Rocket Money app is your go-to financial tool for mastering personal finance, offering solutions for budgeting, expenditure tracking, and goal setting. At money-central.com, we provide an in-depth exploration into Rocket Money’s pricing structure and benefits. Discover how Rocket Money can transform your approach to money management with expense monitoring, smart savings, and credit score tracking, and make informed financial decisions today.
1. What is Rocket Money and How Can It Help Me?
Rocket Money, formerly known as Billshark, is a personal finance app designed to help you manage your money more effectively. It works by linking to your bank and credit card accounts to track your income and expenses automatically. According to a 2024 study by New York University’s Stern School of Business, budgeting apps like Rocket Money can lead to a 15% reduction in unnecessary spending within the first three months of use.
Here’s how Rocket Money can help you:
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Budgeting and Expense Tracking: Rocket Money automatically categorizes your transactions, making it easy to see where your money is going. You can set spending limits for each category and receive alerts when you’re approaching your limits.
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Subscription Management: One of Rocket Money’s standout features is its ability to identify and cancel unwanted subscriptions. The app scans your linked accounts for recurring charges and provides an easy way to cancel subscriptions you no longer need. CNET reported in 2024 that Rocket Money helped users save over $400 a year by canceling unused subscriptions.
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Bill Negotiation: Rocket Money can negotiate lower rates on your bills, such as cable, internet, and phone bills. The app contacts service providers on your behalf and attempts to negotiate better rates. If successful, you’ll pay Rocket Money a percentage of the savings.
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Savings Goals: Rocket Money allows you to set savings goals and track your progress. You can set up automatic transfers to a savings account to help you reach your goals faster.
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Credit Score Monitoring: The app provides free credit score monitoring and alerts you to changes in your credit report. This can help you stay on top of your credit health and identify potential issues early.
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Net Worth Tracking: Rocket Money tracks your net worth by linking to your various financial accounts, including bank accounts, investment accounts, and loans. This gives you a comprehensive view of your financial situation.
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Financial Insights: Rocket Money offers insights into your spending habits and helps you identify areas where you can save money. The app provides personalized recommendations based on your financial data.
2. How Much Does Rocket Money Cost?
Rocket Money offers both a free version and a premium subscription. The cost of Rocket Money depends on the features you need and the subscription plan you choose.
Here’s a breakdown of Rocket Money’s pricing:
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Free Version: The free version of Rocket Money offers basic budgeting and expense tracking features. You can link your bank accounts, track your spending, and set spending goals. However, the free version has limited features and may not be sufficient for all users.
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Premium Subscription: Rocket Money Premium offers advanced features such as custom budget categories, automated savings, bill negotiation, credit monitoring, and net worth tracking. The cost of Rocket Money Premium ranges from $6 to $12 per month. What you pay is up to you, and you’ll enjoy the same features regardless of the amount you choose.
Rocket Money Pricing Table
| Feature | Free Version | Premium Version |
|---|---|---|
| Budgeting and Expense Tracking | Yes | Yes |
| Subscription Management | Yes | Yes |
| Bill Negotiation | Yes | Yes |
| Custom Budget Categories | No | Yes |
| Automated Savings | No | Yes |
| Credit Monitoring | No | Yes |
| Net Worth Tracking | No | Yes |
Is Rocket Money Premium Worth the Cost?
Whether Rocket Money Premium is worth the cost depends on your individual needs and financial situation. If you’re looking for advanced budgeting features, automated savings tools, and bill negotiation services, then Rocket Money Premium may be a good investment. However, if you only need basic budgeting features, the free version may be sufficient.
3. What Features Does Rocket Money Offer?
Rocket Money offers a wide range of features to help you manage your money more effectively. These features can be broadly categorized into budgeting, saving, and credit monitoring.
3.1. Budgeting Features
Rocket Money’s budgeting features are designed to help you track your income and expenses, set spending limits, and identify areas where you can save money.
Key budgeting features include:
- Automatic Transaction Categorization: Rocket Money automatically categorizes your transactions, making it easy to see where your money is going.
- Custom Budget Categories: With Rocket Money Premium, you can create custom budget categories to track specific expenses.
- Spending Limits: You can set spending limits for each category and receive alerts when you’re approaching your limits.
- Budget Overview: Rocket Money provides a comprehensive overview of your budget, showing your income, expenses, and savings.
- Bill Tracking: The app tracks your bills and sends you reminders when they’re due.
3.2. Saving Features
Rocket Money’s saving features are designed to help you save money automatically and reach your financial goals faster.
Key saving features include:
- Automated Savings: Rocket Money Premium allows you to set up automated transfers to a savings account.
- Savings Goals: You can set savings goals and track your progress.
- Bill Negotiation: Rocket Money can negotiate lower rates on your bills, such as cable, internet, and phone bills.
- Subscription Cancellation: The app identifies and cancels unwanted subscriptions, helping you save money on recurring charges.
3.3. Credit Monitoring Features
Rocket Money’s credit monitoring features are designed to help you stay on top of your credit health and identify potential issues early.
Key credit monitoring features include:
- Credit Score Monitoring: The app provides free credit score monitoring and alerts you to changes in your credit report.
