Choosing the right budgeting app can feel overwhelming, but Rocket Money consistently ranks high on recommendation lists. Formerly known as Truebill, Rocket Money earned CNET’s Editors’ Choice award in 2024 for its user-friendly interface, robust features, and affordability. As you explore your options, a key question likely arises: Is Rocket Money Free?
This article delves into the pricing structure of Rocket Money, dissecting what you get with the free version versus the premium subscription. We’ll explore the features available at each tier, helping you determine if Rocket Money’s free offering meets your needs or if upgrading to premium is a worthwhile investment for your financial journey.
Rocket Money: Exploring the Free and Premium Features
Rocket Money operates on a freemium model, meaning it offers both a free version and a premium subscription with enhanced features. Understanding the distinctions between these tiers is crucial to deciding if Rocket Money is the right budgeting tool for you, and whether the “free” aspect truly delivers the value you seek.
What Does the Free Version of Rocket Money Offer?
The free version of Rocket Money provides a solid foundation for budgeting and expense tracking. It’s designed to give users a taste of the app’s capabilities without any financial commitment. Here’s a breakdown of what you can expect from Rocket Money’s free tier:
- Expense Tracking: At its core, free Rocket Money allows you to connect your bank and credit card accounts to monitor your income and spending. The app automatically categorizes transactions, saving you the manual labor of sorting through your financial data. This automatic categorization is a significant time-saver for anyone new to budgeting or looking for a streamlined approach.
- Budgeting Basics: You can set spending goals within broad categories and track your progress throughout the month. This helps you visualize where your money is going and identify potential areas for adjustment. While the free version offers basic budgeting functions, it’s important to note that customization is limited.
- Subscription Cancellation Service (with limitations): One of Rocket Money’s standout features, subscription cancellation, is available to free users, but it’s not fully comprehensive. You can identify and cancel subscriptions through the app, but some advanced cancellation support might be reserved for premium members.
- Bill Negotiation Service (with fees): Even free users can access Rocket Money’s bill negotiation service. This feature allows Rocket Money to contact your service providers (like internet or phone companies) to attempt to lower your bills. However, it’s crucial to understand that this service comes with a contingency fee. If Rocket Money successfully lowers your bill, you’ll pay a percentage of your first year’s savings as a fee.
- Credit Score Monitoring: The free version includes credit score viewing, allowing you to keep an eye on your credit health. This is a valuable feature for understanding your overall financial standing, though deeper credit report analysis is part of the premium offering.
- Net Worth Tracking: You can get a basic overview of your net worth by linking your assets and liabilities, but the free version’s net worth tracking is less detailed compared to the premium version.
While the free version of Rocket Money provides valuable tools for basic budgeting and expense monitoring, its limitations become apparent when you seek more advanced features and customization.
Unlocking Premium Features: What Does Rocket Money Premium Cost and Include?
For users seeking a more comprehensive budgeting experience, Rocket Money Premium unlocks a range of advanced tools and features. The pricing structure for Rocket Money Premium is unique, operating on a “pay-what-you-can” model within a range of $6 to $12 per month, billed annually or monthly. Regardless of the amount you choose to pay within this range, you gain access to the full suite of premium features.
Here’s what upgrading to Rocket Money Premium brings:
- Customizable Budget Categories: Go beyond the standard categories and create personalized budget categories that align precisely with your spending habits and financial goals. This level of customization offers greater control and insight into your budget.
- Automated Savings: Set up automated transfers to Rocket Money’s Smart Savings account, making saving effortless and consistent. You can establish savings goals and schedule recurring transfers to build your savings automatically. These Smart Savings accounts are held with an FDIC-insured partner bank, ensuring your funds are secure up to $250,000 per account holder.
- Advanced Credit Monitoring and Reports: Premium users gain access to credit reports and net worth tracking tools, offering a more in-depth view of their financial health beyond just a credit score.
