Are you curious about Rocket Money’s monthly cost and whether it’s a worthwhile investment for managing your finances? At money-central.com, we’ll break down Rocket Money’s pricing structure and explore its features to help you decide if it’s the right tool for your money management needs, offering insights into budgeting, expense tracking, and subscription cancellation. Unlock financial clarity and discover how Rocket Money can potentially save you money each month while keeping your finances in check.
1. What Is Rocket Money and How Can It Help Me?
Rocket Money is a personal finance app designed to help you track your spending, manage your budget, and identify potential savings, including subscription costs.
Rocket Money, previously known as BillGuard, is a comprehensive tool designed to give you a clearer picture of your financial health. It connects to your bank accounts and credit cards to automatically track your income and expenses, categorize transactions, and identify recurring subscriptions. According to a survey by CNET, many Americans are re-evaluating their subscriptions due to economic concerns, highlighting the importance of tools like Rocket Money. The app’s key features include budgeting tools, goal setting, and subscription management, all aimed at helping you take control of your financial life. Consider exploring the resources available at money-central.com for more insights into budgeting strategies and financial planning.
2. How Much Does Rocket Money Cost Per Month?
Rocket Money offers both free and premium (paid) versions. The premium version has a flexible pricing structure.
The free version of Rocket Money provides basic budgeting and expense tracking features, while the premium version unlocks additional capabilities such as subscription cancellation, bill negotiation, and personalized financial advice. The cost of Rocket Money Premium varies, with users able to choose a monthly fee between $6 and $12. This flexible pricing model allows you to select a price point that aligns with your budget and the value you expect to receive from the service. The decision to upgrade to Rocket Money Premium often depends on your specific financial needs and goals.
3. What Features Do I Get With Rocket Money Premium?
Rocket Money Premium offers a range of features designed to help you save money and manage your finances more effectively.
Rocket Money Premium includes several advanced tools, such as automated subscription cancellation, which identifies and cancels unwanted subscriptions on your behalf, and bill negotiation, where Rocket Money negotiates lower rates on your bills. Other features include detailed financial reports, personalized insights, and priority customer support. The subscription cancellation feature can be particularly valuable, as many people unknowingly waste money on subscriptions they no longer use or need.
4. Is Rocket Money Premium Worth The Cost?
Whether Rocket Money Premium is worth the cost depends on your financial situation, spending habits, and how much you value the extra features.
To determine if Rocket Money Premium is worth the investment, consider how much you could potentially save by using its advanced features. If you have multiple subscriptions that you want to cancel or bills that you believe can be negotiated lower, the savings could easily offset the monthly cost of the premium version. For example, the author of the article saved over $400 in 15 minutes using Rocket Money to cancel unwanted subscriptions. Additionally, if you value personalized financial advice and detailed insights into your spending habits, Rocket Money Premium may be a worthwhile investment.
Factors to consider when deciding if Rocket Money Premium is worth it:
| Factor | Description |
|---|---|
| Subscription Savings | Potential savings from canceling unwanted subscriptions. |
| Bill Negotiation Savings | Potential savings from negotiating lower rates on your bills. |
| Value of Financial Insights | The value you place on detailed financial reports and personalized insights. |
| Customer Support Preference | The importance of priority customer support. |
| Budgeting and Goal Setting | How much you value the budgeting and goal-setting tools to manage your finances effectively. |
5. How Does Rocket Money Find Unwanted Subscriptions?
Rocket Money scans your bank and credit card statements to identify recurring charges that may be subscriptions.
Rocket Money connects to your financial accounts and analyzes transaction data to identify recurring payments. It then presents you with a list of your subscriptions, allowing you to easily see which ones you’re paying for each month. This feature can help you uncover subscriptions you may have forgotten about or no longer use, providing an opportunity to cancel them and save money. The app also categorizes these subscriptions, giving you a clear overview of where your money is going.
A close up of the Rocket Money App identifying subscriptions and how much is spent annually.
6. How Does Rocket Money Cancel Subscriptions For Me?
With your permission, Rocket Money can act as your agent and cancel subscriptions on your behalf.
Rocket Money’s subscription cancellation service streamlines the process of ending unwanted subscriptions. Once you identify a subscription you want to cancel, Rocket Money will contact the service provider on your behalf and request cancellation. The app will then notify you once the cancellation is confirmed. This feature saves you time and effort by eliminating the need to contact each service provider individually, making it easier to cut unnecessary expenses.
7. Can I Cancel Subscriptions Myself Using Rocket Money’s Free Version?
Rocket Money’s free version identifies your subscriptions, but you’ll need to cancel them manually.
The free version of Rocket Money allows you to see all your subscriptions in one place, providing a clear overview of your recurring expenses. However, the actual cancellation process must be done manually by contacting each service provider yourself. While this requires more effort, the free version still offers valuable insights into your spending habits and helps you identify potential savings opportunities.
8. What Other Budgeting Apps Can Help Me Save Money?
Several budgeting apps, like Mint, YNAB (You Need a Budget), and Personal Capital, offer similar features to Rocket Money.
