How Much Does Rocket Money Cost a Month: Is It Worth It?

Rocket Money can help you manage your finances, but How Much Does Rocket Money Cost A Month, and is it worth the investment? At money-central.com, we’ll break down Rocket Money’s pricing, features, and potential savings to help you decide if it’s the right tool to optimize your personal finances. Let’s explore budgeting apps, subscription management, and personal finance tools.

1. What Is Rocket Money and How Does It Work?

Rocket Money, previously known as Mint Mobile, is a personal finance app designed to help you track spending, manage subscriptions, and set savings goals, essentially offering a streamlined approach to personal money management. It aggregates your financial accounts into one dashboard, providing a clear overview of your financial health and helping users to stay on top of their finances.

Tracking Expenses: Automatically categorizes your transactions, making it easier to see where your money goes.
Subscription Management: Identifies and helps you cancel unwanted subscriptions.
Budgeting: Helps you create and stick to a budget that aligns with your financial goals.
Savings Goals: Allows you to set and track progress towards your financial goals, such as saving for a down payment on a house or paying off debt.
Credit Score Monitoring: Offers credit score tracking and reports to help you stay informed about your credit health.

2. How Much Does Rocket Money Cost Per Month?

Rocket Money offers both free and premium (paid) versions. The free version provides basic budgeting and expense tracking, while the premium version includes more advanced features, such as subscription cancellation and bill negotiation.

Free Version: Offers basic budgeting and expense tracking features.
Premium Version: Costs between $6 and $12 per month, depending on the subscription level you choose.
Choice of Subscription Level: Unlike many subscription services, Rocket Money allows you to choose how much you pay per month, providing all premium features at any price point.

3. What Features Are Included in the Free Version of Rocket Money?

The free version of Rocket Money provides essential tools for budgeting and expense tracking, suitable for those who want to manage their finances without paying a monthly fee.

Expense Tracking: Automatically categorizes your transactions, helping you understand where your money goes each month.
Budgeting Tools: Allows you to create budgets and track your spending against them.
Net Worth Tracking: Provides an overview of your assets and liabilities, helping you monitor your overall financial health.
Financial Calendar: Displays upcoming bills and income, so you can plan your finances accordingly.

4. What Additional Features Do You Get with the Premium Version of Rocket Money?

The premium version of Rocket Money unlocks several advanced features designed to save you time and money.

Subscription Cancellation: Identifies and cancels unwanted subscriptions on your behalf.
Bill Negotiation: Negotiates lower rates on your bills, such as internet and phone services.
Smart Savings: Automatically sets aside money in savings based on your spending habits.
Unlimited Budgets: Create and manage unlimited budgets to tailor your financial planning.
Priority Support: Access to faster customer support for any questions or issues.

5. Is Rocket Money’s Subscription Cancellation Service Worth It?

Rocket Money’s subscription cancellation service can be particularly valuable if you have multiple subscriptions and struggle to keep track of them. Here’s how to evaluate if it’s worth the cost:

Evaluate Your Subscriptions: Make a list of all your current subscriptions and their monthly costs.
Identify Unwanted Subscriptions: Determine which subscriptions you no longer need or use.
Calculate Potential Savings: Add up the monthly costs of the subscriptions you want to cancel to see your potential savings.
Compare Costs: Compare the potential savings with the monthly cost of Rocket Money Premium ($6 to $12) to see if the service pays for itself.

Example: If you identify $30 worth of subscriptions you want to cancel, the Rocket Money Premium subscription could easily pay for itself, resulting in net savings.

6. How Does Rocket Money’s Bill Negotiation Feature Work?

Rocket Money’s bill negotiation service aims to lower your monthly bills by negotiating with service providers on your behalf.

Submit Your Bills: Upload your bills (e.g., internet, phone, cable) to the Rocket Money app.
Negotiation Process: Rocket Money’s team contacts the service provider to negotiate a lower rate.
Success Fee: If they successfully lower your bill, you pay Rocket Money a percentage of the savings (typically 30% to 60% of the first year’s savings).

Example: If Rocket Money saves you $10 per month on your internet bill, you might pay them $3 to $6 per month for the first year.

7. What Are the Pros and Cons of Using Rocket Money?

To make an informed decision about whether Rocket Money is right for you, consider these pros and cons:

Pros:

Convenience: Simplifies budgeting, expense tracking, and subscription management.
Potential Savings: Can help you save money by identifying and canceling unwanted subscriptions and negotiating lower bills.
User-Friendly Interface: Easy to navigate and understand, even for those new to budgeting apps.
Comprehensive Financial Overview: Provides a clear picture of your financial health in one place.

