Are you looking for a smart money app that can help you manage your day-to-day spending?
In today’s busy world, dealing with all those monthly subscriptions and bills can get pretty hectic. And guess what? Before you realize it, you’re actually shelling out money for a streaming service or online bills that you hardly even touch.
Rocket Money App is just a great solution for these problems. This budgeting and bill management app gathers all your monthly expenses in one place to help you track your spending. It helps you cancel unwanted subscriptions and plan for future purchases.
What is Rocket Money App?
Rocket Money, formerly TrueBill, is a popular online budgeting app for Apple and Android devices that helps you budget, save, and track your spending, income, subscriptions, savings goals, and other financial metrics.
Currently, they do not offer a desktop platform, so you must be comfortable using your phone to manage your money.
It is a purely mobile-based platform that helps you monitor and analyze your monthly bills and spending habits so you don’t overspend.
It has Free and Premium plans. Premium members get perks like its bill negotiation service, unlimited budgeting categories, and automated subscription cancellations, potentially saving you money on bills you’re overpaying for or don’t need.
As per its website, Rocket Money has saved its 3.4+ million members over $245 million since its inception. The app has also helped cancel $155+ million in unused subscription fees for even more savings.
How Does Rocket Money Work?
Rocket Money is an “all-in-one” personal finance app that connects all your various bank accounts to its platform to monitor your transactions and help you budget.
The dashboard gives you a snapshot of upcoming bills, recent transactions, and how you’re doing against your budget for the month. This is how it tracks your monthly subscriptions so you know what exactly are you paying for.
Rocket Money will take care of cancelling your Spotify or Netflix subscription among others so You can then avoid paying for something you no longer need with just a few taps.
How To Get Started with Rocket Money App?
You can follow these steps to join Rocket Money and use it to improve your finances:
- Download the Android or Apple mobile app
- Link your financial accounts
- Analyze spending habits
- Look for ways to save money
- Create budgeting and savings goals
- Monitor financial progress with regular updates.
» Click Here to Get Started with Rocket Money App
Rocket Money Features
- Subscriptions Management
- Bill Negotiation
- Smart Savings
- Tracking Spendings
- Credit Scores
- Budgeting
Subscription Management
One of the main features of Rocket Money is its subscription monitoring service. Once you link up your bank accounts with the app, it identifies your regular subscriptions and organizes them under a list of recurring bills. These subscriptions can be anything from your gym membership to a Netflix or Spotify subscription.
Premium Rocket Money members can also ask their concierge team to cancel subscriptions for them while free plan customers have to do the cancellations themselves to save more money.
According to its website, Rocket Money canceled over one million subscriptions for its members so far.
Bill Negotiation
Bill Negotiation is another premium Rocket Money feature that works with most major companies like cell phones, cable, and home securities. It makes contact with them to negotiate lower rates on your behalf.
As per the company’s words, it has successful records in negotiating bills up to 85% of the time.
Other Rocket Money Premium Features
Upon paying for the premium features, you will get additional perks which include:
- Smart Savings Accounts: Rocket Money has a clever feature that automatically moves some cash into a savings account. Think of it like those micro-savings apps – it helps you inch closer to your savings goals.
- Financial tracking: You can easily peek at your bank account balances, recent transactions, and even a detailed breakdown of your monthly spending. Plus, the app reminds you of upcoming bills and subscriptions. Just note, that balances update once a day.
- Unlimited Budgets: Rocket Money lets you create as many household budgets as you want and customize the budget categories to match your needs.
- Real-Time Balance Syncing: If you’re a free member, your linked account balances sync either daily or weekly. But, if you’re a Premium member, you get a real-time update on your balances.
- Credit Monitoring: Keep an eye on your credit score without any hassle. Not only can you see it for free, but you’ll also get quick updates if there’s any change.
- Premium Customer Support: You can have a chat with the Rocket Money customer support team live and get priority assistance.
- Free Refunds: Rocket Money goes the extra mile. If you ever end up paying those pesky overdrafts or late fees, their concierge service tries to snag you a refund.
- Truecard: The Rocket Money credit card is a hot ticket – it’s got a waitlist for new members right now. This card is designed to help boost your credit score by keeping your credit use low and making timely payments. And there’s a treat in store: future cardholders might even score cash-back rewards at certain stores.
Pros & Cons
Pros:
- A free plan is available
- Easy-to-use interface for anyone.
- Organize all your monthly bills and subscriptions in one dashboard.
- Track your net worth & budget over time
- Monitor your monthly spending habits so you know where you’re overspending
- There’s a 7-day free trial of the premium service.
- Connect all your bank accounts, credit cards, and investment accounts for an overview of your finances.
- Use bank-level 256-bit encryption and AWS data storage to keep your private data safe.
Cons:
- Only Mobile Versions are available.
- Limited features with the free plan.
- Best features require a paid subscription plan that costs a minimum of $3 per month.
- The subscription cancellation feature doesn’t always work & might take several steps.
