Hey guys! Are you looking for a way to get your finances in order without all the fuss? Then Rocket Money might just be the tool you need. With so many budgeting apps out there, it can be tough to figure out which one is the real deal. So, let's dive deep into Rocket Money and see if it lives up to the hype.

What is Rocket Money?

Rocket Money, formerly known as Billshark, is a personal finance app designed to help you track your spending, lower your bills, and save more money. It links to your bank accounts and credit cards to give you a clear picture of your financial habits. The app is particularly known for its bill negotiation service, where they'll try to lower your monthly bills on your behalf. Sounds pretty cool, right? But let's break down the features and see what makes Rocket Money tick.

Key Features of Rocket Money

Spending Tracking: One of the primary features of Rocket Money is its ability to track your spending. The app automatically categorizes your transactions, so you can see where your money is going each month. This feature is super helpful for identifying areas where you might be overspending. It's like having a financial detective in your pocket, pointing out where you can cut back. Plus, you can set custom categories to tailor the tracking to your specific needs.

Bill Negotiation: This is where Rocket Money really shines. The app can negotiate lower rates on your bills, such as internet, cable, and phone bills. All you have to do is give them access to your accounts, and their team will work to get you a better deal. If they're successful, they take a percentage of the savings as their fee. If they don't save you money, you don't pay anything. It’s a pretty sweet deal if you ask me, especially if you're not a fan of haggling with customer service reps yourself. They even negotiate those pesky subscription fees!

Subscription Management: How many of us have subscriptions we completely forgot about? Rocket Money helps you identify and cancel those unwanted subscriptions. The app scans your accounts for recurring charges and provides an easy way to cancel them. This can save you a surprising amount of money each month. Imagine all those forgotten streaming services and gym memberships finally gone! It’s like a digital decluttering for your wallet.

Budgeting Tools: Rocket Money offers budgeting tools that allow you to set monthly budgets for different categories. The app will then track your spending against those budgets and send you alerts if you're getting close to your limit. This can help you stay on track with your financial goals and avoid overspending. It’s like having a personal budget coach, keeping you in check and motivated.

Savings Goals: If you have specific savings goals, such as a down payment on a house or a vacation, Rocket Money can help you reach them. You can set up savings goals within the app and track your progress over time. The app also offers automatic savings features, where it will transfer small amounts of money from your checking account to your savings account on a regular basis. This can make saving money feel effortless.

Credit Score Monitoring: Keeping an eye on your credit score is crucial for financial health. Rocket Money provides free credit score monitoring, so you can stay informed about your creditworthiness. The app will also send you alerts if there are any changes to your credit report, such as new accounts opened or credit inquiries. This can help you detect and address any potential fraud or errors.

Rocket Money Pricing

Okay, let’s talk about the moolah. Rocket Money offers a few different pricing tiers, which can be a bit confusing, so let’s break it down:

• Free Version: Rocket Money does have a free version, but it’s pretty limited. You can track your income and expenses, but you won’t get access to the bill negotiation or subscription cancellation features.
• Premium Version: To unlock all the features, you’ll need to upgrade to the premium version. The cost of the premium version is based on a “member-chosen” subscription model. You can choose to pay anywhere from $3 to $12 per month. Rocket Money suggests a price based on your savings, but the final decision is up to you. This flexible pricing is interesting, but it can also be a bit unclear for some users.
• Bill Negotiation Fee: If Rocket Money successfully negotiates a lower bill for you, they’ll take a percentage of the savings. This fee typically ranges from 30% to 50% of the first year’s savings. So, if they save you $100 on your internet bill, they might take $30 to $50 as their fee. Keep this in mind when deciding whether to use this feature.

Rocket Money: The Good and The Bad

Alright, let’s get down to the nitty-gritty. What are the pros and cons of using Rocket Money?