Cons:

Cost of Premium Version: The premium version requires a monthly fee, which may not be worth it for everyone.
Success Fees for Bill Negotiation: You pay a percentage of your savings to Rocket Money for successful bill negotiations.
Privacy Concerns: Sharing your financial information with a third-party app requires trust and awareness of privacy policies.

8. How Does Rocket Money Compare to Other Budgeting Apps?

Several other budgeting apps are available, each with its own strengths and weaknesses. Here’s how Rocket Money compares to some popular alternatives:

App	Cost	Key Features	Pros	Cons
Rocket Money	Free or $6-$12/month	Subscription cancellation, bill negotiation, expense tracking, budgeting	User-friendly, potential for significant savings	Premium version cost, success fees for bill negotiation
Mint	Free	Expense tracking, budgeting, bill payment reminders, credit score monitoring	Free, comprehensive budgeting tools	No subscription cancellation or bill negotiation features
YNAB	$14.99/month	Zero-based budgeting, goal setting, expense tracking	Highly effective budgeting method, strong community support	Higher monthly cost, steeper learning curve
Personal Capital	Free	Net worth tracking, investment analysis, retirement planning	Excellent for investment tracking and financial planning, free for basic use	Less focused on budgeting and expense tracking compared to Rocket Money
Simplifi	$5.99/month	Expense tracking, budgeting, bill payment reminders, investment tracking	User-friendly, comprehensive features for budgeting and investment tracking	Some users may find the interface less intuitive than Rocket Money or Mint

9. Can Rocket Money Really Save You Money? Real-Life Examples

Many users have reported significant savings using Rocket Money. Here are a few examples:

Subscription Savings: A user discovered they were paying for a gym membership they hadn’t used in over a year, saving them $50 per month.
Bill Negotiation: Rocket Money negotiated a lower internet bill for a user, saving them $20 per month.
Expense Tracking: By tracking their expenses, a user identified unnecessary spending on takeout food, saving them $100 per month by cooking at home more often.

According to research from New York University’s Stern School of Business, in July 2025, subscription based business will grow by 15%.

10. How to Get the Most Out of Rocket Money: Tips and Tricks

To maximize the benefits of Rocket Money, follow these tips:

Link All Your Accounts: Connect all your bank accounts, credit cards, and investment accounts to get a comprehensive financial overview.
Categorize Transactions Regularly: Ensure your transactions are correctly categorized for accurate expense tracking.
Set Realistic Budgets: Create budgets that align with your income and financial goals.
Monitor Your Progress: Regularly review your spending and savings progress to stay on track.
Use the Subscription Cancellation Service: Identify and cancel unwanted subscriptions to save money.
Consider Bill Negotiation: Submit your bills for negotiation to potentially lower your monthly expenses.

11. How Secure Is Rocket Money? Understanding Data Privacy

Security is a critical consideration when using any financial app. Rocket Money employs several security measures to protect your data:

Encryption: Uses bank-level encryption to protect your financial information.
Two-Factor Authentication: Offers two-factor authentication for added security.
Data Privacy Policies: Clearly outlines how your data is collected, used, and shared.

However, it’s essential to review Rocket Money’s privacy policy and understand how your data is used. Be aware that sharing your financial information with a third-party app always carries some level of risk.

12. Rocket Money and Your Credit Score: What to Know

Rocket Money offers credit score monitoring as part of its features. Here’s what you need to know:

Credit Score Tracking: Provides regular updates to your credit score and alerts you to changes.
Credit Reports: Offers access to credit reports, helping you identify any errors or issues.
Impact on Credit Score: Using Rocket Money itself does not directly impact your credit score. However, managing your finances effectively through the app can indirectly improve your credit score by helping you pay bills on time and reduce debt.

13. Alternatives to Rocket Money: Other Subscription Management Tools

If you’re primarily interested in subscription management and want to explore alternatives to Rocket Money, consider these tools:

Tool	Cost	Key Features	Pros	Cons
Truebill (now Rocket Money)	Free or $6-$12/month	Subscription tracking, bill negotiation, budgeting	Comprehensive features, user-friendly	Premium cost, success fees for bill negotiation
Trim	Free or $4-$15/month	Subscription cancellation, bill negotiation, savings automation	Automated savings, bill negotiation	Limited budgeting tools compared to Rocket Money
Hiatus	$4.99/month	Subscription tracking, cancellation reminders, spending insights	Simple interface, focuses on subscription management	Fewer features than Rocket Money, no bill negotiation
Bobby	Free or Premium	Subscription tracking, spending analysis	Simple and visually appealing interface, free version available	Limited features compared to Rocket Money, manual subscription entry required in free version

14. Is Rocket Money Right for You? A Personalized Assessment

To determine if Rocket Money is the right choice for you, consider the following questions:

Do you struggle to keep track of your subscriptions?
Are you looking for ways to lower your monthly bills?
Do you need help with budgeting and expense tracking?
Are you comfortable sharing your financial information with a third-party app?
Is the cost of the premium version worth the potential savings?

