What Is Rocket Money and Why Should You Sign Up?

Rocket Money^SM (formerly known as Truebill) is the personal finance app that helps you save more, spend less, and take control of your financial life through a range of features designed to make managing your money easier than ever before. That said, because money can be such a personal topic, we understand you may have a few questions about how Rocket Money works, what it does, and how we protect your data. Read on for answers to all your questions.

What Is Rocket Money?

Rocket Money is a personal finance app, available on mobile and web, that helps you manage your money, lower your bills, and even cancel unwanted subscriptions for you to improve your financial life. Using features like Smart Savings, credit reports, and net worth, Rocket Money also provides insights that can improve your financial health, with you in the driver’s seat. It is available in both a free and premium version, with a “pay what you think is fair” model so you only pay what feels right for you and your wallet – after a free trail to check it out.

The Top Rocket Money Features You Need To Know About

In addition to bill negotiation and subscription cancellation, Rocket Money includes several features designed to help you with your money. They include:

• Tracking your spending
• Developing a custom budget
• Automatic savings contributions based on your spending habits
• Monitoring your credit score and credit report
• Tracking your net worth

How Much Does Rocket Money Cost?

Rocket Money has both a free and premium version of the app, depending on the types of features and services you’d like to take advantage of as discussed below.

Rocket Money is free to download and includes many of the features listed above such as budgeting, spend tracking, and credit scores. However, for those really looking to take control of their finances, the premium version (which comes with a free trial) includes additional features such as subscription cancellation, bill negotiation, and credit reports (as opposed to just your credit score), as well as the ability to create custom categories within your budget. The premium version uses a “pay what you think is fair” model, on a sliding scale of $3 – $12/month.

For those looking to cancel an unwanted subscription, Rocket Money’s team of experts can do this for you. First, by analyzing your expenses, Rocket Money will identify all your recurring subscriptions so you can select any you may want to remove. Then, either when prompted or while on the Recurring tab screen, simply click the three dots next to the subscription and select “Cancel Service.” The Rocket Money team will then take it from there!

For those interested in bill negotiation, Rocket Money handles this too, saving premium users time and money – in some cases, thousands of dollars per year. First, after scanning your bills, Rocket Money will notify you which services may be eligible for a lower rate. Then, if you indicate you’re interested in lowering your bill, our team of expert negotiators will negotiate with the service provider on your behalf. If successful, Rocket Money will charge you a small portion of your first-year savings, usually 30% – 60%. In the unlikely event our team is unsuccessful, you won’t be charged for that negotiation.

Why Should You Use Rocket Money?

Even if you’ve never enjoyed looking at your finances before, Rocket Money can help by not only providing you with information about your spending, but insights and tools you need to make powerful decisions about your financial future.

You’ll Save Money

At our core, Rocket Money is all about saving you money. In addition to our ability to cancel unwanted subscriptions and lower your bills, we also provide insights so you can catch duplicate charges, identify potentially fraudulent activity, and get a category-based view of your spending to adjust as needed on your financial journey.

Members can also set up a Smart Savings account directly through Rocket Money, where you can turn your savings on autopilot or choose a custom amount. If using the autopilot feature, based on our knowledge of your spending habits, Rocket Money will automatically transfer savings from your linked account to your Smart Savings account, little by little, so you can save for your goal without even thinking about it – like money magic. 

Take Control Of Your Finances

Using the budget and spend tracking features, Rocket Money lets you go as high-level or as detailed as you’d like when it comes to your money. For example, while the budgeting features include some standard categories like bills and utilities, subscriptions, entertainment, etc. you can also add custom categories to meet your needs.

On the spending side, Rocket Money can help you stay on track by monitoring your transactions throughout the month. You’ll be able to see how your spending aligns with your budget to cut back or spend more where you see fit. 

Improve Your Credit Score

Rocket Money’s credit score and credit report feature provides you with the information you need to improve and monitor your credit, to make sure you get the best offer on a loan or credit card moving forward. This is important because having strong credit can help you secure a better offer or lower interest rate, saving you money over time. While Rocket Money uses Experian® to get your credit report information, our interface is designed to be more user-friendly than the reports you might get from any of the three credit bureaus, complete with insights to help improve your credit.

Grow Your Net Worth

How To Start Using Rocket Money

You can sign up for Rocket Money using the following steps:

• Create a Rocket Account that you’ll use to sign into the app or web version of Rocket Money.
• Choose your goals: During the sign-up flow, we’ll ask you questions to understand what matters to you in your financial life. Things like, “Why did you sign up for Rocket Money?”, “What are your financial goals?”, and “How did you find us?”
• Link an account: For Rocket Money to be useful, you’ll want to link at least one bank account – but ideally, the more the merrier! The more information you provide us, the better we’ll be able to give you valuable insights so you can save money and improve your financial life.
• A quick analysis: After you link your first account, we’ll run a quick analysis to identify any subscriptions and savings opportunities right away. From there, the choice is yours!
• Pretty easy, right? Once you’re in the app, you’ll be able to view your spending, set up a budget, start a Smart Savings account, or use any other feature that might be useful to you.

Is Rocket Money Safe?

Rocket Money’s #1 priority is the security and privacy of our members. Accordingly, we follow the most up-to-date industry protocols to store your data, including bank-level 256-bit encryption.

Rocket Money uses a third-party technology, Plaid, to securely gather your financial data from institutions you select. During the process, you’ll be asked to enter your banking credentials, but this information never touches our servers, nor are they stored by Rocket Money.

Trusted by over 3.4 million members, you can rest assured that your privacy is Rocket Money’s top priority.

The Bottom Line

It can be difficult to track all your finances when money touches so many parts of your life. Luckily, Rocket Money is here to give you a full financial picture. Download Rocket Money today to save more, spend less, and gain access to the tools you need to improve your financial life.