You can manage your invoices and subscriptions using Rocket Money. When necessary, the app cancels your subscriptions on your behalf. By identifying which bills can be reduced, the Rocket Money app can help you negotiate better rates. A portion of these savings is charged to the business as a fee. With Rocket Money, you can also make a budget, monitor your credit score, and do a lot more. While some functions cost a premium membership, others are free.
Advantage and Dis-advantage
Advantage
- Manages subscriptions
- Tracks spending
- Automates savings
- Multiple other free services
Dis-advantage
- Requires sensitive financial info
- Bill negotiation costs 30%-60% of savings
Rocket Money
Rocket Money is a personal financial app and firm mostly that focuses on managing your monthly subscriptions and expenses. It can help you monitor, evaluate, and adjust your monthly spending plan to better align with your financial objectives.
As of this writing, Rocket Money has helped more than 2.7 million users cancel more than 1 million subscriptions and save more than $100 million. Although it has offices in San Francisco, California, its headquarters are in Silver Spring, Maryland.
How does Rocket Money work?
You must download the Rocket Money app, register, and link your bank and credit card accounts so the concierge can track your subscriptions and regular payments and evaluate your expenses.
You will need to supply some very sensitive financial information (such as your checking account login passwords) to link your accounts. Still, Rocket Money and its partner Plaid use bank-level 256-bit encryption to help protect your data.
After installing the app, you may use your smartphone to access Rocket Money’s other services, modify and cancel subscriptions, and see your spending insights. The majority of services are free; however, some may require a fee or a Premium account.
Rocket Money packages
Rocket Money’s services are often divided into two categories: free and premium. While both can help you save money, a Premium plan handles more of the labor-intensive tasks.
Rocket Money’s free features include:
- Subscription management
- Spending insights
- Budgeting capabilities
Rocket Money’s Premium membership is more robust, offering everything available for free and adding features such as:
- Concierge cancellations
- Prioritized customer service
- Unlimited budgets
- Custom budget categories
- Smart savings accounts
- Real-time balance syncing
- Credit tracking and reports
Rocket Money products
The Rocket Visa Signature credit card and its app are Rocket Money’s two primary offerings.
To assist you in better managing your funds, the Rocket Money app offers a number of functions.
Subscription management
Your subscriptions are identified and compiled by the Rocket Money app, making tracking simple. To help you avoid overdrafts and late fees, you can also view upcoming payments. If you join up for a Premium membership, Rocket Money can cancel your memberships on your behalf.
Spending Insight
The Rocket Money app can determine your top spending categories once you link it to your accounts. To prevent overdrafts and late fees, it also alerts you to pending charges or a low balance.
Bill negotiation
After scanning your invoices for potential savings, the Rocket Money app’s negotiators can reach out to the business to secure a better deal for you. They also assist with fee reimbursements.
Budgeting
To find out how much you spend each month in various areas, Rocket Money can examine your transactions. Additionally, you may make goal trackers and configure alerts to notify you when you’re getting close to your spending caps in certain categories.
Autopilot Savings
Rocket Money can evaluate your accounts and automate your savings to help you decide when it’s best to save. You can withdraw, halt, or close your account at any time, and you can set a target and the frequency of transfers. The FDIC insures Rocket Money savings accounts.
Credit Score
You can see what is affecting your credit score and how by using the Rocket Money app, which breaks down your credit. Additionally, it provides up to $1 million in identity theft protection and real-time warnings for changes in credit scores.
Pay Advance
A $100 interest-free pay advance, with no credit check, is available from Rocket Money. When your paycheck arrives, you repay the money that was deposited straight into your account.
The Rocket Visa Signature credit card from Rocket Money is touted for several intriguing features, even though it hasn’t been fully released at the time of publication. By keeping your credit use low, its SmartPay feature may raise your credit score and help you avoid serious debt. There are also merchant-level controls and cash-back options.
Rocket Money costs
Rocket Money offers several free services, such as subscription management. You must, however, purchase a Premium membership or make additional payments to access further services.
The cheapest subscription to Rocket Money Premium is $4.
Additionally, Rocket Money charges for bill negotiation services. The business keeps between 30% and 60% of the savings it negotiates on your behalf; you only pay if the negotiation is successful.
Depending on the services you use, you can have additional expenses. These can include optional gratuities when receiving a wage advance and maintenance fees for your savings account.
Conclusion
Rocket Money is a helpful app if you want better control over your money. It makes it easy to track subscriptions, monitor spending, create budgets, and even cancel services you no longer use. The bill negotiation feature can also save you money, although the company keeps a percentage of the savings as a fee.
Many basic features are free, which is great for beginners. If you want more advanced tools like concierge cancellations, smart savings, and credit tracking, you’ll need the Premium plan, which starts at $4 per month.
However, you must be comfortable sharing sensitive financial information to use the app. While Rocket Money uses strong security protection, this is still something to consider.
