Are you looking to build a better budget and get your finances on track? There is no shortage of fintech tools to help! Our Rocket Money review will help you learn more about one of these options to see if Rocket Money is right for you!
What is Rocket Money?
Rocket Money, formerly known as Truebill, touts itself as a tool to simplify your finances. The app is available on Android and iOS. Users can work with the app to build a budget. Plus, Rocket Money can also help you find and cancel unused subscriptions. In fact, Rocket Money claims to have saved users more than a billion dollars!
If this tool sounds helpful, then you will want to explore the best features and areas for improvement to see if you should download it or not.
Rocket Money Review: Best Features
To access the best features of Rocket Money, it is not a free finance tool. That can shock some people. However, the best features of Rocket Money have users happily paying the price. Let’s take a closer look at the best features of Rocket Money to see how they’ve amassed more than five million users!
Track your subscriptions
Subscriptions are budget vampires. We sign up for things, forget about them, and then they drain our budgets. Rocket Money understands and makes it easy to keep track of your subscriptions.
With Rocket Money, you can display all your subscriptions in one place. By pulling together all of your subscriptions in a single place, you can keep track of what you signed up for. You can also easily assess what they are costing you! In doing so, it makes it very clear if you should keep the subscription or not.
Cancel unwanted subscriptions
One of the best features that we had to highlight in our Rocket Money review is the ability to cancel unwanted subscriptions. Even after you identify subscriptions you don’t need, it can be hard to get out of them. Rocket Money makes it simple to ditch unwanted subscriptions!
To date, Rocket Money has canceled over 2.5 million unwanted subscriptions on behalf of customers.
In addition to canceling unwanted subscriptions, Rocket Money will negotiate your bills for you. They take a look at what you are currently paying and determine if better options exist. All of these savings can really add up!
Monitor your credit score
Your credit score isn’t everything, but it does matter! Your credit score impacts your ability to open credit cards and the interest you pay on loans. It can also impact your car insurance and even your employment application (though this background check allows them to access your report, not your specific score).
Since your credit score can impact many aspects of your life, you might assume that all fintech tools allow you to access your credit score. That’s not the case! A shocking number of platforms don’t mention credit scores at all.
If you want to keep a close eye on your score, Rocket Money makes it really simple. Here’s how they can help:
- Access your full credit report on Rocket Money with a simple click
- Get alerts when changes impact your credit score
- Learn more about what your credit score and credit score changes mean
Track your net worth
Are you pursuing financial independence? We certainly hope so. For people wishing to retire early or pursuing Coast FIRE status, tracking your net worth can be very helpful. Rocket Money allows you to see your net worth at a glance.
To calculate your net worth, Rocket Money first totals all of your assets. That’s the combined amount in your checking, savings, and investment accounts. Then, they subtract your debt. Your net worth total is clearly displayed in the Summary section of the Net Worth tab.
Rocket Money Review: Areas for Improvement
As much as there are things to love about Rocket Money, there are some areas where the app could improve.
Subscription cancellation issues
While subscription cancellations are Rocket Money’s bread and butter, it turns out that it isn’t always as simple as it seems. Truthfully, some users even object to how difficult it is to cancel their Rocket Money subscriptions.
Rocket Money receives a B rating from the Better Business Bureau. Some of the most notable complaints are from people reporting concerns about subscription issues. In one instance, a user reportedly understood that Rocket Money negotiated a bill reduction. Instead, Rocket Money canceled the service entirely. Then, the user wanted to end their Rocket Money subscription and struggled to do that.
Of course, just because someone posts a complaint doesn’t mean you will have the same issue. In at least some of these issues, user error is also a possible explanation. Still, the B rating is striking given the fact that Rocket Mortgage promotes its subscription services so proudly.
High cost
Let’s cut to the chase. Rocket Money is a paid platform to access their best features. For many people, that disqualifies them right off the bat. Especially when you are first getting started on your financial journey, it can be hard to justify any additional costs.
The fact that the cost of Rocket Money isn’t totally clear doesn’t help matters any. Anyone can set up a Rocket Money account for free. To unlock their premium features, though, you have to pay on a sliding scale. The cost varies with Rocket Money saying, “In general, members can choose monthly prices between $6-$12 per month.”
Past legal trouble
Rocket Money changed names and we can’t help but wonder if they will be plagued by the same trouble as the past.
Rocket acquired Truebill and changed the name of the platform to Rocket Money. Before Truebill was sold, it earned a single-star rating from Consumer Affairs. Granted there were only a small amount of reviews posted. But the lone star speaks volumes.
Additionally, a complaint was lodged against the company from customer protection powerhouses. The Electronic Privacy Information Center (EPIC) and the Consumer Financial Protection Bureau (CFPB) teamed up to go to bat on behalf of Rocket Money users. They called Rocket Money’s practices “unfair, deceptive, and abusive trade practices and violations of the Fair Credit Reporting Act”. Yikes!
