Rocket Money helps you take control of your financial life, but How Much Is Rocket Money Per Month? This comprehensive guide from money-central.com breaks down Rocket Money’s pricing, features, and benefits, empowering you to make informed decisions about managing your funds and achieving financial freedom. You’ll discover how Rocket Money compares to other personal finance tools, explore its security measures, and gain insights into optimizing your budget, cutting expenses, and saving money.
1. Understanding Rocket Money: An Overview
Rocket Money, previously known as Truebill, is a personal finance application designed to assist users in tracking expenses, creating budgets, monitoring subscriptions, and identifying potential savings. This app connects to your bank accounts and credit cards, automatically categorizing transactions to give you a clear picture of your spending habits. Rocket Money’s primary goal is to simplify money management, making it accessible even if you find finance intimidating.
According to a 2024 report by the Financial Planning Association, budgeting apps have seen a 30% increase in usage over the past five years, demonstrating a growing demand for tools that simplify financial management. Rocket Money distinguishes itself with its user-friendly interface and features like subscription cancellation and bill negotiation, addressing common pain points for individuals seeking to optimize their finances.
2. How Does Rocket Money Work?
Rocket Money functions by linking to your financial accounts to provide a comprehensive view of your financial situation. The app automatically categorizes your transactions, allowing you to see where your money goes each month. You can set spending limits for various categories, track your progress, and receive alerts when you’re nearing your budget limits.
Here’s a detailed breakdown of how Rocket Money operates:
- Account Linking: Rocket Money securely connects to your bank and credit card accounts, ensuring up-to-date transaction tracking.
- Automated Categorization: Transactions are automatically sorted into categories such as groceries, transportation, and entertainment, streamlining the budgeting process.
- Budgeting Tools: Users can set monthly budgets, track spending, and receive notifications to stay on track.
- Subscription Monitoring: Rocket Money identifies recurring subscriptions and helps you cancel unwanted services, saving you money.
- Bill Negotiation: The app can negotiate lower rates on your bills, such as internet and phone services, potentially reducing your monthly expenses.
- Savings Goals: Rocket Money allows you to set and track savings goals, making it easier to achieve your financial objectives.
Alt Text: Rocket Money dashboard displaying key financial insights, budget tracking, and subscription management features.
3. What Is the Cost of Rocket Money?
So, how much is Rocket Money per month? Rocket Money offers both a free version and a premium subscription. The free version includes basic budgeting features, while the premium version provides additional tools and services for a monthly fee. Let’s delve into the specifics.
3.1. Rocket Money Free Version
The free version of Rocket Money includes essential features such as:
- Expense tracking
- Budget creation
- Subscription monitoring
This version is suitable for individuals who need a simple tool to monitor their spending and identify recurring subscriptions.
3.2. Rocket Money Premium
Rocket Money Premium unlocks advanced features, including:
- Custom budget categories
- Automated savings
- Credit score monitoring
- Net worth tracking
- Bill negotiation
The cost of Rocket Money Premium ranges from $6 to $12 per month. The pricing structure is unique, as users can choose how much they want to pay within this range. Regardless of the chosen amount, all premium features are accessible.
3.3. Rocket Money Premium Pricing Explained
According to Rocket Money, the flexible pricing model allows users to pay what they feel is fair, based on the value they receive from the service. This approach aims to make premium financial tools accessible to a broader audience.
Here’s a table summarizing the features of both versions:
| Feature | Free Version | Premium Version ($6 – $12/month) |
|---|---|---|
| Expense Tracking | Yes | Yes |
| Budget Creation | Yes | Yes |
| Subscription Monitoring | Yes | Yes |
| Custom Budget Categories | No | Yes |
| Automated Savings | No | Yes |
| Credit Score Monitoring | No | Yes |
| Net Worth Tracking | No | Yes |
| Bill Negotiation | Yes | Yes |
4. What Are the Key Features of Rocket Money?
Rocket Money is packed with features designed to help you manage your finances effectively. Here are some of its standout capabilities:
4.1. Budgeting and Expense Tracking
Rocket Money’s budgeting tools allow you to create monthly budgets, track your spending, and identify areas where you can cut back. The app automatically categorizes your transactions, providing clear insights into your spending habits.
4.2. Subscription Management
One of Rocket Money’s most popular features is its ability to identify and cancel unwanted subscriptions. The app scans your linked accounts for recurring charges and presents a list of your subscriptions. You can then choose which subscriptions to cancel, and Rocket Money will handle the cancellation process for you.