- Smart Recommendations and Insights: Rocket Money Premium provides personalized insights and recommendations based on your spending patterns, helping you identify opportunities to save money and optimize your financial strategy.
- Priority Customer Support: Premium members often receive priority access to customer support, ensuring quicker assistance when needed.
Considering the features offered in the premium tier, the cost of Rocket Money Premium can be seen as quite affordable compared to other budgeting apps with similar functionalities. The “pay-what-you-can” model adds a layer of flexibility, allowing users to choose a price point that aligns with their budget while accessing the full premium experience.
Is Rocket Money Safe and Legit?
Regardless of whether you opt for the free or premium version, a crucial consideration is the security and legitimacy of the Rocket Money app. The good news is that Rocket Money employs robust security measures to protect your financial data.
- Encryption: Rocket Money utilizes 256-bit encryption, the same level of security used by many banks, to safeguard your information.
- Plaid Integration: Rocket Money partners with Plaid, a reputable payment network, to securely link to your financial accounts. This means Rocket Money doesn’t store your direct login credentials, adding an extra layer of security.
- FDIC Insurance: For users utilizing the Smart Savings account feature within the premium version, funds are held in FDIC-insured partner banks, providing insurance coverage up to $250,000 per account holder.
Rocket Money is a legitimate budgeting app with a strong track record and positive user reviews. It boasts a 4.4-star rating on Trustpilot and accreditation from the Better Business Bureau, further solidifying its credibility.
Who is Rocket Money Best Suited For?
Rocket Money caters to a broad spectrum of users, from those new to budgeting to individuals seeking more advanced financial management tools.
Rocket Money Free is ideal for:
- Individuals seeking basic expense tracking and budgeting without any upfront cost.
- Users who want to try out a budgeting app and explore its core functionalities before committing to a paid subscription.
- Those primarily interested in subscription cancellation and basic bill negotiation services (while understanding the associated fees).
Rocket Money Premium is well-suited for:
- Users who desire customizable budgeting categories and automated savings features.
- Individuals seeking in-depth credit monitoring, credit reports, and net worth tracking.
- Those who appreciate personalized financial insights and recommendations to optimize their money management.
- Users who find the $6 to $12 per month price point affordable for a comprehensive suite of budgeting tools.
Rocket Money Alternatives
While Rocket Money is a strong contender in the budgeting app arena, exploring alternatives can ensure you find the perfect fit for your unique needs. Some popular Rocket Money alternatives include:
- Mint (now Intuit Credit Karma): Formerly a widely-used free budgeting app, Mint transitioned to Intuit Credit Karma. It offers budgeting, credit score monitoring, and investment tracking.
- YNAB (You Need A Budget): A zero-based budgeting app known for its envelope budgeting system and focus on proactive money management. YNAB is a paid subscription service.
- EveryDollar: Created by Dave Ramsey, EveryDollar emphasizes zero-based budgeting and helps users allocate every dollar. A free version with basic budgeting is available, with a paid version (EveryDollar Plus) unlocking premium features.
- PocketGuard: Another budgeting app offering both free and paid versions, PocketGuard focuses on simplicity and helps users track spending, set budgets, and save money.
Final Verdict: Is Rocket Money’s Free Version Enough?
Ultimately, whether Rocket Money’s free version is sufficient depends on your individual budgeting needs and financial goals. The free tier provides a valuable entry point into budgeting, offering essential expense tracking and basic budgeting tools. For many users, especially those new to budgeting apps or seeking a simple solution, Rocket Money Free can be a powerful and cost-effective tool.
However, if you crave advanced features like customizable categories, automated savings, and in-depth financial insights, Rocket Money Premium offers significant value for its affordable price range. The “pay-what-you-can” model makes premium accessible to a wide range of users, allowing you to unlock the full potential of Rocket Money without breaking the bank.
Before making a decision, consider trying out the free version of Rocket Money to experience its interface and core features firsthand. This hands-on approach will help you determine if the free version meets your needs or if upgrading to premium is the right step to elevate your financial management.
