In today’s fast-paced world, keeping track of subscriptions, bills, and overall spending can be challenging. Rocket Money (formerly known as Truebill) has emerged as a personal finance app designed to help users gain control over their financial lives. This Rocket Money review explores the app’s features, costs, benefits, and potential drawbacks to help you determine if it’s the right financial management tool for your needs.
What Is Rocket Money?
Rocket Money, formerly known as Truebill, is a personal finance app that helps users track expenses, manage subscriptions, monitor credit scores, and set financial goals. It also offers features like bill negotiation and smart budgeting tools to help you stay on top of your money.
Available on iOS, Android, and desktop, the Rocket Money app integrates with your bank accounts and credit card information to give a complete picture of your financial health. Users praise its clean interface and automation tools, but does it live up to the hype? Let’s take a closer look.
Is Rocket Money Good for Managing Your Finances?
When evaluating whether Rocket Money deserves a place on your smartphone, it’s important to consider how its features align with your financial needs and goals.
Key Features
- Subscription Management: Rocket Money identifies recurring charges and helps you cancel unwanted subscriptions with just a few taps.
- Bill Negotiation: The service negotiates with providers on your behalf to potentially lower bills for services like cable, internet, and phone.
- Budgeting Tools: The Rocket budget app functionality allows you to create customized categories and set spending limits. Many users also use Karma, an app that finds the best online deals, to save even more money.
- Credit Score Monitoring: Access your credit report and credit score to stay informed about your credit health.
- Net Worth Tracking: Connect your investments, savings accounts, and other assets to monitor your overall financial picture.
- Savings Goals: Set up automated savings for specific financial goals like vacations, emergency funds, or major purchases.
Security Measures
Security is paramount when connecting financial accounts. Rocket Money employs bank-level 256-bit encryption to protect user data. The app uses read-only access, meaning it can view your transactions but cannot move money or make changes to your accounts.
Rocket Money App Review: User Experience
The interface is clean and intuitive, with a dashboard that provides a quick overview of your financial situation. Navigation is straightforward, with clearly labeled sections for subscriptions, bills, budget, and savings.
The app sends timely notifications about unusual charges, upcoming bills, and budget alerts, helping users stay on top of their finances without constant monitoring. Account syncing is generally reliable, though some users report occasional delays with certain financial institutions.
Rocket Money Cost: What You'll Pay
Understanding the rocket money cost structure is crucial before deciding if it’s right for you:
Free Version
- Basic subscription tracking
- Limited budget categories
- Manual account syncing
- Basic spending insights
Premium Features ($3-$12 per month)
- Unlimited budget categories
- Real-time account syncing
- Custom spending categories
- Credit score monitoring
- Premium customer service
- Cancellation concierge service
- Smart savings features
Pros and Cons
Advantages
- Subscription Visibility: Many users discover subscriptions they didn’t realize they were still paying for.
- Time-Saving: The bill negotiation service handles tedious calls and negotiations that most people avoid.
- Financial Awareness: Users report greater awareness of their spending habits and overall financial health.
- Customizable Budgeting: The ability to create personalized budget categories helps adapt the app to individual needs.
Drawbacks
- Premium Requirement: Several useful features are locked behind the premium subscription.
- Bill Negotiation Fee: The 40% commission on savings is substantial compared to the effort of negotiating yourself.
- Limited Investment Tracking: While basic investment account integration exists, detailed investment analysis is minimal.
- Customer Service: Some users report slow response times from customer support when issues arise.
Who Should Use Rocket Money?
Rocket Money is particularly valuable for:
- Subscription Jugglers: Those with multiple subscriptions who struggle to keep track of what they’re paying for.
- Busy Professionals: People who want financial insights without spending hours reviewing statements.
- Budgeting Beginners: Users new to budgeting who need guidance and structure.
- Negotiation-Averse: Those who dislike calling service providers to haggle over bills.
How Does the Rocket Money Credit Card Compare?
The Rocket Money credit card is relatively new to the market. It offers:
- No annual fee
- Cash back rewards on everyday purchases
- Integration with the Rocket Money app for seamless expense tracking
- Credit building opportunities
While convenient for existing users, the card’s rewards structure is relatively standard compared to dedicated rewards cards. It’s most valuable for those already committed to the Rocket Money ecosystem who want simplified tracking.
Rocket Money App Review Highlights
Reddit and Trustpilot users often highlight Rocket Money’s ability to uncover hidden subscriptions and keep monthly budgets in check. However, others note frustrations with customer support response time and syncing lags. Still, most Rocket Money app reviews are positive, especially regarding the clean interface and budgeting tools.
One user said, “I didn’t realize I was paying for four separate streaming services until Rocket Money flagged it. Canceled them in 2 minutes.”
Another user commented, “The bill negotiation saved me $180 a year on my internet. Worth the premium fee.”
Rocket Mortgage Budget App vs. Rocket Money
Some confusion exists between Rocket Money and the Rocket Mortgage Budget App. While both fall under the Rocket Companies umbrella, they serve different functions. Rocket Money is a general personal finance app, while Rocket Mortgage is more housing-loan-focused.
Rocket Money Credit Card Review Integration
Rocket Money doesn’t issue a credit card, but it monitors spending on your current cards. You can track charges, set limits, and categorize purchases. It’s not a replacement for credit counseling, but it’s a helpful monitoring tool.
Rocket Money Offers and Tools
Some hidden gems of the platform include:
- Savings Account integrations to track and grow your savings.
- Goal tracking via “Goals Rocket Money” to help visualize debt reduction or emergency fund building.
Summary on Rocket Money & Other Financial Management Tools
Rocket Money offers a comprehensive solution for those looking to gain better control over their finances, particularly when it comes to managing subscriptions and negotiating bills. The free version provides a good introduction, while the premium features offer additional value for those serious about financial management.
Whether Rocket Money is right for you depends on your specific financial situation and goals. If you struggle with keeping track of subscriptions or want assistance negotiating bills, this app could be worth trying.
For those who love to save money, Karma is another fantastic tool that can work alongside Rocket Money. While Rocket Money helps you manage expenses and subscriptions, Karma is designed for online shopping deals and coupons, ensuring you never overpay for purchases. Using both apps together can give you a more well-rounded approach to personal finance—cutting unnecessary costs while also maximizing savings on your purchases.
FAQ's
Yes and no. Rocket Money offers a free version with basic functionality, but many of its most useful features require a premium subscription.
The premium service costs between $3-$12 per month (your choice), or $36-$144 when billed annually. Bill negotiation services cost 40% of your first year’s savings, only if successful.
For many users, particularly those who discover multiple forgotten subscriptions or benefit from bill negotiations, the service pays for itself. One user on Reddit shared that they found over $200 in monthly subscriptions they weren’t using, immediately justifying the premium cost.
Yes, Rocket Money is a legitimate financial service owned by Rocket Companies, the same parent company as Rocket Mortgage. The app has millions of users and maintains strong security standards.
Yes, Rocket Money is a legitimate financial service owned by Rocket Companies, the same parent company as Rocket Mortgage. The app has millions of users and maintains strong security standards.
