In a world where technology is always improving, financial management has made its way into our pockets through different mobile apps.
The Rocket Money app is one of these contenders in the world of money apps, with a lot of people interested because it promises easy money management and a lot of different features.
Let us take a close look at what Rocket Money has to offer in this thorough review.
What is Rocket Money?
Rocket Money is a financial management app that helps you track your spending and manage money.
Formerly known as Truebill, the company was created in 2015 by Yahya Mokhtarzada. The company was acquired by Rocket Companies in 2021 for $1.275bn. Rocket Companies also owns Rocket Mortgage, Rocket Loans, Rocket Homes and other companies.
How does Rocket Money work?
If you use Rocket Money, you can easily see all of your money information in one place.
This is made possible by linking all of your accounts to your Rocket Money account.
Linking your accounts allows you to:
- keep track of everything you spend
- manage your payments
- lower your bills
- stay on top of your money
Linking is done through Plaid, a trusted third-party service provider that is also used by other financial institutions. You’ll need to link at least one checking account to use the app.
10 Tools and Features of Rocket Money
Learning how Rocket Money works is essential if you are considering using it to manage your money.
In this section, we’ll look at its features, ease of use, and the value it can offer you on your financial journey.
Here are the main tools and features of Rocket Money:
#1. Account linking
You can link multiple accounts to the Rocket Money app through Plaid and see all of your financial details in one place. This covers your savings, debit, checking, and investment accounts.
After setting up the app, you can see how much you’ve spent, change or cancel subscriptions.
#2. Budgeting
Rocket Money helps track your spending.
It shows you:
- how much you’ve spent versus earned
- what your top spending categories are
- how much you have left to spend for the month
You can also create goal trackers and set up alerts for when you’re nearing your spending limits in different areas.
#3. Expense tracking
Rocket Money’s expense tracking features allow you to monitor your spending habits.
The app categorizes expenses automatically, providing insights into where money is going.
#4. Saving goals
With Rocket Money’s saving goals feature, you can:
- set specific goals
- track your progress
- receive notifications
This constant monitoring helps you develop a disciplined saving habit.
#5. Credit score
You can keep track of your credit score calculated on Rocket Money.
The app gives you access to your credit report and history, alerting you of important changes that impact your score, and offers you insights to understand what it all means.
#6. Net worth tracking
Rocket Money has a net worth feature designed to give you a full picture of your financial situation.
This tool lets you keep track of your assets and debts, showing you your net worth in real-time.
#6. Bill lowering service
The Rocket Money app scans your bills to find potential savings.
Premium subscribers get suggestions for cheaper alternatives to their current bills or other expenses like auto insurance.
#7. Cancellation concierge service
Rocket Money’s cancellation concierge service allows you to automatically unsubscribe from monthly subscriptions at the touch of a few buttons – and get any refunds you’re eligible for, too.
However, cancellation concierge is only available at the premium level, which starts at $4 per month.
#8. Negotiation and refunds
The Rocket Money app looks through your bills to find places where you can save money.
It helps you cut costs by having its agents call the company and get you better rates.
They can also help you get your fees back. There is an extra charge for this function, but only if the bills are lowered. You’ll decide how much to pay based on a scale that goes from 30% to 60% of the money you save.
#9. Security measures
Rocket Money has robust security measures, which include encryption and multi-factor authentication.
#10. Excellent customer service
Rocket Money has excellent customer service and has received good reviews on sites like Trustpilot.
At the time of this writing, the company has 4.6 out of 5 stars from almost 4,015 reviews, with 88% giving the app 5 stars. The Better Business Bureau also gives the app a B grade and about 3.5 out of 5 stars.
User Experience
Pros
- Intuitive design: Because of the app’s easy-to-use interface and layout, users with different levels of financial knowledge can use it.
- Comprehensive features: It seems to cover a wide array of financial needs, from day-to-day expense tracking to long-term financial planning.
- Money-saving features: Money-saving features like cancellation concierge, smart savings account, and bill negotiation are available.
Cons
- Learning curve: Some users might find it takes time to explore and get accustomed to all the features, potentially impacting the initial user experience.
- Extra cost: Added features like bill-lowering service, cancellation service and negotiation service come at an extra cost.
- Slow linking of account: Account linking through Plaid can be slow.
Is Rocket Money legit?
Yes, Rocket Money is a legitimate app.
How much does Rocket Money cost?
If you don’t want to pay anything, you can stick with the free version.
This is pretty basic, but it has a few useful features, like account linking and standard budgeting.
However, if you want services like subscription cancellation, negotiation, or bill comparisons, you would have to pay for premium membership.
Premium membership fees are:
- $36 annually
- $48 annually
- $5 to $12 monthly
Does Rocket Money work in Canada?
Rocket Money does not cater to users in Canada.
The app does not support international institutions, which include banks in Canada, Mexico, Australia, and Europe.
Does Rocket Money cancel subscriptions?
One of Rocket Money’s standout features is assisting subscribers in canceling subscriptions.
However, to be able to benefit from this service, you need to be a premium subscriber to the app.
Who is Rocket Money best for?
- People looking for an alternative to Mint.
- People who are just starting to budget and want to get a handle on their money.
- Those who want to cut down on their many regular subscriptions.
- People who want to negotiate their bills but don’t want to spend the time or deal with the trouble.
Final thoughts
Rocket Money is a good addition to the multitude of financial management apps. With its many features, it tries to meet the needs of both new users who just want to make a budget and experienced money-savvy people who want all the tools they can get.
Like any other app, the real value of this one depends on the person using it and their own cash needs. Users are urged to look into the app first, keeping in mind both what it does well and what could be done better.
If the app keeps getting better, it could become the go-to tool for people who want to keep track of and understand their money.
