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Rocket Money review September 2024: budgeting, invoice negotiation and more

Rocket Money can see all of your recurring subscriptions and compile them by account, type, due date, amount, frequency, or alphabetical order. There's even a calendar or payday view so you know what's coming up in case you need to move money around to make sure everything is covered. This is free, but with a premium subscription, it can cancel your subscription or lower the bill for you, which we'll discuss in detail next.

If there are subscription bills for services you no longer need or use, Rockey Money can cancel them on your behalf. This is done by contacting the service provider directly. If you do not wish to cancel, Rockey Money can also negotiate better rates. This service is available to Premium users.

Smart Savings is a premium feature that lets you transfer money to a bank account in the U.S. that is insured by the Federal Deposit Insurance Corp. (FDIC). Set your goal and Rocket Money can help you figure out how much you can save based on your past spending history.

Your net worth provides a quick snapshot of your financial health. It measures your assets and liabilities. If you have a negative net worth, it means you owe more than you own. Rocket Money is available to premium users and can track your net worth by summing up all of your accounts and calculating what you owe and what you own.

Rocket Money calculates your credit score for free based on Experian's FICO Score 2. Your FICO Score 2 indicates your creditworthiness based on the following scale:

If you want your full credit report, you'll need a premium account. It's important to note that your credit score is only available through the mobile app and not (yet) on the web.

You then link your required checking account and any credit cards you may have and can begin customizing the app to suit your goals.

How much does Rocket Money cost?

Many of Rocket Money's tools are free, but there is a paid option that includes features like bill negotiation, asset tracking, and your full credit report. Most places in the mobile app and online will tell you that the premium version of Rocket Money costs between $6 and $12, so you can pay as much as you think the app is worth.

However, through the web application we were able to sign up for $4, annual billing is $48. We assume this is a discount for paying annually since we don't have an option to pay monthly unless we pay at least $6 per month.

Is Rocket Money easy to use?

In our testing, most of Rocket Money's features were very user-friendly and intuitive. The only confusion we had came when setting up a budget, although some learning curve is to be expected with any new tool.

Rocket Money Customer Support

For support regarding your Rocket Money account, there is an in-app messaging feature that allows you to chat directly with a customer service representative. You can also reach them via email or visit the knowledge base for do-it-yourself (DIY) help. Support staff is available Monday through Friday from 9 a.m. to 8 p.m. ET.

Is Rocket Money safe?

The Electronic Privacy Information Center (EPIC) has filed a complaint against Rocket Money with the Consumer Financial Protection Bureau (CFPB), claiming that the company engages in unfair, deceptive, and abusive practices. EPIC also accuses the company of violating the Fair Credit Reporting Act (FCRA) with its privacy practices. However, Rocket Money has industry-standard security measures in place, such as 256-bit encryption and a partnership with Plaid to securely connect your accounts.

Rocket Money User Reviews

Users appreciate having all their accounts in one place so they can check their finances at a glance. Several users report issues with the bill negotiation service, where promises were made and not kept or unexpected charges were incurred. Other users complain that Plaid doesn't support their bank and there is no estimate of when or if their bank will ever be on Plaid.

How Rocket Money compares to the competition

Rocket Money isn't the only app to help you with your personal finances, but it's one of the few that negotiates and cancels bills on your behalf. Here's a closer look at the competition.

Rocket Money vs Simplifi

Many people don't realize that Quicken and Rocket Money are owned by the same company – Rocket Mortgage, LLC. Rocket Money is a little more expensive at $4 per month when billed annually, while Simplifi is $2.99 ​​per month when billed annually. This gives you more features, such as bill negotiation and automatic savings. It's also easier to navigate than Simplifi.

Rocket Money vs Empower

Empower offers a free budget planner that allows users to organize spending and savings in customizable fields, set savings goals, and easily make adjustments. Everything is stored in the personal dashboard. Empower's main offerings are investing and financial planning, so if you're already an Empower customer, the free dashboard could be a useful tool. Otherwise, Rocket Money could be a better choice for those looking for tools beyond basic budget planning (if you're willing to pay for it).

So should you use Rocket Money?

If you're looking for an all-in-one financial tool that lets you track expenses and subscriptions and negotiate bills, Rocket Money could be a great choice for you. The free offerings may be a good choice for those looking for basic budgeting tools, and the unique features like bill negotiation and a built-in savings account may be worth the small monthly fee. However, if you don't like linking your bank accounts, Rocket Money isn't for you.

Frequently Asked Questions

Is Rocket Money reputable?

Yes, Rocket Money is a legitimate company. It uses data encryption to protect your information, links bank accounts securely through Plaid, and its savings account is offered through nbkc Bank, which is insured by the FDIC.

How much does Rocket Money cost?

Many of Rocket Money's products are offered for free, such as budget planning and subscription monitoring, but you can also pay $6 to $12 per month for its premium services, which include bill negotiation, net worth tracking, and access to a full credit report.

Do I have to pay for Rocket Money Premium membership?

If you're looking for an all-in-one service for budgeting, bill negotiation, credit tracking, and more, Rocket Money's paid premium membership may be worth it.

Does canceling your Rocket Money subscription really work?

Yes, Rocket Money's subscription cancellation feature works. Users can have the company contact them on their behalf, or call or email them themselves. However, Rocket Money can only cancel subscriptions that are easy to cancel – those that consumers can cancel themselves for free.

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