Rocket Money vs YNAB 2024: Which budgeting app is better?
Disclosure
This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.Tired of feeling like your finances are out of control? You’re not alone. In the quest for financial freedom, two budgeting tools, Rocket Money and YNAB (You Need A Budget), stand out from the crowd.
But which one is truly worth your time and money? In this article, I will dive into the key differences and strengths of Rocket Money vs YNAB, helping you make the best choice for your financial journey. Keep reading to find out which tool can turn your financial chaos into clarity.
Rocket Money is Better for: | YNAB is Better for: |
High customization | Structured budgeting methodology |
Intuitive interface | Emphasis on financial education |
Flexibility and ease of use | Seamless syncing with financial accounts |
Introducing the Platforms
YNAB
Feeling overwhelmed by your finances? YNAB could be the budgeting tool that brings clarity and control to your money management.
YNAB stands out with its unique budgeting methodology based on four rules. This approach provides a structured framework that guides users in managing their finances.
While YNAB offers some customization, it stands out for its focus on financial education and the ability to sync seamlessly with users’ financial accounts. For more details, check my in-depth YNAB review.
For a deeper dive of all things YNAB, check out my full review of the platform.
Rocket Money
Struggling to take control of your finances? Rocket Money might be the game-changer you need.
Rocket Money is a budgeting app that offers high customizability and an intuitive interface. The platform allows users to tailor their budget categories and set personalized financial goals.
With clear visualizations of income, expenses, and budgeting goals –– Rocket Money delivers a user-friendly experience.
Type of Service | Budgeting App | Budgeting App |
Best Use | High customizability and ease of use | Structured budgeting and financial education |
Customer Support | FAQ and email support | Comprehensive knowledge base, email, and live workshops |
Modest Money Review | Rocket Money Review | YNAB Review |
Current Promotion | Start your 7-day free trial! | Start your 34-day free trial! |
Modest Money Overall Rating |
Type of Service | Budgeting App |
Best Use | High customizability and ease of use |
Customer Support | FAQ and email support |
Modest Money Review | Rocket Money Review |
Current Promotion | Start your 7-day free trial! |
Modest Money Overall Rating |
Type of Service | Budgeting App |
Best Use | Structured budgeting and financial education |
Customer Support | Comprehensive knowledge base, email, and live workshops |
Modest Money Review | YNAB Review |
Current Promotion | Start your 34-day free trial! |
Modest Money Overall Rating |
Rocket Money vs YNAB Video
Factor 1: Budgeting Methodology
- YNAB wins with its structured four-rule methodology for effective budgeting.
- Rocket Money offers flexible budgeting but lacks YNAB’s structured approach.
Rocket Money: Flexible Budgeting
Rocket Money allows users to create personalized budget categories, offering flexibility in how you manage your finances. Whether you have specific savings goals or want to track particular spending habits, Rocket Money can accommodate your needs.
YNAB: Four Rules of Budgeting
YNAB, on the other hand, offers a unique and structured approach to budgeting. The platform utilizes a methodology based on four rules:
- Give Every Dollar a Job
- Embrace Your True Expenses
- Roll with the Punches
- Age Your Money
This approach is excellent for those new to budgeting or who prefer a structured financial plan.
Factor 2: User Interface and Accessibility
- YNAB wins with a clean, user-friendly interface and comprehensive features.
- Rocket Money is intuitive and visually pleasing but less feature-rich.
Rocket Money: Intuitive and Easy-to-Use
Rocket Money offers an intuitive and straightforward interface that allows users to navigate through the app easily. Its visually pleasing design elements make budgeting less daunting and more enjoyable.
YNAB: User-friendly with Comprehensive Features
YNAB, on the other hand, boasts a clean and user-friendly interface. While it might have a steeper learning curve due to its comprehensive features, YNAB provides ample educational resources to assist new users.
Factor 3: Financial Goals and Reporting
- YNAB excels in goal tracking and detailed financial reports.
- Rocket Money provides visual goal tracking but less detailed reporting.
Rocket Money: Personalized Financial Goals
With Rocket Money, users can set and manage personalized financial goals, making it an excellent tool for financial planning. It also provides clear visualizations of income, expenses, and progress toward financial goals.
YNAB: Detailed Reporting and Goal Tracking
YNAB, on the other hand, emphasizes goal tracking and provides detailed reports that allow users to analyze their spending patterns and budget performance. It’s an excellent tool for those who value data-driven insights to guide their financial decisions.
Factor 4: Customizability
- YNAB wins with guided customization that’s easy to navigate, ideal for budgeting beginners.
- Rocket Money offers high customizability but may feel less structured for new users.
Rocket Money: User-driven Customizability
Rocket Money is no slouch when it comes to customizability. Users have the freedom to tailor their budget categories and set personalized financial goals.
This feature is especially beneficial for users who want their budgeting tool to fit their unique financial circumstances and goals.