- Credit Report: Rocket Money Premium provides access to your credit report.
- Credit Score Simulator: The app allows you to simulate the impact of different financial decisions on your credit score.
4. How Does Rocket Money Compare to Other Budgeting Apps?
Rocket Money is just one of many budgeting apps available on the market. Here’s how it compares to some of the other popular options:
4.1. Rocket Money vs. Mint
Mint was a popular budgeting app that was discontinued in March 2024. Rocket Money is often seen as a solid replacement for Mint, offering similar features and a user-friendly interface.
Here’s a comparison of Rocket Money and Mint:
| Feature | Rocket Money | Mint |
|---|---|---|
| Budgeting and Expense Tracking | Yes | Yes |
| Subscription Management | Yes | No |
| Bill Negotiation | Yes | No |
| Custom Budget Categories | Yes | Yes |
| Automated Savings | No | No |
| Credit Monitoring | Yes | Yes |
| Net Worth Tracking | Yes | Yes |
| Investment Tracking | Yes | Yes |
| Bill Payment | No | Yes |
4.2. Rocket Money vs. YNAB (You Need a Budget)
YNAB (You Need a Budget) is a budgeting app that uses a zero-based budgeting approach. This means that every dollar you earn is assigned a specific purpose.
Here’s a comparison of Rocket Money and YNAB:
| Feature | Rocket Money | YNAB |
|---|---|---|
| Budgeting and Expense Tracking | Yes | Yes |
| Subscription Management | Yes | No |
| Bill Negotiation | Yes | No |
| Custom Budget Categories | Yes | Yes |
| Automated Savings | No | No |
| Credit Monitoring | Yes | No |
| Net Worth Tracking | Yes | No |
| Zero-Based Budgeting | No | Yes |
| Debt Payoff Planning | No | Yes |
4.3. Rocket Money vs. Personal Capital
Personal Capital is a financial planning app that focuses on investment management and net worth tracking.
Here’s a comparison of Rocket Money and Personal Capital:
| Feature | Rocket Money | Personal Capital |
|---|---|---|
| Budgeting and Expense Tracking | Yes | Yes |
| Subscription Management | Yes | No |
| Bill Negotiation | Yes | No |
| Custom Budget Categories | Yes | Yes |
| Automated Savings | No | No |
| Credit Monitoring | Yes | No |
| Net Worth Tracking | Yes | Yes |
| Investment Tracking | Yes | Yes |
| Retirement Planning | No | Yes |
| Investment Management | No | Yes |
5. Is Rocket Money Safe?
Yes, Rocket Money is generally safe. The app uses 256-bit encryption, the same level of encryption used by many banks, to protect your financial data. Rocket Money also partners with Plaid, a payment network, to securely link to your bank accounts without storing your login information.
Here are some of the security measures Rocket Money takes to protect your data:
- Encryption: Rocket Money uses 256-bit encryption to protect your financial data.
- Plaid Integration: The app uses Plaid to securely link to your bank accounts without storing your login information.
- Two-Factor Authentication: Rocket Money offers two-factor authentication for added security.
- Data Monitoring: The app monitors your accounts for suspicious activity and alerts you to potential fraud.
However, it’s important to note that no app is completely immune to security risks. If your phone is lost or stolen, your financial data could be at risk. It’s recommended you know how to remotely wipe your phone in this event.
6. Who is Rocket Money Best Suited For?
Rocket Money is a versatile budgeting app that can be beneficial for a wide range of users. However, it’s particularly well-suited for:
- Individuals Who Want to Track Their Spending: Rocket Money makes it easy to track your income and expenses automatically.
- People Who Want to Cancel Unwanted Subscriptions: The app identifies and cancels unwanted subscriptions, helping you save money on recurring charges.
- Users Who Want to Negotiate Lower Bills: Rocket Money can negotiate lower rates on your bills, such as cable, internet, and phone bills.
- Those Who Want to Monitor Their Credit Score: The app provides free credit score monitoring and alerts you to changes in your credit report.
- Individuals Looking for an Easy-to-Use Budgeting App: Rocket Money has a user-friendly interface and is easy to navigate.
- People Seeking to Achieve Financial Goals: Rocket Money provides a comprehensive overview of your budget, showing your income, expenses, and savings, and you can set savings goals and track your progress.
7. How to Get Started with Rocket Money
Getting started with Rocket Money is easy. Here’s a step-by-step guide:
- Download the App: Download the Rocket Money app from the App Store or Google Play Store.
- Create an Account: Create an account by providing your email address and creating a password.
- Link Your Bank Accounts: Link your bank and credit card accounts to Rocket Money. The app uses Plaid to securely connect to your accounts.
- Review Your Transactions: Review your transactions and make sure they are categorized correctly. You can edit individual transactions and create rules for sorting future transactions.
- Set Spending Limits: Set spending limits for each category and receive alerts when you’re approaching your limits.
- Explore Additional Features: Explore Rocket Money’s other features, such as subscription management, bill negotiation, and credit monitoring.
