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Business Insider's personal finance team compared Rocket Money to the best budgeting apps and found it to be an industry leader. Its free plan and host of features make it a strong choice for people looking for a budgeting app.
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)
- Connect all your bank accounts, credit cards, and investment accounts to track spending
- Create a budget
- Bill negotiation feature
- Free plan available
- Limited features available with free plan
- Limited customer support availability
Rocket Money is featured in our best budgeting apps guide. 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.
Pros and Cons
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Rocket Money Review
Rocket Money is a great option if you prioritize a budgeting app that helps reduce your spending. Rocket Money has features that let you track your spending on the bank account and create a budget.
The app's standout feature is Bill Negotiation. You'll upload a copy of your bill, and Rocket Money will determine whether you can get the same service with the company for a lower price. If you select the Premium plan, Rocket Money may also help you get refunds on bank fees.
Rocket Money's Bill Negotiation feature requires you to pay a percentage (you may choose any amount from 30% to 60%) of whatever it will save you for the year. If you plan to change your internet, cable, phone, or wireless provider in the next year, you could end up losing money.
Premium members also get access to Rocket Money Financial Goals, which acts like a savings account. If you choose the Smart Savings option, Rocket Money will automatically pull money from your linked bank account every few days to help you build your savings. This account is FDIC-insured through a partner bank, but it isn't interest-bearing. If a feature like this interests you, you'd be better off opening an interest-bearing savings account with similar features, such as Ally's Ally Savings Account Round Ups.
Rocket Money has two plans. Rocket Money is free to create a budget (subscription fee applies to premium services). If you would like to utilize Premium features to help you figure out how to budget, you'll have to pay a subscription fee. The Premium plan subscription is around $6 to $12 per month. You'll pay what you think is fair by moving your finger through a sliding scale.
When comparing the prices of other budgeting apps, Rocket Money serves as a middle-of-the-road option. Some budgeting apps, like Simplifi, do not offer a free plan. However, Rocket Money's free plan features might not be as robust as other free budgeting apps.
What is Rocket Money?
Rocket Money is a budgeting app by Rocket Companies that analyzes your bills and spending habits. While Rocket Money is a free mobile app, access to certain features will depend on which plan you have. Here's an overview of the two plans:
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If you have questions about the mobile app, there's an FAQ section on the Rocket Money website. You may also send questions through email or the app's chat feature. Requests will be answered between 9 a.m. to 8 p.m. ET on weekdays. Rocket Money doesn't offer a customer support phone line.
The mobile app is rated 4.6 out of 5 stars in the Google Play store and 4.3 out of 5 stars in the Apple store.
Is Rocket Money Trustworthy?
We include ratings from the Better Business Bureau to evaluate how companies address customer issues and handle transparency.
Rocket Money has an A+ rating from the BBB. Rocket Money hasn't been involved in any recent public controversies.
How Rocket Money Compares
Rocket Money vs. Quicken Simplifi
If you're searching for a free budgeting tool, you'll likely prefer Rocket Money over Quicken Simplifi. Rocket Money has a free plan that lets you track spending and create a budget. With Quicken Simplifi, there's only a 30-day free trial. If you decide you want to keep using Quicken Simplifi after the first 30 days, you'll have to pay a subscription fee. It has a $5.99 monthly subscription or $71.88 annual subscription.
Your decision may also come down to which features you prioritize most in a budgeting app.
Quicken Simplifi might be a more appealing option if you're looking for a budgeting app that provides a comprehensive overview of your finances through charts and data. You'll get monthly reports that examine your spending, income, net income, savings, and shopping refunds.
You may favor Rocket Money if you want to reduce your spending or utilize a service that helps negotiate bills. Simplifi is more focused on budgeting.
Rocket Money vs. Monarch Money
If you're looking for a free option, Rocket Money will still be your best bet. Monarch Money is on the expensive side for budgeting apps; it has a Premium Plan with a 7-day free-trial, then $14.99 per month or $99.99 annually. Rocket Money also offers several non-budgeting features that Monarch Money does not, such as concierge services and bill negotiation. Monarch Money focuses purely on budgeting.
If you're interested in charts and diagrams that break down your monthly spending, Monarch Money might be your best bet. Monarch Money has more in-depth diagrams showing your spending each month. Monarch Money is also a better choice if you're interested in traditional, or zero-balance, budgeting plans; Rocket Money's approach to budgeting isn't as strict as a zero-balance budget.
If you're undecided on which budgeting app to get, consider downloading both so you can compare each app's UI. Ultimately, your preferred option might come down to which interface feels more streamlined and intuitive for you. Just remember to cancel your subscription to Monarch Money before you're charged.
Rocket Money Frequently Asked Questions
Yes, Rocket Money is a legitimate budgeting app by Rocket Companies. The mobile app is available on the Google Play store and Apple Store.
Yes, Rocket Money is safe. It has 256-bit encryption to store data and is partnered with Plaid to securely link your accounts. Rocket Money won't be able to make changes to your accounts, and you have the option to unlink accounts.
Yes, Rocket Money was previously known as TrueBill. In June 2022, TrueBill announced it would be changing its name to Rocket Money to better represent the app and its services. It should also be noted that Truebill had become a part of Rocket Companies in December 2021.
It's free to download Rocket Money and utilize its basic budgeting features. However, a subscription fee is required for the app's premium features.
Rocket Money doesn't cost any fees if you use its free features. However, you must pay anywhere from about $6 to $12 per month for the Premium Plan. You'll get to choose how much you pay per month through a sliding scale. The Premium Plan also has a 7-day free trial.
Why You Should Trust Us: How We Reviewed Rocket Money
Our methodology for how we review budgeting apps is similar to our bank account rating methodology. We start by rating aspects of the app with a score from 0 to 5. These aspects include the app's pricing, availability, customer reviews, usability, customer support, and trustworthiness. Once we have a rating for each of these, we average them together to get the app's total score out of five.