YNAB: Guided Customization
YNAB offers customization but is more guided in its approach, applying the four rules of budgeting. This approach is excellent for users new to budgeting who may benefit from a more structured methodology.
If you are already a budgeting expert, then this guided customization might feel restrictive. But if you are like me and like the help of proven, guiding principles, then YNAB’ customization is appreciated.
Factor 5: Ease of Use
- YNAB wins by guiding users through its budgeting methodology with ample resources.
- Rocket Money offers an intuitive interface but lacks the structured guidance.
Rocket Money: Intuitive Interface
Rocket Money features an intuitive and sleek interface, making it easy for users to navigate and understand their financial data. The setup is straightforward, and the platform provides clear visualizations of your income, expenses, and budgeting goals.
YNAB: Guides You Through
New users might need some time to familiarize themselves with the four rules of budgeting and how to apply them within the platform. Luckily, YNAB does a good job of providing resources to make this learning process quick and painless.
Factor 6: Pricing
- YNAB offers a 34-day free trial and transparent pricing.
- Rocket Money provides flexible Premium Membership pricing and a bill negotiation service.
Rocket Money’s Flexible Pricing
Rocket Money is designed to be a free service with optional paid features that users can opt into. The Premium Membership enhances the app’s functionality at a price point that suits various budgets, generally between $6 and $12 per month.
Rocket Money offers a 7-day free trial for new Premium members, allowing users to explore the additional features before committing to a paid plan.
Another unique service is their Bill Negotiation feature, where specialists negotiate with service providers to lower your bills, charging a fee based on a percentage of the savings achieved, which is usually between 35%-60%.
YNAB’s Straightforward Pricing And Extended Free Trial
YNAB takes a different approach with a clear focus on long-term value. Users can choose between an annual plan at $8.25 per month, which is billed annually at $99, or a monthly plan at $14.99.
This pricing structure highlights a significant savings opportunity for those who commit to the annual plan, saving $80 compared to the monthly plan.
YNAB also offers a generous 34-day free trial, giving potential users ample time to understand and benefit from the platform’s unique budgeting methodology. This makes YNAB a strong contender for those looking for a comprehensive and educational budgeting tool.
External Customer Reviews & Ratings
External Rocket Money Reviews & Ratings
Site | Rating | |
Google Play | 4.4 from 46,676 votes | |
Apple App Store | 4.3 from 54,380 reviews | |
Wallstreetzen | 3.5 | |
Moneywise | 3 |
External YNAB Reviews & Ratings
Site | Rating | |
PC World | 5 | |
Google Play | 4.8 from 15,059 votes | |
Apple App Store | 4.8 from 46,308 reviews | |
Trustpilot | ||
G2 | 4.6 from 28 reviews |
Rocket Money and YNAB Alternatives
If you have read this far in my Rocket Money vs YNAB article and aren’t convinced their monthly subscriptions are worth it, don’t worry, there are other quality personal finance apps out there.
If you subscribe to the zero-based budget philosophy but don’t like the offerings of YNAB, you can consider EveryDollar. To learn more about personal finance guru Dave Ramsey’s EveryDollar and see how it compares, consider reading my YNAB vs EveryDollar review.
If you need more help than monthly budgets to reach your individual savings goals, Quicken offers a wide range of premium features. A complete money management solution, Quicken has been a solid option for over 40 years. To see how they have adapted to keep pace with all the new expensive budgeting apps available, check out my YNAB vs Quicken article.
If you are a former Mint user and looking for a replacement, there are plenty of popular budgeting apps at your disposal. YNAB has many of the same standout features that Mint formerly provided to users and could be a better overall budgeting platform.
To see how they compare, my Mint vs YNAB comparison is a good starting point.
My Decision: Rocket Money or YNAB
After comparing these two powerful budgeting tools, it’s clear to me that both Rocket Money and YNAB have a lot to offer. YNAB’s unique budgeting methodology and focus on financial education make it an excellent tool for those new to budgeting or who need a more structured approach.
On the other hand, Rocket Money’s high level of customizability and ease of use make it ideal for users who prefer a more personalized and straightforward budgeting experience.
Although both platforms are incredible and cater to different user needs –– I give a slight edge to YNAB. Choosing YNAB as your budgeting app offers several advantages.
Its goal-tracking feature allows you to easily set and monitor both spending and savings objectives, thanks to its effective target-setting capabilities.
YNAB’s loan calculator is another valuable tool, helping you understand the time and money you’ll save by paying extra towards your debt.
Additionally, the app’s interface is uncluttered, and free of pop-up ads or third-party content, ensuring a smooth and focused user experience. If you’re interested in a more structured and educational approach to budgeting, click here to try YNAB free for 34 days.
If Rocket Money seems more appealing to you, Click here to get started with Rocket Money today.
Related Financial Product Reviews: