Rocket Money (2024)

FAQs

Does Rocket Money really work? ›

Yes, Rocket Money is a legitimate company. It uses data encryption to keep your information safe, securely links bank accounts through Plaid, and its savings account is offered through nbkc Bank, which is insured by the FDIC.

The 50/30/20 Budget

In a nutshell: 50% of your net income is for needs (housing, transit, groceries, etc.) 30% is for “wants” (recreation, dining out, gym membership, etc.) 20% is for savings and, in some cases, debt repayment.

Bill Negotiation

If Rocket Money thinks a certain bill is too expensive, they may offer to negotiate that bill on your behalf. But they'll also take a cut of the savings—which kind of defeats the purpose. Rocket Money charges 30–60% of the amount they help you save for the year.

While the Rocket Money app is free, there is a subscription fee if you want to use Premium features, like concierge services or premium chat. Free to create a budget. Subscription fee applies to premium services.

Checking your credit score within the Rocket Money app is a soft inquiry. This type of inquiry has no impact on your credit score and is not reported to any of the credit bureaus.

On behalf of the Electronic Privacy Information Center (EPIC), the NYU Tech Law and Policy Clinic filed a complaint with the Consumer Financial Protection Bureau against financial technology company Rocket Money (formerly Truebill), alleging unfair, deceptive, and abusive trade practices and violations of the the Fair ...

If the negotiation is successful, we'll charge a fee of 35% - 60% of your first year's savings. You choose the percentage within this range!

Rocket Money analyzes your income and expenses and then helps you understand how much you have available to spend per month. We show your past spending patterns by category and make it easy to set future spending goals to help optimize your budget.

The free version of Rocket Money is limited but provides basic budgeting functions like expense tracking that may be sufficient for some users. The paid version, which costs $6 to $12 per month, offers advanced features like custom budget categories, automated savings and credit report and net worth tracking.

Rocket Money offers optional paid features to unlock additional services within the app. Mint doesn't offer any paid features, but that's not necessarily a bad thing. If you compare the services you have to pay to unlock with Rocket Money to what Mint offers for free, there's not much difference.

How does Rocket Money know what subscriptions I have? ›

Rocket Money uses advanced algorithms to analyze your transactions and automatically identify your subscriptions and bills.

Rocket Money's free version only shows you your subscriptions -- it won't cancel them for you. To access this service, you'll need to pay $4 to $12 per month for the paid version. You choose your amount, and you'll enjoy the same features however much you pay.

Rocket-Money is not a trusted broker because it is not regulated by a financial authority with strict standards. We would not open an account for ourselves with them. If you want to stay safe, only sign up with brokers that are overseen by a top-tier and stringent regulator.

Rocket Money, HoneyDue, and Empower are among our top picks for the best personal finance software and budgeting apps. Rocket Money: Rocket Money's free plan has more comprehensive features than other free budgeting apps.

It's important to note that deleting the Rocket Money mobile on your app doesn't automatically cancel your subscription as your account is still accessible through the website. Make sure you follow the steps outlined above to avoid unexpected charges.

EveryDollar is a good choice for those who are in search of simple, back-to-basics budgeting software. There's a free version that lets you enter your transactions yourself. However, if you want the app's full functionality and automatic sync features, expect to pay up.

While it isn't free, it makes sense for a wide variety of use casJB - no affes and investment goals. Rocket Dollar lets you invest in alternative assets with a self-directed IRA and solo 401(k). It's incredibly flexible and even lets you bring your own deal. However, fees can be higher than some competitors.

The app also offers bank-level security with 256-bit encryption to keep your personal data safe. Rocket Money is free to use, although there are optional services, such as bill negotiation, that you can opt in to for an extra cost ranging from $4 to $12 monthly.

Ways to save

However, Mint easily has a more robust offering of available products for its users. Within the Mint app, you can find credit cards, loans, investment accounts, savings accounts, and different types of insurance. The Rocket Money app doesn't have these features.