Introduction:-
Since its launch, Rocket Money, formerly known as True Billing, has helped its 5+ million users save over $1 billion, solidifying its reputation as a “all-in-one” personal financial software. Rocket Money strives to make money management simpler for its users with features that include budget tools, bill negotiations, and subscriptions management. Is it worth your money and time, though? Let’s examine its operation, benefits and drawbacks, and potential substitutes.
How Rocket Money Works
By linking to your bank accounts, it can track transactions, keep an eye on subscriptions, and assist you with efficient budgeting. Once configured, it finds unnecessary subscriptions, tracks spending, and arranges your regular bills.
Key Features:
- Subscription Management: Discovers and arranges your monthly payments automatically. Rocket even allows premium users to terminate unused memberships.
- Bill Negotiation: Works on your behalf to negotiate reduced prices for services like cable or internet in exchange for a success fee.
- Budgeting Tools: Helps you set aside money to avoid overspending and provides information about your spending patterns.
- Net Worth Tracking: Provides a thorough financial perspective by keeping track of your assets and liabilities.
In-Depth Look at Rocket Money Features
1. Subscription Management
The ability of Rocket Money to identify subscriptions and group them into a single dashboard is one of its best features. This saves users time and money by making sure they don’t forget about returning costs. Concierge services can be requested by premium users to terminate subscriptions on their behalf.
2. Bill Negotiation
Its provides a premium service to bargain for reduced prices on bills such as home security, cable, and cell phone service. This is how it operates:
- Choose a bill to discuss.
- Link Rocket Money to the bill.
- Decide on preferences, such as whether to drop features.
- If the negotiation is successful, pay a success fee up front (30–60% of the yearly savings).
For instance, you might have to pay $72–$144 in fees if you save $240 a year on a bill. Even though this service can result in long-term cost savings, the initial outlay should be taken into account.
3. Budgeting Tools and Spending Insights
Its helps customers identify areas of overspending by offering a visual overview of spending patterns. Budgeting is aided by the app’s “spending allowances” and automatic classification. However, there are restrictions for free users, like the absence of personalised budget categories.
4. Premium Features
Rocket Money Premium, available for $3–$12 per month, includes:
- Smart Savings Accounts
- Unlimited budget creation and custom categories
- Real-time balance syncing
- Credit monitoring and updates
- Priority customer support
- Concierge services for refunds and cancellations
Costs and Pricing
A feature-limited free version is available from Rocket Money. Depending on the “pay-what-is-fair” approach that the consumer chooses, premium fees might range from $3 to $12 per month. Successful bill negotiations also cost users between 30 and 60 percent of their yearly savings.
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Is Rocket Money Safe?
Its securely connects to financial accounts via Plaid, ensuring that your data is protected and never kept on the app itself. You can reach their assistance at security@rocketmoney.com if you have any security-related questions.
Rocket Money Pros and Cons
Pros:
- Centralized dashboard for subscriptions and bills
- Spending insights and budgeting tools
- Net worth tracking over time
Cons:
- Most features require a Premium subscription
- High success fees for bill negotiations
- Lengthy cancellation process for Premium users
Alternatives to Rocket Money
If Rocket Money doesn’t meet your needs, here are a few alternatives:
1. Monarch Money
- Comprehensive wealth management tool with investment tracking
- Syncs transactions and provides a live overview of finances
- Rating: 4.3/5
2. You Need A Budget (YNAB)
- Focuses on proactive budgeting
- Allows detailed spending plans and tracking
- Rating: 4/5
3. Empower
- Includes investment and retirement planning tools
- Free budget planner and net worth tracker
- Rating: 4.8/5
Is Rocket Money Worth It?
A handy software for managing subscriptions and settling invoices is Rocket Money. Although its free edition offers helpful insights, its Premium plan offers the most value. You might, however, get comparable results by utilising apps like Mint or Inspire, or by just setting aside time to manually track spending and negotiate payments, as there are a number of free alternatives accessible.
Bottom Line
Although this is a useful tool for managing finances, some users may find that the costs exceed the advantages. Before deciding on Premium, carefully weigh your options and your money.
What is Rocket Money?
A personal finance tool called Rocket Money assists users in tracking their expenditures, managing subscriptions, and negotiating cheaper prices.
How does Rocket Money save money on bills?
It bargains for reduced prices on cable and internet services. If successful, consumers pay a one-time success fee equal to 30 to 60 percent of the annual savings.
Is Rocket Money free?
Yes, there is a free version of Rocket Money. However, the majority of advanced features—like unlimited budgeting and bill negotiation—require a Premium subscription, which costs $3 to $12 per month.
Is Rocket Money safe to use?
Yes, Rocket Money encrypts all data and connects to bank accounts securely using Plaid.
Can I cancel Rocket Money Premium easily?
There are several steps involved in cancelling Premium, including getting in touch with their support staff. Additional cancellation procedures might be necessary for savings accounts and pending bill negotiations.