Rocket Money, formerly known as Truebill, is an innovative budgeting app developed by Rocket Companies. With over 5 million members who trust its services, Rocket Money aims to help users save more, spend less, and gain complete control over their financial lives. In this comprehensive review, we will delve into the key features, pricing plans, user experiences, and more to determine if Rocket Money is the right personal finance app for you.
Key Features of Rocket Money
Rocket Money offers a wide range of features designed to simplify your financial management. Here are some of the key features that make it stand out:
1. Tracking and Growing Net Worth
One of the newest additions to Rocket Money is the ability to track and grow your net worth. With this feature, you can easily monitor your assets and debt, including investments, jewelry, fine art, cars, and homes. By gaining a clear understanding of your net worth, you can make more informed financial decisions and plan for the future.
2. Subscription Management
Rocket Money excels at subscription management, helping you take control of your recurring expenses. The app identifies all your subscriptions, including forgotten ones, and provides a clear overview of your ongoing services in one hub. You can easily monitor, manage, and cancel subscriptions, and Rocket Money even notifies you when prices increase or free trials are about to end.
3. Bill Negotiation
Another standout feature of Rocket Money is its bill negotiation service. By connecting your bills to the app, you can take advantage of Rocket Money’s expert negotiators who work to lower your bills. They negotiate better rates or secure one-time credits on your behalf, helping you save money and reduce your monthly expenses.
4. Budget Creation and Tracking
Rocket Money allows you to create unlimited custom budgets tailored to your specific needs. Whether you want to track side projects, NFT investments, or any other expense category, the app provides a comprehensive budgeting tool. You can monitor your spending, compare it month-to-month, and gain insights into your financial habits.
5. Credit Score Monitoring
With Rocket Money, you can keep a close eye on your credit score and credit report. Monitoring your credit health is crucial for long-term financial planning. The app provides you with regular updates on your credit score, helping you stay informed and take appropriate actions to improve or maintain your creditworthiness.
6. Saving Goals Automation
Rocket Money offers a hassle-free way to automate your savings goals. By setting up saving goals within the app, you can put your savings on autopilot. The app will automatically transfer funds from your account to your savings, helping you build a financial cushion without lifting a finger.
Pricing Plans
Rocket Money offers two pricing plans to cater to different user needs:
1. Free Plan
The free plan of Rocket Money provides essential budgeting and tracking features. With the free plan, you can connect all your bank, credit, and investment accounts to the app and track your spending. It also allows you to create a budget and manage your bills. While the free plan offers valuable tools, it may have limited features compared to other free budgeting apps.
2. Premium Plan
For users looking for more advanced features and services, Rocket Money offers a Premium plan. The subscription fee for the Premium plan is $47.99 annually, $59.99 annually, or $4 to $12 per month. The pricing is flexible, allowing you to choose what you think is fair by moving a sliding scale. With the Premium plan, you can access concierge services, premium chat, and additional features that enhance your budgeting experience.
User Experiences and Feedback
User reviews of Rocket Money have been largely positive, with many users praising its effectiveness in helping them manage their finances. The app has a rating of 4.3 out of 5 stars in the Google Play store and 4.4 out of 5 stars in the Apple store. Users appreciate the ease of connecting their accounts, the ability to track spending in various categories, and the bill negotiation feature.
Some users have expressed concerns about the app’s handling of subscriptions and bill recognition. While Rocket Money automatically identifies recurring subscriptions, users have reported issues with grouping similar subscriptions together and the inability to separate them. However, overall, users find Rocket Money to be a valuable tool for gaining control over their finances and saving money.
Is Rocket Money Trustworthy?
When evaluating the trustworthiness of Rocket Money, it’s important to consider its track record and the company behind it. Rocket Money is developed by Rocket Companies, a prominent financial technology company. While Rocket Money has a B rating from the Better Business Bureau due to customer complaints, it hasn’t been involved in any recent public controversies.
Rocket Money prioritizes the security and privacy of its users. The app uses 256-bit encryption to store data securely and partners with Plaid to establish a secure connection with your accounts. Rocket Money cannot make changes to your accounts, and you have the option to unlink accounts at any time.
Rocket Money vs. Quicken Simplifi
If you’re considering Rocket Money as your budgeting app, it’s worth comparing it to Quicken Simplifi, another popular personal finance tool. Here’s how Rocket Money stacks up against Quicken Simplifi:
1. Free Plan Availability
Rocket Money offers a free plan that allows you to track your accounts and create a budget. In contrast, Quicken Simplifi only provides a 30-day free trial. After the trial period, you’ll need to subscribe to a paid plan to continue using Quicken Simplifi.
2. Comprehensive Financial Overview
Quicken Simplifi excels at providing a comprehensive overview of your finances. It offers detailed charts and data analysis, including monthly reports on spending, income, net income, savings, and shopping refunds. If you value in-depth financial insights, Quicken Simplifi may be the better option.
3. Focus on Spending Reduction and Bill Negotiation
Rocket Money shines in helping users reduce their spending and negotiate bills. With its dedicated bill negotiation feature, Rocket Money can potentially secure better rates or refunds on your behalf. If you prioritize these services, Rocket Money may be the more suitable choice.
Ultimately, your choice between Rocket Money and Quicken Simplifi will depend on your specific needs and preferences. Consider the features that are most important to you in a budgeting app and choose accordingly.
Frequently Asked Questions (FAQs)
Here are some frequently asked questions about Rocket Money:
1. Is Rocket Money a legitimate budgeting app?
Yes, Rocket Money is a legitimate budgeting app developed by Rocket Companies. It is available for download on both the Google Play store and Apple store.
2. Is Rocket Money safe to use?
Rocket Money prioritizes the security and privacy of its users. The app uses 256-bit encryption to store data securely and partners with Plaid to establish a secure connection with your accounts. Rocket Money cannot make changes to your accounts, and you have the option to unlink accounts at any time.
3. Was Rocket Money previously known as Truebill?
Yes, Rocket Money was previously known as Truebill. In June 2022, Truebill announced its rebranding as Rocket Money to better represent the app and its services. Truebill had become a part of Rocket Companies in December 2021.
4. What is the cost of Rocket Money?
Rocket Money offers a free plan with basic budgeting and tracking features. If you opt for the Premium plan, the subscription fee varies from $4 to $12 per month, or you can choose an annual subscription option. The pricing is flexible, allowing you to pay what you think is fair by moving a sliding scale.
Conclusion
Rocket Money offers a comprehensive set of features designed to help you take control of your finances. With its subscription management, bill negotiation, budgeting tools, credit score monitoring, and new net worth tracking feature, Rocket Money provides a robust platform for managing your personal finances. While the app has received positive feedback from users, it’s important to consider your specific needs and compare it to other budgeting apps like Quicken Simplifi before making a final decision. Whether you’re looking to save more, spend less, or simply gain a better understanding of your financial health, Rocket Money may be the all-in-one personal finance app that meets your needs.