In addition to Rocket Money, other budgeting apps can help you track your spending and identify savings opportunities. Mint is a free app that offers budgeting, expense tracking, and bill payment features. YNAB uses a zero-based budgeting approach to help you allocate every dollar you earn. Personal Capital focuses on investment tracking and financial planning. Each app has its own strengths and weaknesses, so it’s important to choose one that aligns with your specific needs and preferences.
Comparison of Budgeting Apps:
| App | Cost | Key Features |
|---|---|---|
| Rocket Money | Free/Paid | Subscription cancellation, bill negotiation, budgeting, expense tracking |
| Mint | Free | Budgeting, expense tracking, bill payment |
| YNAB | Paid | Zero-based budgeting, goal setting, expense tracking |
| Personal Capital | Free/Paid | Investment tracking, financial planning, net worth analysis |
9. Does Rocket Money Offer Bill Negotiation Services?
Yes, Rocket Money can negotiate lower rates on your internet, phone, and other bills.
Rocket Money’s bill negotiation service aims to lower your monthly expenses by negotiating better rates on your bills. The app analyzes your bills and then contacts service providers on your behalf to negotiate lower rates. If Rocket Money is successful in lowering your bills, you’ll pay a percentage of the savings as a fee. This service can be particularly helpful if you don’t have the time or expertise to negotiate bills yourself. However, be aware of the fee structure and ensure that the potential savings outweigh the cost.
An IPhone screenshot of Rocket Money negotiating lower bills
10. What Are Some Alternatives To Using Rocket Money?
You can manually track your spending, negotiate bills, and cancel subscriptions to save money.
If you prefer not to use a budgeting app like Rocket Money, there are alternative ways to manage your finances and save money. You can manually track your spending using a spreadsheet or notebook, negotiate bills by contacting service providers directly, and cancel subscriptions by contacting each company individually. While these methods require more effort, they can be effective for those who prefer a hands-on approach to managing their finances. Additionally, explore the resources available at money-central.com for valuable tips on budgeting and financial planning.
11. How Can I Maximize My Savings With or Without Rocket Money?
Regularly review your budget, take advantage of complimentary subscriptions, and visit your local library to save money.
Whether you use Rocket Money or prefer to manage your finances manually, there are several strategies you can use to maximize your savings. Regularly reviewing your budget can help you identify areas where you can cut back spending. Taking advantage of complimentary subscriptions offered by services like Walmart Plus and Amazon Prime can save you money on entertainment. Visiting your local library can provide free access to books, magazines, and movies. Additionally, consider threatening to cancel subscriptions to negotiate a lower rate.
12. How Secure Is Rocket Money?
Rocket Money uses encryption and other security measures to protect your financial data.
Security is a top priority when using any financial app, and Rocket Money employs various measures to protect your data. The app uses encryption to secure your financial information and employs multi-factor authentication to prevent unauthorized access. Rocket Money also undergoes regular security audits to ensure its systems are up-to-date and protected against potential threats. However, it’s important to note that no app is completely immune to security breaches, so it’s essential to use strong, unique passwords and monitor your accounts regularly for any suspicious activity.
13. What Should I Do If I Have Trouble Canceling A Subscription?
Contact Rocket Money’s customer support or reach out to the subscription provider directly for assistance.
If you encounter issues canceling a subscription through Rocket Money, there are several steps you can take. First, contact Rocket Money’s customer support team for assistance. They may be able to help resolve the issue or provide guidance on how to proceed. If you’re unable to cancel the subscription through Rocket Money, contact the subscription provider directly. Explain your situation and request cancellation. Keep records of all communication and any cancellation confirmation you receive.
14. Can Rocket Money Help Improve My Credit Score?
Rocket Money itself doesn’t directly improve your credit score, but it can help you manage your finances and avoid late payments.
While Rocket Money doesn’t directly impact your credit score, it can indirectly help you improve it by providing tools to manage your finances effectively. By tracking your spending, setting a budget, and identifying potential savings, you can avoid overspending and ensure you have enough money to pay your bills on time. Paying your bills on time is crucial for maintaining a good credit score. Additionally, Rocket Money’s bill negotiation service can help lower your monthly expenses, freeing up more money to pay down debt and improve your credit utilization ratio.
15. Where Can I Find More Financial Advice And Resources?
Money-central.com offers a wealth of articles, tools, and resources to help you manage your finances.
For more comprehensive financial advice and resources, visit money-central.com. Our website offers a wide range of articles, guides, and tools to help you manage your finances effectively. Whether you’re looking for tips on budgeting, saving, investing, or debt management, you’ll find valuable information to help you achieve your financial goals. We also offer personalized financial advice and connect you with experienced financial advisors who can provide tailored guidance based on your specific needs and circumstances. Address: 44 West Fourth Street, New York, NY 10012, United States. Phone: +1 (212) 998-0000. Website: money-central.com.
A person calculating expensesNavigating the world of personal finance can be overwhelming, but with the right tools and knowledge, you can take control of your financial future. Whether you choose to use Rocket Money or explore other budgeting apps and strategies, remember that the key to success is consistent effort and a commitment to achieving your financial goals.
Ready to take control of your finances? Visit money-central.com today to explore our comprehensive resources, use our powerful financial tools, and connect with expert advisors. Start your journey towards financial freedom now!