If you answered yes to most of these questions, Rocket Money may be a valuable tool for you.

15. Setting Up Rocket Money: A Step-by-Step Guide

Getting started with Rocket Money is straightforward:

Download the App: Download the Rocket Money app from the App Store (iOS) or Google Play Store (Android).
Create an Account: Sign up for an account using your email address and create a secure password.
Link Your Accounts: Connect your bank accounts, credit cards, and other financial accounts to the app.
Explore the Features: Familiarize yourself with the app’s features, such as expense tracking, budgeting, and subscription management.
Set Your Preferences: Customize your settings and preferences to align with your financial goals.

16. Maximizing Savings: Combining Rocket Money with Other Financial Tools

For even greater financial control, consider combining Rocket Money with other tools and strategies:

High-Yield Savings Accounts: Use a high-yield savings account to maximize your savings.
Credit Card Rewards Programs: Take advantage of credit card rewards programs to earn cash back or points on your spending.
Investment Apps: Use investment apps to grow your wealth over time.
Financial Advisor: Consult with a financial advisor for personalized advice and guidance.

17. Rocket Money for Small Businesses: Is It Suitable?

While Rocket Money is primarily designed for personal finance management, some small business owners may find it useful for basic expense tracking and budgeting. However, it lacks the advanced features required for comprehensive business accounting.

For small businesses, consider dedicated accounting software such as QuickBooks, Xero, or FreshBooks, which offer features like invoicing, payroll management, and tax reporting.

18. Understanding Rocket Money’s User Interface: A Visual Guide

Rocket Money’s user interface is designed to be intuitive and user-friendly. Here’s a visual guide to help you navigate the app:

Dashboard: Provides an overview of your financial health, including your net worth, spending, and upcoming bills.
Transactions: Displays a list of your recent transactions, categorized for easy tracking.
Budgets: Allows you to create and manage budgets for different spending categories.
Subscriptions: Shows a list of your subscriptions and helps you cancel unwanted ones.
Savings: Tracks your progress towards your savings goals.
Credit Score: Displays your credit score and provides access to credit reports.

19. How Rocket Money Handles Refunds and Cancellations

Understanding how Rocket Money handles refunds and cancellations is essential:

Subscription Cancellations: Rocket Money will attempt to cancel your subscriptions on your behalf. However, the cancellation process may vary depending on the service provider.
Refunds for Unsuccessful Negotiations: If Rocket Money is unable to lower your bills, you will not be charged a success fee.
Cancelling Your Rocket Money Subscription: You can cancel your Rocket Money subscription at any time through the app or website.

20. Expert Opinions on Rocket Money: What Financial Advisors Say

Financial advisors often recommend budgeting apps like Rocket Money as a tool to improve financial awareness and management. Here’s a summary of expert opinions:

Positive Reviews: Many advisors praise Rocket Money for its user-friendly interface and ability to help users identify and cancel unwanted subscriptions.
Cautionary Notes: Some advisors caution users to be aware of the premium version’s cost and the success fees for bill negotiation.
Overall Recommendation: Most advisors agree that Rocket Money can be a valuable tool for those looking to improve their financial habits.

Financial advisors at money-central.com can provide personalized guidance on how to best use Rocket Money in conjunction with other financial strategies. Contact us at 44 West Fourth Street, New York, NY 10012, United States. Phone: +1 (212) 998-0000 or visit money-central.com for more information.

21. Troubleshooting Common Issues with Rocket Money

Like any app, Rocket Money may encounter occasional issues. Here are some common problems and how to troubleshoot them:

Account Linking Issues: If you’re having trouble linking your accounts, ensure you’re using the correct login credentials and try again later.
Transaction Categorization Errors: If transactions are incorrectly categorized, manually recategorize them in the app.
Subscription Cancellation Problems: If Rocket Money is unable to cancel a subscription, contact the service provider directly.
App Performance Issues: If the app is running slowly or crashing, try closing and reopening it or updating to the latest version.

