Rocket Money Free
Tools and Features
Ease of Use
Rocket Money is an exceptional tool that empowers individuals to take control of their spending and effectively save money every month on their journey towards financial independence.
- Simple to use and manage your finances and
- Offers a variety of features that helps save money
- Helps you keep track of your budget
- Your data is kept safe with bank-level encryption
- Bill negotiation service lowers your costs each month
- View all your recurring charges in one place
- FREE 7-day Premium subscription to see if Rocket Money works
- Takes some time to connect the account with bill providers
- Rocket Money fee is 40% of your full year of savings – but you don’t pay Rocket Money anything if they don’t lower your bill
Our Rocekt Money Review will give you a feel for how Rocket Money works and why you would benefit from using it!
Like most people, you’ve probably been overcharged by your service providers at least once (and likely more than that!).
These situations are frustrating, but Rocket Money can help save money each month and smooth out your financial life.
Key Takeaways: Rocket Money Review
Before I get into all the details, here’s a quick overview of Rocket Money:
- You may recognize the name Truebill, but it’s no more, and now you’ll use the Rocket Money website.
- Rocket Money offers a free and premium version of their app.
- The free app includes financial tracking, budgeting, and credit score features.
- The premium account includes additional features, such as balance alerts, a Smart Savings account, etc.
- This personal finance app is primarily a bill negotiation service: a premium feature is bill negotiation.
- They provide bank-level encryption to ensure the privacy and security of your data.
- They also offer a free 7-day trial of the Rocket Money Premium subscription.
What Does Rocket Money Do?
One of the app’s main features is its budgeting tool, which helps users track their spending and stay within their budget to help avoid lifestyle inflation.
The Rocket Money app also provides premium users tips on saving money and services such as negotiating lower prices on bills and subscriptions.
Get Refunds On Fees & Outages
The Rocket Money app will scan your bank transactions and monthly bills for fees, like an overdraft fee or late fee.
They’ll work to get you a refund for those fees to help you lower your bills each month.
One of Rocket Money’s most valuable functions is reporting service outages and attempting to get back money for these disrupted services.
The service may keep track of cable, phone, and internet provider service failures and then ask for a refund on your behalf.
Manage & Cancel Subscriptions
Do you know how much you are spending on subscriptions and recurring bills? No? You’re not alone! It’s easy to lose track of how much you spend on monthly subscriptions.
Rocket Money can help you keep track of your subscriptions and even cancel subscriptions on your behalf. It’s a great way to save on things you may not be using anymore.
You can decide which subscriptions you want to keep and which ones you want to cancel.
For example, if you have a gym membership that you never use, Rocket Money can cancel it and save you a monthly fee.
The app will also work to negotiate better rates for the subscriptions you want to keep, like a lower rate for your cable bill, for example.
Rocket Money Plans
Rocket Money has a free version and a paid option for users who want more features.
The Rocket Money Premium costs anywhere between $3 – $12 per month- it’s a pay-what-you-can model, which I love.
They also offer a free 7-day trial of their premium features.
Here’s more on Rocket Money’s features:
- Monthly Budgeting
- Financial tracking
- Balance alerts
- Credit score
- Bill Negotiation
- Syncing your balance
- Premium Chat
- Cancellations Concierge
- Custom Categories
- Unlimited Budgets
- Smart Savings
- $120 Pay Advance
- Real-Time Account Sync
3 Steps To Lower Your Bills
Rocket Money is a free service at first.
You have to sign up for the Rocket Money premium membership and pay a monthly fee to get more significant savings.
Rocket Money charges a “savings fee” of 40% for every dollar from the subscription services Rocket Money can lower. You aren’t charged if Rocket Money’s bill negotiation is unable to save you money.
So, for example- saving $100 for you, the Rocket Money cost is $40.
Here’s how premium users can quickly get Rocket Money to save on bills:
1. Select Your Provider
The list of bill providers on Rocket Money is pretty comprehensive. Some of the companies on the list include AT&T, Comcast, and Time Warner Cable – all big names that offer various services.
If your provider isn’t listed, you can submit a request for them to be added.
2. Connect Your Bill(s)
In this step, you’ll give Rocket Money access to your monthly billing statements by using TrueProtect.
Connecting the two accounts can be done by entering your bill provider login information or uploading an image of the bill on the Rocket Money portal.
But not to worry, Rocket Money uses Plaid to provide bank-level security and encryption when connecting to your bank accounts.
TrueProtect allows Rocket Money to try to lower your recurring bills (like your cell phone bill) by negotiating on your behalf.
If Rocket Money saves you money, they charge a one-time success fee to your credit card, aka the 40% charge from the subscriptions it successfully negotiated that I mentioned earlier.
3. Start Saving!
After you’ve completed all the steps, sit back and relax. Rocket Money will analyze your bills and work to start saving.
The company has a pretty success rate, reportedly saving users an average of $180 per year.
Budget & Tracking
Rocket Money’s Budget and Tracking feature is simple. It allows users to see their spending habits and easily track their monthly budget.
Free version users can create two budgets, but with Rocket Money Premium, users can create multiple budgets.
The budgeting feature can be found under “Start a budget” on your Rocket Money dashboard.
The tracking feature of Rocket Money is one of the most simple I’ve seen. You can instantly see your cash flow and how much you’ve spent this month when you open the app.
