What Is Rocket Money And Is It Worth It?

Jeremy BiberdorfBy: Jeremy Biberdorf

November 1, 2023November 1, 2023

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In today’s digital age, who isn’t on the lookout for an app to help streamline finances? Enter Rocket Money, an app purporting not just to manage your daily expenses but also to ax those pesky, forgotten subscriptions and to map out future expenditures. “What is Rocket Money?” you might ask. Originally christened Truebill, it underwent a facelift, acquiring its current name post its acquisition by Rocket Companies in late 2021.

Ever since this transformation, Rocket Money has steadily grown into a comprehensive financial ally. Its mantra? Save more, spend judiciously, gain a clear financial overview, and reclaim your financial reins.

The app champions a goal-driven methodology, promising not just savings but also crucial insights into your spending habits. The vision is clear: fortify your financial health.

I’ve personally sifted through its features, and in this Rocket Money review, my aim is to furnish you with a clearer picture. Comparing it to giants like YNAB, the question is, does Rocket Money stand tall? Dive in with me to find out if this could be your financial game-changer.
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What is Rocket Money?

Rocket Money is a dynamic personal finance application with its roots in Silver Spring, Maryland, and an additional presence in San Francisco, California. At its core, it’s all about mastering the art of managing bills and those ever-so-sneaky subscriptions.

Originally recognized as Truebill, a twist in its journey occurred when it was snapped up by Rocket Companies in December 2021, undergoing a rebranding to Rocket Money by August 2022.

The app isn’t just about a name or a brand; its effectiveness speaks volumes. All in all, Rocket Money boasts of aiding over 3 million members, accumulating savings exceeding $245 million. A whopping $155 million from this was just by terminating unneeded subscriptions.

A primary aim of Rocket Money is simple yet profound: it desires to equip you with the skills to be at the helm of your finances. From axing subscriptions you no longer need, to being your savings’ guardian, and even stepping in to haggle your bills, Rocket Money is there every step of the way. Available across various platforms, including the App Store, Google Play, and standard web browsers, it’s quite the accessible tool.

Here’s a fun tidbit: if you’re already affiliated with Rocket Companies, perhaps through Rocket Loans or Rocket Mortgage, accessing Rocket Money is a breeze. Your existing login details will smoothly sail you through.

In my perspective, with such impressive credentials, Rocket Money has solidified its place as a star player in the personal finance arena.

Rocket Money Features

We can’t understand what Rocket Money is until we fully understand it’s features and offerings:

  • Subscription Management: Ever found unwanted subscriptions biting into your monthly bills? Rocket Money identifies and compiles these subscriptions for you. With the app’s insights, you’ll spot upcoming payments, helping you sidestep unwanted charges. For those looking for added convenience, the premium service can even handle subscription cancellations on your behalf.
  • Budgeting Tools: These aren’t just basic features; they’re designed with precision. The app presents an overview of your income and outgoings, categorized into specific spending categories. With unlimited budgets available, users can customize their financial targets by categories like food or entertainment. Real-time notifications ensure you don’t overshoot your budget.
  • Net Worth Tracking: Rocket Money’s tools also extend to keeping an eye on your net worth. Whether it’s bank accounts, credit cards, or investment accounts, monitor them all seamlessly.
  • Autopilot Savings: Beyond helping with monthly budgeting, Rocket Money steers users toward their savings goals. Users can determine the amount and frequency of transfers from connected bank accounts to Rocket Money’s smart savings accounts. These accounts are protected with bank-level security, giving users peace of mind.
  • Spending Insights: By analyzing spending habits across your financial accounts, Rocket Money offers actionable insights. It identifies where most of your expenditures go and advises on tweaks to hit your financial goals. This includes nudges about due bills or when your account runs low, aiding in the avoidance of overdraft fees.
  • Bill Negotiation Service: Hand over your monthly bills to Rocket Money and witness the power of their negotiation feature. By providing details of your service providers, Rocket Money can negotiate better rates on your behalf, potentially saving you a significant amount annually.
  • Credit Scores: The app isn’t just about spending and saving. It takes care of your credit health too. Access your credit report and history directly through the app and get alerts for any impending changes. Understand the intricacies of credit scores and how your financial behavior molds it.
  • Education Center: Personal finance can be daunting, but Rocket Money’s educational library is here to simplify. From articles on budgeting to insights on investments, it’s a treasure trove of knowledge.
  • Rocket Money Premium: While there are a host of free features, Rocket Money’s premium subscription elevates the experience. Premium features include concierge for unwanted subscriptions, prioritized customer service, enhanced budgeting tools with custom categories, in-depth credit tracking, and more.

Final Thoughts

When deliberating between personal finance tools, the comparison of Rocket Money vs YNAB is unavoidable. Both platforms have carved a niche for themselves in the personal finance ecosystem and offer their own unique benefits.

However, understanding the essence of “What is Rocket Money?” is vital. It’s not just another budgeting tool; it’s an all-inclusive platform that spans across savings, bill negotiations, and net worth tracking, among others.

Take the next step in your financial journey. Try out Rocket Money today and experience a holistic approach to personal finance management. Click Here to get started.
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Jeremy Biberdorf
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He's a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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