- Consumers say negotiation tool doesn’t work well
Read More: How to Create a Budget That Works for You
Personal Experience: Rocket Money Review
Rocket Money App Is Easy to Use.
I found Rocket Money easier to use than almost any other personal finance app. Its navigation tools are super easy to find your way around. The design is pretty nice too – you’ll spot a bunch of clear icons, buttons, links, and a simple menu to help you move about smoothly.
Rocket Money Pricing
How Much Does Rocket Money Cost?
Rocket Money provides two plans. Free Plan (Lite) and Premium Plan.
Rocket Money Free vs Premium
Free (Lite) Plan
As the name suggests Free (Lite) plan is the standard option and is free for life.
Its benefits include the following:
- Two budgeting categories
- Credit score (no credit report access)
- Link banking accounts
- Low balance alerts
- Daily account syncing
Premium
The Premium plan offers a 7-day free trial where you can choose monthly or annual payment plans:
- Monthly: $4.99 to $11.99
- Annually: $35.99 or $47.99 (billed upfront)
This app allows a “Pay What’s Fair” strategy, so you can decide how much to spend.
According to Rocket Money, the average paid user pledges $6.99 monthly.
You should consider upgrading to the premium plan if you want these benefits:
- Unlimited budgeting categories (vs. 2 for the Free plan)
- Credit score and full credit report (vs. credit score only)
- Automated subscription cancellations
- Bill cancellation concierge
- Net worth tracking
- Real-time account syncing (vs. daily syncing)
- Shared accounts
- Premium chat
- Export data
Is Rocket Money Safe App?
Yes, Rocket Money is a safe app to monitor your banking account transactions, look for ways to reduce spending, and track your credit score.
The app uses “bank-level” 256-bit encryption to protect your data, which it stores on Amazon Web Services (AWS) servers.
It uses a third-party service (Plaid) to connect your Rocket Money accounts to banks and other financial services. “Your credentials are sent through Plaid to your bank or credit card provider. Plaid then sends back an encrypted token to us which provides access to your transaction data. We cannot make any changes to your account” – Rocket Money’s website reads.
This app doesn’t store personal information on its servers and uses bank-level security to protect your account.
Is Rocket Money Legit?
Rocket Money is a 100% legit app. It helps you stay on top of monthly subscriptions and bills. And given you pay for Premium; its team makes the effort to negotiate better rates for you if that’s what you want.
Alternatives to Rocket Money App
Mint
Mint is another budgeting app listed as one of the best budgeting apps on our lists.
Mint is a free budgeting app that lets you create custom categories for a budget whereas with Rocket Money, you’ll need to opt for the Premium plan to create new categories.
Simplifli
With Simplifi, there’s no free plan here, only a 30-day free trial. You’ll have to pay a subscription fee if you want to keep using Simplifi after the first 30 days.
If you’re looking for a free budgeting tool, Rocket Money is probably the one you’ll prefer more than Simplifi. Rocket Money lets out a free plan that helps you keep tabs on your spending and craft a budget that suits you.
But if you’re looking for a budgeting app that provides a comprehensive overview of your finances through charts and data, Simplifi might be a more appealing option. With Similifi, you’ll get monthly reports that examine your spending, income, net income, savings, and shopping refunds.
The Bottom Line
In a digital era where convenience meets financial management, the Rocket Money App stands out as a revolutionary tool.
If you are looking for an easy-to-use budgeting tool, Rocket Money App is a good choice. Its user-centric approach, seamless interface, and array of features make it a must-have for anyone looking to take charge of their financial destiny.
The paid subscription is worth it if you need unlimited budgeting access and other money-saving tools. The “Pay What’s Fair” option makes it even better.
Consider signing up for Rocket Money if you’re looking for savings opportunities you may not be able to easily find on your own.
FAQs – Rocket Money APP Review
Is the Rocket Money App free to download?
Yes, the Rocket Money App is available for free download on both Android and iOS platforms.
Is my financial data secure on the app?
Absolutely. Rocket Money App employs top-notch security measures to ensure your financial information is safe and protected.
Can I track investments in real-time?
Yes, the app provides real-time tracking of your investments, allowing you to stay updated on their performance.
Does the app offer customer support?
Yes, the app offers customer support to assist with any queries or issues you may encounter.
How often does the app receive updates?
Rocket Money App receives regular updates, ensuring that users have access to the latest features and enhancements.
Who owns rocket money?
Rocket Companies owns Rocket Money. They acquired Rocket Money for $1.3B on Dec 20, 2021.
Is Rocket Money Free?
Yes, Rocket Money is Free to use, but it comes with limited features. Rocket Money provides two plans. Free Plan (Lite) and Premium Plan. Premium Plans come with more perks like unlimited budgeting categories, automated subscription cancellation, etc.
Is Rocket Money Safe App?
Yes, Rocket Money is a safe app. The app uses “bank-level” 256-bit encryption to protect your data, which it stores on Amazon Web Services (AWS) servers. Also, this app doesn’t store personal information on its servers and uses bank-level security to protect your account.
