Rocket Money (2024)

FAQs

Does Rocket Money really work? ›

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

The 50/30/20 Budget

In a nutshell: 50% of your net income is for needs (housing, transit, groceries, etc.) 30% is for “wants” (recreation, dining out, gym membership, etc.) 20% is for savings and, in some cases, debt repayment.

While the Rocket Money app is free, there is a subscription fee if you want to use Premium features, like concierge services or premium chat. Free to create a budget. Subscription fee applies to premium services.

Rocket Money uses the most up-to-date industry protocols for storing your data, including bank-level 256-bit encryption. Your online banking credentials never touch Rocket Money's servers, nor are they stored by the company in any way. Your financial data will never be accessed or used by any other party.

Checking your credit score within the Rocket Money app is a soft inquiry. This type of inquiry has no impact on your credit score and is not reported to any of the credit bureaus.

On behalf of the Electronic Privacy Information Center (EPIC), the NYU Tech Law and Policy Clinic filed a complaint with the Consumer Financial Protection Bureau against financial technology company Rocket Money (formerly Truebill), alleging unfair, deceptive, and abusive trade practices and violations of the the Fair ...

If the negotiation is successful, we'll charge a fee of 35% - 60% of your first year's savings. You choose the percentage within this range!

Bottom line: If you're willing to pay for a budgeting app, Monarch Money could be great -- but if you need something free (and want credit score monitoring and bill negotiation), Rocket Money might be the better fit.

Rocket Money analyzes your income and expenses and then helps you understand how much you have available to spend per month. We show your past spending patterns by category and make it easy to set future spending goals to help optimize your budget.

If you want to maximize your savings, paying a percentage to a bill negotiation service may not be worth the convenience. Rocket doesn't negotiate with all service providers. Rocket Money negotiates with a variety of service providers, from telecommunication companies to streaming services.

Is Rocket Money or Mint better? ›

Rocket Money offers optional paid features to unlock additional services within the app. Mint doesn't offer any paid features, but that's not necessarily a bad thing. If you compare the services you have to pay to unlock with Rocket Money to what Mint offers for free, there's not much difference.

Bill negotiation

Rocket Money works with most major cell phone, cable, and home security providers, and it can contact these providers to negotiate lower rates on your behalf.

These inquiries may include asking you for further information, requiring you to provide your full address and Social Security number, and/or requiring you to take steps to confirm ownership of your email address or financial instruments, ordering a credit report, or verifying information you provide against third ...

Rocket-Money is not a trusted broker because it is not regulated by a financial authority with strict standards. We would not open an account for ourselves with them. If you want to stay safe, only sign up with brokers that are overseen by a top-tier and stringent regulator.

Rocket Money is a free budgeting app that offers limited budgeting features for no cost. If you want to create unlimited budgets, customize your budget categories or access features like automated savings, you'll need to pay for a Premium subscription, which costs between $4 and $12 per month.

Bill Negotiation

If Rocket Money thinks a certain bill is too expensive, they may offer to negotiate that bill on your behalf. But they'll also take a cut of the savings—which kind of defeats the purpose. Rocket Money charges 30–60% of the amount they help you save for the year.

EveryDollar is a good choice for those who are in search of simple, back-to-basics budgeting software. There's a free version that lets you enter your transactions yourself. However, if you want the app's full functionality and automatic sync features, expect to pay up.

While it isn't free, it makes sense for a wide variety of use casJB - no affes and investment goals. Rocket Dollar lets you invest in alternative assets with a self-directed IRA and solo 401(k). It's incredibly flexible and even lets you bring your own deal. However, fees can be higher than some competitors.

The app also offers bank-level security with 256-bit encryption to keep your personal data safe. Rocket Money is free to use, although there are optional services, such as bill negotiation, that you can opt in to for an extra cost ranging from $4 to $12 monthly.