Rocket Money

Rocket Money, formerly known as Truebill, is a powerful personal finance application designed to empower users to take full control of their financial lives. With a mission to meaningfully improve the financial prosperity of millions, Rocket Money provides a comprehensive suite of tools to help you save more, spend less, and see all your finances in one place. Trusted by over 5 million members, the platform has successfully helped users save over $1 billion by managing subscriptions, negotiating bills, and automating savings. It serves as an all-in-one financial hub, simplifying the complexities of money management.

How to use Rocket Money

Getting started is simple. First, sign up on the website or download the mobile app from the App Store or Google Play. Next, securely link your financial accounts, including checking, savings, credit cards, and investment accounts. Rocket Money's smart algorithm then gets to work, automatically identifying your recurring subscriptions and bills, categorizing your expenses, and providing a clear overview of your financial health on a centralized dashboard. From there, you can monitor your spending, create custom budgets, track your net worth, and use the platform's tools to cancel unwanted subscriptions or set up automated savings plans. For premium users, a dedicated concierge service is available to handle tasks like bill negotiation and subscription cancellations on your behalf.

Core Features of Rocket Money

• Subscription Management: Automatically finds all your recurring subscriptions and bills, allowing you to monitor them in one place. The premium service includes a cancellation assistant that handles the cancellation process for you.
• Spend Tracking and Insights: Consolidates all your accounts to provide a clear, categorized breakdown of your spending habits, helping you understand where your money is going.
• Budgeting: Create and customize budgets for different spending categories. The app automatically monitors your progress and sends alerts to keep you on track.
• Automated Savings: Set financial goals and let the app's autopilot feature intelligently save money for you. It analyzes your habits to transfer the right amount at the right time, helping you avoid overdraft fees.
• Bill Negotiation: The concierge team identifies bills that can be lowered (like cable, internet, or phone) and negotiates with service providers on your behalf to get you the best rates.
• Credit Score Monitoring: Access your full credit report and history, and receive alerts about important changes that could impact your score.
• Net Worth Tracking: Get a complete picture of your financial health by tracking your assets and debts in one place over time.
• Balance and Spending Alerts: Receive notifications when your account balance is low or your credit card spending is high to prevent overdrafts and overspending.

Use Cases for Rocket Money

Cutting Unnecessary Costs: Ideal for individuals who suspect they are paying for forgotten subscriptions. Rocket Money quickly identifies these recurring charges, making it easy to cancel and save money instantly.

Effortless Budgeting: Perfect for those who struggle with manual budgeting. The app automates spend tracking and categorization, providing a clear view of where you stand against your budget goals without the need for spreadsheets.

Achieving Savings Goals: Whether you're saving for a down payment, a vacation, or an emergency fund, the automated savings feature helps you reach your goals faster by making saving a seamless, background process.

Holistic Financial Overview: For anyone wanting a single, comprehensive view of their entire financial portfolio—from daily spending to long-term investments and net worth—Rocket Money provides a unified dashboard.

Advantages of Rocket Money

Comprehensive Financial Control: It goes beyond simple tracking by offering actionable tools to actively improve your financial situation.

User-Centric Design: The app is praised for its intuitive and easy-to-use interface, making complex financial management accessible to everyone.

Powerful Automation: Features like automated savings and subscription tracking save users time and mental energy.

Human-Powered Services: The premium plan offers unique access to a concierge team for personalized assistance with cancellations and negotiations, a feature that sets it apart from many competitors.

Pricing and Plans

Rocket Money operates on a freemium model.

Free Plan: Includes core features like account linking, balance alerts, subscription identification, and spend tracking.

Premium Plan: Unlocks the full suite of features, including the subscription cancellation assistant, automated savings, bill negotiation (which takes a percentage of the savings as a fee), net worth tracking, shared accounts, unlimited budgets, and credit score monitoring. The premium plan has a sliding scale pricing model, where users can choose to pay between $4-$12 per month (billed annually), allowing them to select a price that they feel is fair for the value provided.