But few will do all of these. It’s a one-stop shop for many common household expenses for which people typically have to shop around for the best rate.

Customization: The service asks questions that tailor the output to you. For example, the best credit card choice to utilize for a balance transfer may not be the same for travel hacking use. Cinch asks the right questions to give you the best choices for your unique situation.

Detailed Information: The information Cinch gathers about each product is outstanding. Scores are given in value, ease of use, as well as reputation to make up their overall rating.

Our Verdict :

There is plenty to like about Cinch. The website is easy to use, the price (FREE!) can’t be beat, and the information provided enables users to make financial decisions without having to spend the time gathering any additional data themselves.

My favorite feature is the multiple ways users can get at the data, which as mentioned, is personalized for a user’s specific location. As Cinch’s reach increases, so will its popularity.

Check it out today and see what you think!