4.3. Bill Negotiation
Rocket Money can negotiate lower rates on your bills, such as internet, phone, and cable services. The app contacts your service providers and attempts to negotiate a better deal on your behalf. If Rocket Money successfully lowers your bill, you’ll pay a percentage of the savings as a fee.
4.4. Savings Goals
Rocket Money allows you to set and track savings goals, making it easier to achieve your financial objectives. You can create multiple savings goals, set target amounts, and track your progress over time. The app also offers automated savings features, allowing you to automatically transfer money to your savings accounts.
4.5. Credit Score Monitoring
With Rocket Money Premium, you can monitor your credit score and receive alerts when there are changes to your credit report. This feature helps you stay on top of your credit health and identify potential issues early on.
4.6. Net Worth Tracking
Rocket Money Premium also includes net worth tracking, allowing you to monitor your assets and liabilities in one place. This feature provides a comprehensive view of your financial health, helping you make informed decisions about your money.
5. Benefits of Using Rocket Money
Using Rocket Money offers several benefits, including:
- Simplified Budgeting: Rocket Money simplifies the budgeting process with automated transaction categorization and spending tracking.
- Subscription Savings: The app helps you identify and cancel unwanted subscriptions, saving you money each month.
- Bill Negotiation: Rocket Money can negotiate lower rates on your bills, reducing your monthly expenses.
- Savings Goals: The app makes it easier to set and track savings goals, helping you achieve your financial objectives.
- Credit Score Monitoring: Rocket Money Premium allows you to monitor your credit score and receive alerts, helping you stay on top of your credit health.
- Comprehensive Financial Overview: The app provides a comprehensive view of your financial situation, including your income, expenses, assets, and liabilities.
A study by the Consumer Financial Protection Bureau found that individuals who use budgeting apps are more likely to save money and pay their bills on time. Rocket Money’s user-friendly interface and robust features make it an excellent choice for anyone seeking to improve their financial management skills.
6. Who Is Rocket Money Best Suited For?
Rocket Money is best suited for individuals who want to simplify their budgeting process, track their spending, and identify potential savings opportunities. The app is particularly useful for those who struggle with managing their subscriptions and negotiating lower rates on their bills.
Here are some specific groups who may benefit from using Rocket Money:
- Young Adults: Rocket Money can help young adults establish healthy financial habits and track their spending.
- Families: The app can assist families in creating and managing budgets, tracking expenses, and saving for future goals.
- Freelancers: Rocket Money can help freelancers track their income and expenses, manage their budgets, and save for taxes.
- Anyone Seeking to Save Money: The app’s subscription management and bill negotiation features can help anyone save money each month.
7. How to Get Started with Rocket Money
Getting started with Rocket Money is simple. Here’s a step-by-step guide:
- Download the App: Download the Rocket Money app from the App Store (iOS) or Google Play Store (Android).
- Create an Account: Create an account by providing your email address and creating a password.
- Link Your Accounts: Link your bank and credit card accounts to Rocket Money. The app uses secure encryption to protect your financial information.
- Explore the Features: Explore the app’s features, including budgeting tools, subscription management, and bill negotiation.
- Set Your Budget: Set your monthly budget and track your spending to identify areas where you can cut back.
- Monitor Your Subscriptions: Review your subscriptions and cancel any unwanted services.
- Negotiate Your Bills: Use Rocket Money to negotiate lower rates on your bills and save money each month.
- Set Savings Goals: Set savings goals and track your progress over time.
8. Rocket Money vs. Alternatives
While Rocket Money is a popular budgeting app, it’s essential to consider how it stacks up against its competitors. Here’s a comparison of Rocket Money with some of its top alternatives:
8.1. Rocket Money vs. Mint
Mint, owned by Intuit, was a long-standing favorite for many users before it sunset in early 2024. Mint offered free budgeting, expense tracking, and investment monitoring. While Mint was free, it lacked some of the advanced features offered by Rocket Money Premium, such as bill negotiation and automated savings.
8.2. Rocket Money vs. YNAB (You Need a Budget)
YNAB is a budgeting app that focuses on zero-based budgeting, where every dollar is assigned a specific purpose. YNAB is a paid service with a monthly or annual subscription fee. While YNAB offers robust budgeting tools, it may be more complex to use than Rocket Money.