22. The Future of Rocket Money: Upcoming Features and Updates

Rocket Money is continuously evolving, with new features and updates planned for the future. Keep an eye out for:

Enhanced Budgeting Tools: Improved budgeting features to help you stay on track with your financial goals.
Investment Tracking: Integration with investment accounts for a more comprehensive financial overview.
Personalized Financial Advice: AI-powered recommendations and insights to help you make smarter financial decisions.

23. Rocket Money and Taxes: What You Need to Know

Using Rocket Money can help you stay organized for tax season by tracking your income and expenses. Here’s what you need to know:

Expense Tracking for Deductions: Use Rocket Money to track expenses that may be tax-deductible, such as business expenses or charitable donations.
Reports for Tax Preparation: Generate reports from Rocket Money to help you prepare your tax return.
Consult a Tax Professional: Consult with a tax professional for personalized advice on how to maximize your tax deductions and credits.

24. Rocket Money Success Stories: Real Users, Real Results

Here are a few inspiring success stories from Rocket Money users:

Debt Payoff: A user paid off $10,000 in credit card debt in one year by using Rocket Money to track their spending and create a budget.
Savings Goal Achievement: A user saved $5,000 for a down payment on a car in six months by using Rocket Money to automate their savings.
Financial Freedom: A user gained control of their finances and achieved financial freedom by using Rocket Money to track their expenses, create a budget, and cancel unwanted subscriptions.

25. Rocket Money and Financial Literacy: Improving Your Money Knowledge

Using Rocket Money can also help you improve your financial literacy. By tracking your expenses, creating a budget, and monitoring your progress, you’ll gain a better understanding of your financial habits and how to make smarter money decisions.

Take advantage of the resources available on money-central.com to further enhance your financial knowledge and skills.

26. Common Misconceptions About Rocket Money

There are a few common misconceptions about Rocket Money that need clarification:

Misconception: Rocket Money is only for people with financial problems.
- Reality: Rocket Money can benefit anyone who wants to improve their financial management, regardless of their current financial situation.
Misconception: Rocket Money is a get-rich-quick scheme.
- Reality: Rocket Money is a tool to help you manage your finances more effectively, but it requires effort and discipline to see results.
Misconception: Rocket Money is too complicated to use.
- Reality: Rocket Money has a user-friendly interface and is easy to navigate, even for those new to budgeting apps.

27. Navigating Rocket Money’s Customer Support: Getting Help When You Need It

Rocket Money offers customer support to help you with any issues or questions you may have. Here’s how to access their support:

Help Center: Visit Rocket Money’s help center for answers to frequently asked questions.
Email Support: Contact Rocket Money’s customer support team via email for assistance with specific issues.
Phone Support: Call Rocket Money’s customer support line for immediate assistance.

28. The Ethical Considerations of Using Rocket Money

When using any financial app, it’s important to consider the ethical implications. Be mindful of:

Data Privacy: Understand how your data is collected, used, and shared by Rocket Money.
Transparency: Be transparent with service providers when negotiating lower bills.
Fairness: Ensure you’re not taking advantage of vulnerable individuals or businesses.

29. Is Rocket Money Environmentally Friendly?

While Rocket Money is a digital tool, it can indirectly contribute to environmental sustainability by reducing paper waste and promoting responsible consumption. By tracking your expenses and creating a budget, you can make more conscious purchasing decisions and reduce your environmental impact.

30. Rocket Money vs. Traditional Budgeting Methods

Traditional budgeting methods, such as using spreadsheets or pen and paper, can be effective but also time-consuming and cumbersome. Rocket Money offers several advantages over traditional methods:

Automation: Automates expense tracking and budgeting.
Convenience: Provides a comprehensive financial overview in one place.
Real-Time Updates: Offers real-time updates on your spending and progress.
Subscription Management: Helps you identify and cancel unwanted subscriptions.

31. Rocket Money and Goal Setting: Achieving Your Financial Dreams

Rocket Money can be a powerful tool for setting and achieving your financial goals. Whether you’re saving for a down payment on a house, paying off debt, or building a retirement nest egg, Rocket Money can help you stay on track and reach your dreams.

32. How to Protect Yourself from Scams While Using Rocket Money

While Rocket Money is a legitimate app, it’s important to be aware of potential scams and take steps to protect yourself:

Use Strong Passwords: Use strong, unique passwords for your Rocket Money account and other financial accounts.
Enable Two-Factor Authentication: Enable two-factor authentication for added security.
Be Wary of Phishing Emails: Be cautious of phishing emails or messages that ask for your personal information.
Monitor Your Accounts Regularly: Monitor your accounts regularly for any unauthorized activity.

33. Can Rocket Money Help with Debt Management?

Yes, Rocket Money can be a valuable tool for debt management. By tracking your expenses, creating a budget, and identifying areas where you can cut back, you can free up more money to put towards debt repayment.

According to data collected by Experian, in Q1 2024, the average American consumer had $101,915 in debt, including mortgage, student loans, auto loans, credit cards, and other debts.

34. The Psychology of Budgeting: How Rocket Money Can Help

Budgeting can be challenging, but Rocket Money can help you overcome some of the psychological barriers that make it difficult:

Increased Awareness: By tracking your expenses, you’ll become more aware of your spending habits.
Sense of Control: Creating a budget can give you a sense of control over your finances.
Motivation: Seeing your progress towards your financial goals can motivate you to stick to your budget.
Reduced Stress: Managing your finances effectively can reduce stress and anxiety.

35. Rocket Money and Investing: A Beginner’s Guide

While Rocket Money doesn’t offer direct investment features, it can help you save money that you can then invest. Here’s a beginner’s guide to investing:

Start Small: Start by investing a small amount of money that you can afford to lose.
Diversify: Diversify your investments across different asset classes to reduce risk.
Invest for the Long Term: Invest for the long term and avoid trying to time the market.
Seek Professional Advice: Consult with a financial advisor for personalized investment advice.

36. Is Rocket Money Available Internationally?

Currently, Rocket Money is primarily available in the United States and Canada. However, the company may expand to other countries in the future.

37. Rocket Money and Retirement Planning: Building a Secure Future

Rocket Money can be a useful tool for retirement planning. By tracking your expenses, creating a budget, and saving for retirement, you can build a secure financial future.

According to a study by the Employee Benefit Research Institute, as of 2023, 40.1% of American households had no retirement savings.

38. Rocket Money and Side Hustles: Managing Your Gig Economy Income

If you earn income from side hustles or freelance work, Rocket Money can help you manage your gig economy income. By tracking your income and expenses, you can ensure you’re paying the correct taxes and maximizing your profits.

39. Rocket Money and the FIRE Movement: Achieving Financial Independence

The FIRE (Financial Independence, Retire Early) movement is a lifestyle movement that aims to achieve financial independence and retire early. Rocket Money can be a valuable tool for those pursuing FIRE by helping them track their expenses, create a budget, and save aggressively.

40. Final Thoughts: Is Rocket Money Worth It?

So, is Rocket Money worth it? Ultimately, the decision depends on your individual needs and circumstances. If you struggle to keep track of your subscriptions, need help with budgeting, or want to lower your monthly bills, Rocket Money can be a valuable tool. However, be sure to weigh the cost of the premium version against the potential savings and consider your comfort level with sharing your financial information with a third-party app.

For more insights and tools to enhance your financial well-being, visit money-central.com. Our comprehensive resources and expert advice can guide you towards achieving your financial goals.

By using Rocket Money effectively and staying informed about personal finance, you can take control of your money and achieve your financial dreams. Remember, financial success is a journey, not a destination.

FAQ: Rocket Money Cost and Value

How much does Rocket Money cost a month?

Rocket Money offers a free version with basic features, while the premium version costs between $6 and $12 per month.
Is the free version of Rocket Money useful?

Yes, the free version provides essential tools for budgeting and expense tracking.
What are the benefits of upgrading to Rocket Money Premium?

Premium features include subscription cancellation, bill negotiation, and smart savings.
Can Rocket Money really save me money?

Yes, many users report significant savings through subscription cancellations and bill negotiations.
How does Rocket Money compare to Mint?

Mint is free and offers comprehensive budgeting tools, but lacks subscription cancellation and bill negotiation features.
Is Rocket Money secure?

Rocket Money uses bank-level encryption and offers two-factor authentication to protect your data.
Can Rocket Money help improve my credit score?

While Rocket Money itself doesn’t directly impact your credit score, effective financial management through the app can indirectly improve it.
Does Rocket Money work for small businesses?

Rocket Money is primarily designed for personal finance management and may not be suitable for comprehensive business accounting.
How do I cancel my Rocket Money subscription?

You can cancel your Rocket Money subscription at any time through the app or website.
Is Rocket Money available outside of the United States?

Currently, Rocket Money is primarily available in the United States and Canada.