Under the spending tab, you can see all your transactions. There is a filter to search for specific transactions made on any linked accounts.
There are also monthly reports that you can generate to show where your money is going
Rocket Money Premium Services
While the free version offers some great features, the premium account features on Rocket Money cost just $3 – $12 per month (billed annually)
At that price, you get access to:
One of the Premium features I like is syncing your bank account balance. It makes it easy to keep track of your money in one place.
You can link all your bank accounts and transactions to see how much money you have left in your account.
To get started, connect your bank account and credit card accounts to Rocket Money. Then, go to the settings tab and select “Enable Balance Sync.”
You may have questions from time to time. With the chat, you can connect with Rocket Money’s excellent customer service to answer your questions quickly.
If you don’t want to chat with support, you can find the answers in the Rocket Money knowledge library, or you can email support for help.
Rocket Money saves you money with its premium services feature bill called cancellations concierge. This feature is excellent if you have a lot of bills and don’t have the time to cancel subscriptions.
Rocket Money monitors and works to help you cancel your services – from your cell phone plan to your cable subscription.
You have to provide the concierge with your account information, and they’ll take care of the rest and cancel subscriptions for you.
The free version provides you with instructions on canceling subscriptions and getting bank fee refunds, but you don’t have to lift a finger with the paid version!
Unlimited Budgets With Custom Categories
This feature allows you to track as many budgets as possible without any additional fees from Rocket Money. You can create budgets for anything, including food, entertainment, and travel.
For example, you might want to create a budget for your weekly food expenses. You can limit how much you want to spend on groceries, and Rocket Money tracks spending habits and alerts you if you go over budget.
Rocket Money also lets you create custom categories in budgets to help you organize your finances. Custom categories are beneficial if you have a lot of expenses and want to track them by category.
You can use Rocket Money to get cash early- simply apply for your pay advance up to 15 days before your payday.
Once your check arrives, Rocket Money deducts the money you owe from your checking account. This service comes with no interest, so you can focus on your finances without worrying about additional fees.
Smart Savings Feature
What I love best about Rocket Money is how it has automatic features to save you money, and Smart Savings is another perfect example of that.
Rocket Money provides sub-savings accounts with a Premium service called Smart Savings, which you can use to simplify saving for small and short-term savings goals.
With this feature, you can move money from your checking account to an FDIC-insured bank account to reach your financial goals without thinking about it.
You may opt to have automatic transfers run, establish limits to avoid overdrafting, and withdraw funds from your savings accounts at any time.
For example, you could use your Smart Savings account to withdraw $50 a month from your checking account before Christmas to pay for gifts.
The Rocket Money app makes it easy to keep setting aside money for general savings or special gifts, and it’s all in the palm of your hand!
Rocket Money Reviews
Want another point of view on using Rocket Money? Never hesitate to look up other Rocket Money reviews and how it ranks with others.
Trustpilot is my go-to review site to check out what people are saying- and so far, over 4,000 users have great things to say about Rocket Money.
It has a 4.6 out of 5 star rating, with 89% of Rocket Money reviews having 5 stars. That’s solid!
Rocket Money Vs. Trim
Both companies offer bill negotiation services that will help you lower bills like the cable company bill each month.
I like that Rocket Money also offers credit score reports, and tracks changes in your score.
But users are also happy with using Trim!
Here’s some info on Trim to see why people use it instead of (or with!) Rocket Money:
Trim has a philosophy that they want “to help all hardworking Americans be financially healthy!”
Trim is simple to use and offers a variety of features that can help you manage your finances.
Here’s a list of what Trim offers for free:
- Subscription Cancellation
- Monitor daily bank transactions
- Negotiate Medical Bills
- Bank Negotiation – Lower credit card APRs and get bank fees refunded
- Simple Savings (automate your savings)
- Car Insurance Comparision
- Liabilities Calculator
Trim and Rocket Money both offer bill negotiations with over 15,000 financial institutions. The big difference between Rocket Money and Trim is the amount Trim charges for bill negotiation.
Trim recently lowered their fee to 15% of the total first year of savings. Remember, Rocket Money’s success fee is 40%.
But like Rocket Money, if they cannot negotiate savings and lower bills for you, there is no charge.
Is Rocket Money safe to use?
Yes, Rocket Money is a safe and secure way to manage your finances.
This personal finance app uses the Plaid service to connect with different financial institutions and encrypt your data with bank-level security to ensure that your information is safe.
Who would benefit from Rocket Money?
Rocket Money is an excellent tool for anyone who wants to lower their monthly bills.
If you’re looking for a simple way to keep track of your budget, detect potential savings, and lower bills, Rocket Money is a great option.
How much can I save with Rocket Money?
You may be wondering, “Can Rocket Money save me money?”
Rocket Money says they can save you an average of $180 per year. However, your savings will depend on your specific financial situation.
Keeping track of your spending is possible with a free budgeting app, but Rocket Money goes a step further and makes it easy to see where you can save and gets the ball rolling for you.
Rocket Money offers an easy-to-use app with a variety of features that help manage your finances. The paid version is even better, offering more features and benefits that can help you save extra money.
If you are looking for an app to help you keep track of your budget, I recommend Rocket Money.