Rocket Money Review: Pros, Cons, And Alternatives

Rocket Money is a financial management platform that helps you track everything from your budget to your net worth in a single place. Additionally, the app offers premium features to help you trim your spending by negotiating bills and canceling unused subscriptions.

Managing your money can sometimes feel like a game of financial gymnastics. If you are tired of jumping across multiple accounts to see where you stand financially, then a consolidated financial app, like Rocket Money, could be the right solution.

If a streamlined money management solution sounds enticing, keep reading to determine if Rocket Money is the right fit for you.

What Is Rocket Money?

Rocket Money was originally founded in 2015 as Truebill by three brothers - Yahya Mokhtarzada, Haroon Mokhtarzada and Idris Mokhtarzada. It was acquired by the Rocket Companies in 2022, and rebranded from Truebill to Rocket Money.

Their goal was to create a comprehensive financial empowerment tool, and they originally started by focusing on subscription cancellation and bill management. Today, it's a full-fledged budgeting app.

Rocket Money was named the best subscription cancelling app in our annual list of Best Budgeting Apps.

What Does It Offer?

Let’s take a closer look at what you can expect from Rocket Money. 

Build A Budget

A financial management tool wouldn’t be complete without a budgeting feature, and Rocket Money delivers.

When you connect your accounts, Rocket Money provides a spending breakdown to see where your funds have been going. From there, you can set goals for important spending categories. Once you start spending, Rocket Money will send alerts to let you know if you are nearing your spending goals.

As another option, you can have Rocket Money automatically determine how much you can safely spend each month. It uses AI to analyze your transactions and can let you know how much you have available to spend. With that number in mind, you can spend without worrying about derailing your financial goals. 

Track Your Spending

Rocket Money allows you to connect multiple accounts, like checking accounts and credit cards. Once your accounts are connected, the app automatically tracks your transactions.

After looking at the data, Rocket Money will point out categories where you tend to overspend. You can use the heads-up to rein in your spending in certain areas.

It’s likely that the heads-up will confirm something you already know. But it’s still helpful to get the hint, especially if you weren’t aware that it was a problem before. For example, Rocket Money might point out that you are spending too much on takeout. While you might already know that, the reminder might help you commit to making a change. 

Automate Your Savings

Saving money is a cornerstone of a bright financial future. While most of us know that saving money is important, the act of saving can be easier said than done. If you struggle to save, you can use Rocket Money to automate your savings strategy.

It works by picking a savings goal and preferred savings frequency. From there, Rocket Money will determine the optimal times to save and automatically transfer the funds into an FDIC-insured savings account. Of course, you can pause the process or withdraw your newfound savings at any time.

Monitor Your Net Worth

Your net worth is a key metric of your financial health. But taking the time to manually add up all of your assets and liabilities can be somewhat tedious. Rocket Money handles the math for you automatically.

When you log into Rocket Money, you can see a quick snapshot of your finances. In order to take advantage of this feature, you’ll need to link up your assets. For example, you can connect your 401(k) or taxable brokerage account. But you’ll also have the option to add more unique assets, like artwork or anything else you’ve invested in.

Track Your Credit Score

Rocket Money gives you a chance to track your credit score within the platform. Not only will you have access to your credit score, but you can also see a breakdown of your credit history to understand why your credit score is what it is.

As your credit score changes, Rocket Money will send you updates. Before you apply to any new credit accounts, you can use this tool to make sure your credit is where you need it to be. 

Trim Your Bills

Rocket Money offers help trimming your bills through negotiation and subscription cancellation services.

With Rocket Money Premium, you can simply click on a recurring subscription, choose “Cancel Service,” and Rocket Money will cancel the service for you. It will also automatically request refunds for overdraft fees or late fees. Although you might not get the refunds, people who infrequently overdraft or infrequently pay late may find that they can get a fee waived with a simple request.

Beyond canceling subscriptions, you can use Rocket Money to negotiate your bills. For Rocket Money to lower your bill, you’ll upload a copy of your most recent bill with one of the service providers or connect directly to your online account. Then, you’ll provide information about the service you’re already receiving.

After that, Rocket Money will negotiate a lower rate for you. Often, they’ll help you get onto a promotional plan, cut back on bogus fees, or simply lower the rate. On average, Rocket Money saves its customers around 20% on their existing telecom plans through its negotiation techniques.

When Rocket Money negotiates for you, it will charge 40% of the annual savings. That means, if you save $100 per year, Rocket Money will charge you $40 for negotiating for you. That payment will be required right away (so you’ll actually lose money that first month). But in the long term, you’ll be saving money. 

Are There Any Fees?

Rocket Money offers a free version and a paid version.

The paid version costs between $6 to $12 per month. With the Premium Membership, you’ll get access to all of the features Rocket Money has to offer.

The free membership is more limited. Free users will only be able to create two budgets and view their credit scores. If you opt for free, you won’t be able to share your account with someone else, take advantage of smart savings tools, track your net worth, or access bill cancellation support.

Rocket Money Alternatives

Rocket Money isn’t the only app designed to help you manage your finances. Here’s how it stacks up.

YNAB, or You Need A Budget, is another popular budgeting app. The platform is hyper-focused on building a budget and giving every dollar you earn a job. When using YNAB, the goal becomes breaking the paycheck-to-paycheck cycle and never being caught off-guard by a hidden expense again. But you won’t be able to track your investments. YNAB costs $99 annually or $14.99 per month.

If you are more interested in your overall financial picture, including a budget and your net worth, then Empower could be a good option. It offers a free way to track your income and spending habits. While the financial advisory firm does give you a call to sell their investment services, you can ignore the sales pitch and continue using the free budgeting and investment tracking tools.

How Do I Open An Account?

If you want to open an account with Rocket Money, start by downloading the app or heading to the desktop version of the tool. You’ll be asked to provide your name and email address.

Also, you’ll be asked to share a bit about your financial situation, like what you want help with and the timeline you have in mind for your top financial goal. The setup process includes answering a few other questions, like your homeownership status, marital status, whether or not you have kids, and how you are currently managing your money.

From there, you’ll be asked to like your checking account and credit cards. Overall, the process took me a few minutes to complete. 

Contact

You can get in touch with Rocket Money by emailing support@rocketmoney.com or chatting with the support team. The team is available on weekdays from 9 AM to 8 PM EST. Importantly, there is no phone support option.

The app has earned a 4.4 out of 5 star rating from Trustpilot. Also, it has earned 4.3 out of 5 stars in both the Google Play Store and the Apple App Store, with thousands of satisfied users. With the positive feedback, you should expect a good experience with Rocket Money.

Is It Safe And Secure?

Rocket Money uses bank-level 256-bit encryption to safeguard your financial information. Also, you’ll be asked to enter your password or provide a biometric verification of your identity when logging into the mobile app.

Is It Worth It?

Rocket Money is a robust tool for anyone looking for a streamlined way to monitor their financial data. The bird’s eye view of your money can help you see the bigger picture of your financial situation. And you have a chance to use that information to push your finances in a positive direction.

I think Rocket Money is especially useful for budgeters who want alerts when they are close to hitting their spending limit in a specific category. Also, for anyone who wants to eliminate bills without the hassle of digging into the specific processes of different subscription services. But Rocket Money might not be for you if you are comfortable calling up your subscription service companies to cancel on your own.

If you don’t think Rocket Money is the right fit, explore these other top-tier budgeting apps.