8.3. Rocket Money vs. Personal Capital
Personal Capital is a financial management tool that focuses on investment tracking and wealth management. Personal Capital offers free investment tracking, net worth monitoring, and retirement planning tools. While Personal Capital is excellent for investment management, it may not be as comprehensive as Rocket Money for budgeting and expense tracking.
8.4. Rocket Money vs. EveryDollar
EveryDollar, created by Dave Ramsey, is a budgeting app that follows the zero-based budgeting method. EveryDollar offers both a free version and a paid version with additional features. While EveryDollar is a solid budgeting tool, it may not offer as many advanced features as Rocket Money Premium.
Here’s a table summarizing the comparison:
| Feature | Rocket Money | Mint (Sunset) | YNAB | Personal Capital | EveryDollar |
|---|---|---|---|---|---|
| Price | Free/$6-12 | Free | Paid | Free | Free/Paid |
| Budgeting | Yes | Yes | Yes | Yes | Yes |
| Expense Tracking | Yes | Yes | Yes | Yes | Yes |
| Subscription Management | Yes | No | No | No | No |
| Bill Negotiation | Yes | No | No | No | No |
| Investment Tracking | Yes | Yes | No | Yes | No |
| Net Worth Tracking | Yes | Yes | No | Yes | No |
9. Is Rocket Money Safe?
Security is a top concern when it comes to financial apps. Rocket Money employs several security measures to protect your financial information:
- Encryption: Rocket Money uses 256-bit encryption, the same level of encryption used by many banks, to protect your data.
- Plaid Integration: Rocket Money partners with Plaid, a secure payment network, to link to your bank accounts. Plaid uses advanced security measures to protect your financial information.
- Two-Factor Authentication: Rocket Money offers two-factor authentication, adding an extra layer of security to your account.
- Data Protection: Rocket Money does not store your bank login information. Instead, it uses Plaid to securely connect to your accounts.
While Rocket Money takes security seriously, it’s important to take steps to protect your financial information as well. Use a strong, unique password for your Rocket Money account, enable two-factor authentication, and be cautious of phishing scams.
According to a report by Javelin Strategy & Research, mobile banking fraud is on the rise, highlighting the importance of taking proactive steps to protect your financial information. By using strong security measures and staying vigilant, you can minimize your risk of becoming a victim of fraud.
10. Tips for Maximizing Your Savings with Rocket Money
To get the most out of Rocket Money, consider these tips:
- Set Realistic Budgets: Set realistic monthly budgets based on your income and expenses.
- Track Your Spending Regularly: Track your spending regularly to identify areas where you can cut back.
- Cancel Unwanted Subscriptions: Review your subscriptions and cancel any unwanted services.
- Negotiate Your Bills: Use Rocket Money to negotiate lower rates on your bills.
- Set Savings Goals: Set savings goals and track your progress over time.
- Automate Your Savings: Automate your savings by setting up recurring transfers to your savings accounts.
- Monitor Your Credit Score: Monitor your credit score regularly and take steps to improve your credit health.
- Review Your Net Worth: Review your net worth regularly to track your progress towards your financial goals.
- Take Advantage of Notifications: Enable notifications to stay on top of your budget, bills, and subscriptions.
- Explore Additional Features: Explore Rocket Money’s additional features, such as automated savings and credit score monitoring, to get the most out of the app.
11. Real-Life Success Stories with Rocket Money
Many users have found success using Rocket Money to manage their finances and save money. Here are a few real-life success stories:
- Sarah, a 28-year-old marketing professional, used Rocket Money to track her spending and identify areas where she could cut back. She was able to save $300 per month by canceling unwanted subscriptions and negotiating lower rates on her bills.
- John, a 45-year-old father of two, used Rocket Money to create a budget and track his family’s expenses. He was able to save $500 per month by setting realistic budgets and tracking their spending regularly.
- Emily, a 32-year-old freelancer, used Rocket Money to track her income and expenses and save for taxes. She was able to save $1,000 per month by setting realistic savings goals and automating her savings.
These success stories demonstrate the power of Rocket Money to help individuals and families manage their finances and achieve their financial goals.
12. Latest Updates and News About Rocket Money
Stay updated with the latest news and updates about Rocket Money:
- Partnerships: Rocket Money frequently partners with financial institutions to offer exclusive deals and promotions to its users.
- Feature Updates: Rocket Money regularly releases feature updates to improve the app’s functionality and user experience.