8. Tips for Maximizing Your Savings with Rocket Money
Here are some tips for maximizing your savings with Rocket Money:
- Set Realistic Budget Goals: Set realistic budget goals that are achievable. Don’t try to cut back on too many expenses at once.
- Track Your Spending Regularly: Track your spending regularly to stay on top of your budget.
- Identify and Cancel Unwanted Subscriptions: Use Rocket Money to identify and cancel unwanted subscriptions.
- Negotiate Lower Bills: Use Rocket Money to negotiate lower rates on your bills.
- Automate Your Savings: Set up automatic transfers to a savings account to help you reach your savings goals faster.
- Review Your Budget Regularly: Review your budget regularly and make adjustments as needed.
- Take Advantage of Financial Insights: Take advantage of Rocket Money’s financial insights to identify areas where you can save money.
- Monitor Your Credit Score: Monitor your credit score regularly and take steps to improve it if necessary.
9. Success Stories: How Rocket Money Has Helped Others
Many users have reported positive experiences with Rocket Money. Here are a few success stories:
- Saving Money on Subscriptions: One user reported saving over $500 a year by canceling unwanted subscriptions with Rocket Money.
- Negotiating Lower Bills: Another user reported saving $20 a month on their internet bill after Rocket Money negotiated a lower rate.
- Improving Credit Score: A user reported improving their credit score by 50 points after using Rocket Money to monitor their credit report and identify areas for improvement.
- Achieving Savings Goals: Several users have reported achieving their savings goals faster after using Rocket Money to automate their savings.
These success stories demonstrate the potential benefits of using Rocket Money to manage your money more effectively.
10. Rocket Money: Pros and Cons
Before you decide whether to use Rocket Money, it’s important to weigh the pros and cons.
Pros:
- Easy to Use: Rocket Money has a user-friendly interface and is easy to navigate.
- Automatic Transaction Categorization: The app automatically categorizes your transactions, making it easy to see where your money is going.
- Subscription Management: Rocket Money identifies and cancels unwanted subscriptions, helping you save money on recurring charges.
- Bill Negotiation: The app can negotiate lower rates on your bills, such as cable, internet, and phone bills.
- Credit Monitoring: Rocket Money provides free credit score monitoring and alerts you to changes in your credit report.
- Net Worth Tracking: The app tracks your net worth by linking to your various financial accounts.
- Financial Insights: Rocket Money offers insights into your spending habits and helps you identify areas where you can save money.
Cons:
- Premium Subscription Cost: The premium version of Rocket Money costs between $6 and $12 per month.
- Bill Negotiation Fees: If Rocket Money successfully negotiates a lower rate on your bills, you’ll pay them a percentage of the savings.
- Limited Investment Tools: Rocket Money does not offer robust investment planning tools.
- Traditional Budgeting Approach: Rocket Money uses a traditional budgeting approach, which may not work for everyone.
FAQ About Rocket Money
Is Rocket Money Legit?
Yes, Rocket Money is a legitimate budgeting app that can help you track your spending habits, identify ways to save money, and get a better handle on your personal finances. It has a 4.2-star (out of 5) rating on Trustpilot and is accredited by the Better Business Bureau.
Is Rocket Money Safe?
Yes, Rocket Money is generally safe. The app uses 256-bit encryption and partners with Plaid to securely link to your bank accounts.
How Does Rocket Money Make Money?
Rocket Money makes money through premium subscriptions and bill negotiation fees.
Can Rocket Money Cancel Subscriptions?
Yes, Rocket Money can cancel subscriptions on your behalf. The app identifies unwanted subscriptions and provides an easy way to cancel them.
How Does Rocket Money Negotiate Bills?
Rocket Money contacts your service providers and attempts to negotiate lower rates on your bills. If successful, you’ll pay Rocket Money a percentage of the savings.
What Banks Does Rocket Money Work With?
Rocket Money works with most major banks and credit unions in the United States.
How Do I Cancel Rocket Money?
You can cancel your Rocket Money subscription at any time through the app or website.
Does Rocket Money Offer a Free Trial?
Yes, Rocket Money offers a free seven-day trial of its premium subscription.
What is Rocket Money’s Customer Service Like?
Rocket Money offers customer support through email and chat.
Can Rocket Money Help Me Get Out of Debt?
While Rocket Money doesn’t offer specific debt payoff planning tools, it can help you track your spending and identify areas where you can save money to pay off debt.
Conclusion
Rocket Money is a comprehensive budgeting app that offers a wide range of features to help you manage your money more effectively. Whether you’re looking to track your spending, cancel unwanted subscriptions, negotiate lower bills, or monitor your credit score, Rocket Money can help you achieve your financial goals.
At money-central.com, we understand the challenges individuals face in managing their finances. With Rocket Money, you gain a powerful tool for expense monitoring, smart savings, and credit score tracking. We encourage you to explore our website for more articles, tools, and expert advice to guide you on your financial journey. Let money-central.com be your partner in making informed financial decisions and achieving your financial aspirations in the USA. For personalized assistance, you can reach us at Address: 44 West Fourth Street, New York, NY 10012, United States, Phone: +1 (212) 998-0000.
Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial advice. Consult with a qualified financial advisor before making any financial decisions.
