Everybody loves saving money, or, at least, the idea of saving money. And everybody needs help saving. As it were, there’s a new service that you should definitely consider adding to your collection of Internet tools. Called Truebill, the app does one thing and one thing only: It scans your online statements for paid subscriptions, reminds you what you’re paying for and how much they cost, and helps you reduce spending by eliminating things you don’t need.

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The service is available free of charge. Just sign up and it’ll take care of the rest. According to Truebill, the average user saves $512 per year by canceling unwanted and unneeded subscriptions.

How does it work? Truebill will scan your online statements and identify your subscriptions. Then it’ll tell you who’s charging you every month and how much you’re being charged. Better still, the service promises one-click cancellations, which means you won’t have to spend time actually dealing with the whole cancelation process for services you want to eliminate.

At the end of the day, you’ll be able to reduce the number of recurring bills hitting your bank account each month, and you’ll do it with barely any hassle.

The one thing you’re probably worried about is your account data – after all, you have to trust a new service with your financial details. Truebill says it protects your data with “up-to-date industry protocols for storing your account data including 256-bit SSL encryption.” Furthermore, the service only reads your statements and can’t alter any of your banking settings.

Click here for a list of all the services Truebill can automatically cancel for you, and you can read more about the new app at this link.