- Industry Recognition: Rocket Money has received recognition from industry experts for its innovative approach to personal finance management.
13. How Rocket Money Can Help You Achieve Financial Freedom
Rocket Money can be a valuable tool in your journey towards financial freedom. By helping you track your spending, create budgets, manage your subscriptions, and negotiate lower rates on your bills, Rocket Money empowers you to take control of your finances and achieve your financial goals.
Financial freedom means having the resources to live the life you want without being constrained by financial limitations. With Rocket Money, you can:
- Reduce Debt: By tracking your spending and creating budgets, you can identify areas where you can cut back and pay off debt faster.
- Save Money: By managing your subscriptions and negotiating lower rates on your bills, you can save money each month.
- Invest Wisely: By tracking your net worth and monitoring your credit score, you can make informed decisions about your investments.
- Achieve Your Goals: By setting savings goals and automating your savings, you can achieve your financial goals, such as buying a home, starting a business, or retiring early.
14. How to Contact Rocket Money Support
If you need assistance with Rocket Money, here’s how to contact their support team:
- Email: You can reach out to Rocket Money’s support team via email through their website or app.
- Help Center: Rocket Money has a comprehensive help center with articles and FAQs that answer common questions.
- Social Media: You can connect with Rocket Money on social media platforms like Twitter and Facebook for updates and support.
15. Conclusion: Is Rocket Money Worth It?
So, is Rocket Money worth it? The answer depends on your individual needs and financial goals. If you’re looking for a user-friendly budgeting app with advanced features like subscription management and bill negotiation, Rocket Money is definitely worth considering.
The free version of Rocket Money offers basic budgeting and expense tracking, while the premium version unlocks additional features for a monthly fee. The flexible pricing structure of Rocket Money Premium allows you to pay what you feel is fair, based on the value you receive from the service.
According to a survey by the National Foundation for Credit Counseling, only 41% of Americans have a budget. Rocket Money can help you join the ranks of those who are in control of their finances and on the path to financial freedom.
16. Call to Action: Start Your Financial Journey with Money-Central.com
Ready to take control of your finances and achieve your financial goals? Visit money-central.com today to explore our comprehensive resources, tools, and expert advice. Whether you’re looking for budgeting tips, investment strategies, or debt management solutions, we have everything you need to succeed.
At money-central.com, we’re committed to providing you with the information and support you need to make informed financial decisions. Our team of experts is dedicated to helping you navigate the complex world of personal finance and achieve your financial dreams.
- Explore Our Articles: Read our in-depth articles on budgeting, saving, investing, and debt management.
- Use Our Tools: Take advantage of our free financial calculators and budgeting templates.
- Get Expert Advice: Connect with our team of financial advisors for personalized guidance.
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17. FAQs About Rocket Money
Here are some frequently asked questions about Rocket Money:
17.1. Is Rocket Money safe to use?
Yes, Rocket Money uses 256-bit encryption and partners with Plaid to securely link to your bank accounts, protecting your financial information.
17.2. How much does Rocket Money cost per month?
Rocket Money Premium costs between $6 and $12 per month, with users choosing how much they want to pay within that range. The free version offers basic budgeting features.
17.3. Can Rocket Money really negotiate my bills?
Yes, Rocket Money can negotiate lower rates on your bills, such as internet and phone services. If they succeed, you’ll pay a percentage of the savings as a fee.
17.4. What happens if I cancel my Rocket Money Premium subscription?
If you cancel your Rocket Money Premium subscription, you’ll revert to the free version with limited features.
17.5. Does Rocket Money offer customer support?
Yes, Rocket Money offers customer support via email, a comprehensive help center, and social media.
17.6. How does Rocket Money track my expenses?
Rocket Money links to your bank and credit card accounts and automatically categorizes your transactions to track your expenses.
17.7. Can I use Rocket Money on multiple devices?
Yes, you can use Rocket Money on multiple devices, including your smartphone, tablet, and computer.
17.8. How do I cancel a subscription through Rocket Money?
Rocket Money identifies your subscriptions and allows you to cancel them directly through the app.
17.9. Is Rocket Money available for both iOS and Android?
Yes, Rocket Money is available for both iOS (App Store) and Android (Google Play Store) devices.
17.10. What are the best alternatives to Rocket Money?
Some of the best alternatives to Rocket Money include YNAB, Personal Capital, and EveryDollar, each offering unique features and pricing structures.