If you drill down into the complaint, the big issue has to do with the pricing structure. Rocket Money tries to paint itself as a free service, but the cost can add up quickly–and in less than transparent ways.
Again, this isn’t necessarily a reason to avoid Rocket Money. But it is worth knowing the fees associated with Rocket Money might be hard to add up, at least at first.
Rocket Money Competitors
If you’re not sold on Rocket Money, there are several competitors you can check out.
Simplifi
Brought to you by Quicken, Simplifi is determined to help make your financial life simpler. Currently priced at $2.99 per month, the platform is cheaper than Rocket Money. It allows you to track your spending and set savings goals. With the power of automation, it also streamlines the financial tracking process.
Learn more about Simplifi here in our detailed review!
Monarch
We really can’t say enough good things about this platform, especially if you’re managing your money as a couple. Monarch bills itself as a modern money management system, and we agree. From a fully customizable dashboard to collaboration options, Monarch is a great tool to keep you and your partner on the same page financially.
Read our review of Monarch Money here.
YNAB
YNAB–short for You Need a Budget–is one of the original budgeting apps. While YNAB is a paid platform that comes with a significant learning curve, there is a veritable legion of dedicated followers who obsess over the platform.
YNAB helps budgeters succeed by encouraging them to look at their money in new ways. Specifically, YNAB focuses on:
- Giving every dollar a job
- Embracing your true expenses
- Rolling with the punches
- Reviewing the age of your money
Learn more about why people love YNAB here!
Rocket Money Review FAQ
You read our Rocket Money review, and now you’ve got questions. That’s fair! We’ve done the research and rounded up insight to answer the most commonly asked questions.
Does Rocket Money actually lower bills?
Rocket Money says it will automatically scan your bills for savings. Their expert team of negotiators will go to work on your behalf, finding you the lowest rates.
Does this seem too good to be true? It isn’t! That’s partly because Rocket Money is motivated to help you save. They take a percentage (30-60%) of your savings as a negotiation fee.
How much does Rocket Money cost?
That’s a good question! We wish there was a simpler answer. In fact, this is probably the biggest sticking point of the entire Rocket Money review. Rocket Money just doesn’t make it clear how much it costs to use their platform.
Users can sign up and access the platform for free. However, if you want to take advantage of the services they advertise, then you have to pay to unlock the features. You then pay what you think is fair based on their sliding scale. Rocket Money says that users typically pay $6-$12 per month.
However, the costs don’t end there. If you take advantage of their subscription cancellation and bill negotiation services, you should expect to pay more. In fact, bill negotiation can cost you 30%-60% of the negotiated savings. That doesn’t negate the fact that Rocket Money is still saving you money. You’re just saving less than you might imagine.
What was Rocket Money's Old Name?
Rocket Money used to be called TrueBill. Rocket Companies, Inc. acquired TrueBill in 2021 and rebranded it as Rocket Money. Since then Rocket Companies, Inc. has grown Rocket Money to support more clients and find synergies in the homeownership space.
What is a better app than Rocket Money?
Are you wondering if there are better apps than Rocket Money? You’re in luck! We’ve got plenty of budget apps that families love for you to consider.
We’ve included some of the top Rocket Money contenders earlier in our Rocket Money review. Before you download Rocket Money, you might also consider:
Of course, it’s worth remembering that every finance tool is going to have its shortcomings. The trick is to find the tool that offers the most features that will benefit your money situation. It takes a little bit of trial and error.
Is Rocket Money safe?
Yes, Rocket Money is safe. Rocket Companies (you might know them from Rocket Mortgage) takes user safety and security seriously.
It uses bank-level encryption to protect your data. Additionally, you use the third-party platform Plaid to link your accounts. That's another layer of protection since your log-in information isn't stored within Rocket Money. You can also delete your account at any time.
If there is ever a need, you can quickly connect with their security team at [email protected].
Final Thoughts on Our Rocket Money Review
Rocket Money helps users save more than a billion dollars and cancel millions of subscriptions. If you are someone who would prefer to pay for a tool that will do some of the heavy lifting for you, then you might want to give Rocket Money a try.
However, if you are someone who wants to take a more DIY approach to your finances, Rocket Money might not be right for you. Some other apps boast a similar price tag; or you might find a free one that you love more. Remember that to enjoy some of the best Rocket Money features, you are paying them a percentage of your cancellations.
Overall, we see a lot of benefits to Rocket Money, as well as some drawbacks. As we love to remind our Marriage Kids and Money community, personal finance is personal! So only you can decide if the cost of Rocket Money is worth it.
Did any part of our Rocket Money review surprise you? What is your favorite budgeting tool?
Please let us know in the comments below.
Leave a Reply