Pros:

• User-Friendly Interface: The app is easy to use and navigate, even if you’re not a tech whiz. The design is clean and intuitive, making it simple to track your spending and manage your budget.
• Bill Negotiation Service: This is a huge selling point for many users. If you hate negotiating bills, Rocket Money can take care of it for you and potentially save you a lot of money.
• Subscription Management: Canceling unwanted subscriptions can save you a surprising amount of money each month. Rocket Money makes it easy to identify and cancel those forgotten subscriptions.
• Customizable Budgeting Tools: The app allows you to create custom budgets and track your spending against them. This can help you stay on track with your financial goals.
• Credit Score Monitoring: Keeping an eye on your credit score is crucial for financial health. Rocket Money provides free credit score monitoring and alerts.

Cons:

• Member-Chosen Pricing: While some users may appreciate the flexibility of the member-chosen pricing model, others may find it confusing or unclear. It can be hard to know how much you should pay.
• Bill Negotiation Fee: The fee for the bill negotiation service can be quite high, ranging from 30% to 50% of the first year’s savings. This can eat into your savings.
• Privacy Concerns: Like any financial app, Rocket Money requires access to your bank accounts and credit cards. This raises privacy concerns for some users. It’s important to read the app’s privacy policy and understand how your data is being used.
• Effectiveness of Bill Negotiation: While Rocket Money can be successful at negotiating lower bills, there’s no guarantee. Some users have reported that the app was unable to save them any money.

User Reviews and Ratings

So, what are other people saying about Rocket Money? Let’s take a look at some user reviews and ratings.

• App Store: On the App Store, Rocket Money has a rating of 4.7 out of 5 stars. Users praise the app for its user-friendly interface, bill negotiation service, and subscription management features. However, some users have complained about the high fees for the bill negotiation service and the lack of transparency in the member-chosen pricing model.
• Google Play Store: On the Google Play Store, Rocket Money has a rating of 4.5 out of 5 stars. Similar to the App Store reviews, users appreciate the app’s ease of use and helpful features. However, some users have reported issues with the app crashing or not syncing properly with their bank accounts.
• Better Business Bureau (BBB): Rocket Money has a B rating with the BBB. While they do have a rating, keep in mind that this rating is based on how the business interacts with the BBB and not necessarily a reflection of the quality of the service.

Is Rocket Money Worth It?

Okay, the million-dollar question: is Rocket Money worth it? Well, it depends on your individual needs and circumstances.

If you’re looking for an easy way to track your spending, manage your subscriptions, and potentially lower your bills, then Rocket Money might be a good option for you. The app’s user-friendly interface and helpful features can make it easier to stay on top of your finances.

However, if you’re concerned about the high fees for the bill negotiation service or the privacy of your financial data, then you might want to consider other options. There are plenty of other budgeting apps out there that offer similar features without the high fees.

Ultimately, the best way to decide whether Rocket Money is right for you is to try it out for yourself. You can sign up for the free version and see if it meets your needs. If you like the app, you can upgrade to the premium version and unlock all the features.

Alternatives to Rocket Money

If Rocket Money isn’t quite what you’re looking for, don’t worry! There are plenty of other personal finance apps out there. Here are a few popular alternatives:

• Mint: Mint is a free budgeting app that offers similar features to Rocket Money, such as spending tracking, budgeting tools, and bill payment reminders. Mint is a great option if you’re looking for a free app with a wide range of features.
• Personal Capital: Personal Capital is a wealth management app that offers free financial planning tools, such as investment tracking, retirement planning, and net worth tracking. Personal Capital is a good option if you’re looking for a more comprehensive financial planning tool.
• YNAB (You Need a Budget): YNAB is a budgeting app that focuses on helping you create a budget and stick to it. YNAB uses a zero-based budgeting approach, where you allocate every dollar of your income to a specific category. YNAB is a good option if you’re serious about budgeting and want to take control of your finances.
• PocketGuard: PocketGuard is a budgeting app that helps you track your spending and stay within your budget. PocketGuard offers features such as bill tracking, debt payoff planning, and automatic savings. PocketGuard is a good option if you’re looking for a simple and easy-to-use budgeting app.

Final Thoughts

So, there you have it – a comprehensive review of Rocket Money. Whether it’s worth it or not really boils down to what you need and what you’re willing to pay. If you’re after an easy way to manage your finances and potentially save some money on bills, Rocket Money is definitely worth considering. But make sure you weigh the pros and cons before you jump in. Happy budgeting, folks!