Rocket Money Review 2024: Budget and Save Money

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Rocket money is a financial management platform that helps you track everything from your budget to your net worth in a single place. Additionally, the app offers premium features that help you reduce your expenses by negotiating bills and canceling unused subscriptions.

Managing your money can sometimes feel like financial gymnastics. If you're tired of searching through multiple accounts to see where you stand financially, then a consolidated finance app like Rocket Money could be the right solution.

If a streamlined money management solution sounds tempting, read on to find out if Rocket Money is right for you.

• Robust financial management app that includes budgeting and automated savings tools.
• Although there is a free version, you have to pay for the premium version to unlock most features.
• You can enlist the help of Rocket Money to negotiate your bills and cancel unused subscriptions.

What is rocket money?

Rocket Money was originally founded in 2015 as Truebill by three brothers – Yahya Mokhtarzada, Haroon Mokhtarzada and Idris Mokhtarzada. It was acquired by Rocket Companies in 2022 and rebranded from Truebill to Rocket Money.

Their goal was to create a comprehensive financial empowerment tool, and initially they focused on subscription cancellation and billing management. Today it is a full-fledged budgeting app.

Rocket Money was named the best subscription cancellation app in our annual list of the best budgeting apps.

What does it offer?

Let's take a closer look at what you can expect from Rocket Money.

Create a budget

A financial management tool wouldn't be complete without a budgeting feature, and Rocket Money delivers it.

When you connect your accounts, Rocket Money provides a spending breakdown to see where your money went. From there, you can set goals for key spending categories. Once you start spending, Rocket Money sends notifications to let you know if you're getting close to your spending goals.

Another option is to have Rocket Money automatically determine how much you can safely spend each month. It analyzes your transactions using AI and can tell you how much you can spend. With this number in mind, you can spend money without fear of derailing your financial goals.

Track your expenses

Rocket Money allows you to connect multiple accounts, such as checking accounts and credit cards. Once your accounts are connected, the app automatically tracks your transactions.

After looking at the data, Rocket Money will show you categories where you tend to overspend. You can use the heads-up to curb your spending in certain areas.

It's likely that the heads-up will confirm something you already know. Still, it's helpful to get the hint, especially if you didn't know it was a problem beforehand. For example, Rocket Money could indicate that you're spending too much on takeout. Although you may already know this, remembering it can help you commit to making a change.

Automate your savings

Saving money is a foundation for a bright financial future. Although most of us know that saving money is important, saving money can be easier said than done. If you're having trouble saving, you can use Rocket Money to automate your savings strategy.

It works by selecting a savings goal and preferred savings frequency. From there, Rocket Money determines the optimal time to save and automatically transfers the money to an FDIC-insured savings account. Of course, you can pause the process at any time or have your new savings paid out.

Monitor your assets

Your net worth is an important indicator of your financial health. However, taking the time to manually add up all of your assets and liabilities can be a bit tedious. Rocket Money automatically does the calculation for you.

When you log in to Rocket Money, you can see a quick overview of your finances. To use this feature, you must link your assets. For example, you can connect your 401(k) or taxable brokerage account. But you also have the option to add other unique assets, such as artwork or anything else you've invested in.

Track your credit score

Rocket Money offers you the ability to track your credit score within the platform. Not only do you have access to your credit score, but you can also see a breakdown of your credit history to understand why your credit score is the way it is.

If your credit score changes, Rocket Money will send you updates. Before you apply for a new credit account, you can use this tool to make sure your credit is where you need it.

Reduce your bills

Rocket Money offers help reducing your bills through negotiation and subscription cancellation services.

With Rocket Money Premium, you can simply click on a recurring subscription, select “Cancel Service,” and Rocket Money will cancel the service for you. Refunds for overdraft fees or late payment interest are also automatically requested. Although you may not get the refund, people who rarely overdraw or rarely pay late can find out they have a fee waived with a simple request.

In addition to canceling subscriptions, you can use Rocket Money to negotiate your bills. To have Rocket Money lower your bill, upload a copy of your most recent bill to one of the service providers or connect directly to your online account. You then provide information about the service you are already receiving.

After that, Rocket Money will negotiate a lower interest rate for you. Often they will help you complete a promotional plan, reduce bogus fees, or simply lower the price. On average, Rocket Money saves its customers around 20% on their existing telecom plans through its negotiation techniques.

When Rocket Money negotiates for you, it charges 40% of the annual savings. That means if you save $100 a year, Rocket Money will charge you $40 to negotiate for you. This payment is due immediately (so you actually lose money in the first month). But in the long run you will save money.

Are there any fees?

Rocket Money offers a free version and a paid version.

The paid version costs between $4 and $12 per month. With the Premium Membership you get access to all the features Rocket Money has to offer.

Free membership is more limited. Free users can only create two budgets and view their credit score. If you choose to use it for free, you will not be able to share your account with anyone else, take advantage of smart savings tools, track your net worth, or access bill cancellation support.

How does Rocket Money compare?

Rocket Money isn't the only app to help you manage your finances. This is how it stacks up.

YNAB, or You Need A Budget, is another popular budgeting app. The platform focuses heavily on creating a budget and using every dollar you earn towards a job. When using YNAB, the goal is to break the paycheck-to-paycheck cycle and never be surprised by hidden expenses again. However, you cannot track your investments. YNAB costs $99 per year or $14.99 per month.

If you're more interested in your overall financial picture, including a budget and your net worth, Empower could be a good option. It offers a free way to track your income and spending habits. While the financial advisory firm calls you to sell its investment services, you can ignore the sales pitch and continue using its free budgeting and investment tracking tools.

How do I open an account?

If you want to open an account with Rocket Money, first download the app or go to the desktop version of the tool. You will be asked to provide your name and email address.

You will also be asked to share something about your financial situation, e.g. B. What you need help with and what timeline you have in mind for your ultimate financial goal. The setup process includes answering a few more questions, such as your home ownership status, your marital status, whether or not you have children, and how you currently manage your money.

From there, you'll be asked to like your checking account and credit cards. Overall the process took a few minutes.

How do I contact Rocket Money?

You can contact Rocket Money by sending an email to support@rocketmoney.com or chatting with the support team. The team is available weekdays from 9:00 a.m. to 8:00 p.m. EST. Importantly, there is no telephone support option.

The app has received a rating of 4.6 out of 5 stars from Trustpilot. It has also received 4.3 out of 5 stars on both the Google Play Store and Apple App Store and is rewarded by thousands of satisfied users. Based on the positive feedback, you can expect a good experience with Rocket Money.

Is it safe and secure?

Rocket Money uses bank-level 256-bit encryption to protect your financial information. Additionally, when you log in to the mobile app, you will be asked to enter your password or provide biometric proof of your identity.

Is it worth it?

Rocket Money is a robust tool for anyone looking for a streamlined way to monitor their financial data. Getting a bird's eye view of your money can help you see the bigger picture of your financial situation. And you have the chance to use this information to steer your finances in a positive direction.

I think Rocket Money is particularly useful for budgeters who want to be notified when they're close to reaching their spending limit in a specific category. Also for anyone who wants to avoid bills without having to deal with the specific processes of different subscription services. But Rocket Money may not be right for you if you're comfortable calling your subscription service providers to cancel yourself.

If you think Rocket Money isn't the right solution, check out these other top budgeting apps.

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