Maximize Your Personal Finance with Rocket Money App

With Rocket Money, you can effortlessly manage all your recurring subscriptions. This personal finance app allows you to sort your subscriptions by account, type, due date, amount, and frequency or even in alphabetical order. It also offers a calendar or payday view, helping you foresee upcoming charges and manage your funds accordingly. This feature is available free of charge. However, with a Premium subscription, Rocket Money can cancel your subscription or negotiate lower bills on your behalf.

Efficient Subscription Cancellation and Bill Negotiation

If you’re carrying the burden of subscription bills for services that you no longer use, Rocket Money can help. The app can directly reach out to your service providers to cancel these subscriptions on your behalf. It can also negotiate better rates if you choose not to cancel, offering significant savings. This feature is exclusive for Premium users.

Smart Savings with Rocket Money

Premium Rocket Money users can also enjoy the benefits of Smart Savings. This feature allows you to transfer money into an FDIC-insured bank account held in the United States. You set your savings goal, and Rocket Money helps you determine a sensible savings amount based on your past expenses.

Track Your Net Worth

Your net worth is a critical indicator of your financial health. If your liabilities outweigh your assets, you have a negative net worth. Rocket Money offers net worth tracking for its Premium users. The app brings together all your accounts, calculates what you owe versus what you own, and provides a clear view of your financial standing.

Free Credit Score and Premium Credit Report

Rocket Money provides your credit score for free, based on Experian’s FICO Score 2. If you wish to get a detailed credit report, you can access it with a Premium account. Note that your credit score is only available on the mobile app, not the web version yet.

Once you link your checking account – a required step – and any credit cards, you’re all set to customize the app to meet your financial goals.

Pricing of Rocket Money

Although Rocket Money offers several free tools, the app also has a paid version packed with features such as bill negotiation, net worth tracking, and a full credit report. The cost of Rocket Money’s Premium version ranges between $6 to $12 per month, letting you pay what you think the app is worth. However, we found an annual subscription plan at $48, which likely offers a discount for annual payment.

Is Rocket Money User-Friendly?

Based on our testing, most of Rocket Money’s features are easy to understand and use. The only difficulty we experienced was when setting up a budget, but this is often the case with any new tool.

Customer Support at Rocket Money

For any support with your Rocket Money account, you can use the in-app messaging feature to chat directly with a customer service representative. You can also email them or refer to their knowledge base for DIY solutions. The support staff is available Monday through Friday between 9 a.m. and 8 p.m. ET.

Is Rocket Money Secure?

Despite a complaint filed by the Electronic Privacy Information Center (EPIC) against Rocket Money, the app employs industry-standard security measures, including 256-bit encryptions. It also collaborates with Plaid to securely connect your accounts.

Customer Reviews of Rocket Money

Most users appreciate the convenience of managing all their accounts in one place. However, some users reported issues with the bill negotiation service, such as unfulfilled promises or unexpected costs. Others mentioned that their bank was not supported by Plaid.

Comparing Rocket Money with Competitors

Here’s a brief comparison of Rocket Money with two of its competitors, Simplifi and Empower. It’s worth noting that Rocket Money is one of the few apps that negotiate and cancel bills on your behalf.

Rocket Money vs. Simplifi

Both Quicken and Rocket Money are owned by the same company, Rocket Mortgage, LLC. Priced slightly higher at $4 per month (billed annually), Rocket Money offers additional features like bill negotiation and automatic savings. Plus, it’s easier to navigate than Simplifi.

Rocket Money vs. Empower

Empower offers a free budget planner that allows users to set savings goals and adjust them easily. However, Rocket Money could be a better choice for those looking for more than basic budgeting tools and are willing to pay for them.

Is Rocket Money Worth It?

If you need a comprehensive financial tool for tracking expenses, subscriptions, and negotiating bills, Rocket Money could be a solid choice. With both free and premium versions, it caters to a wide range of users depending on their requirements.

Frequently Asked Questions