Rocket Money – A Personal Savings & Cancellations Concierge

review-rating
If you know you have more than a few monthly subscriptions or bills you’ve been wanting to cancel but never seem to have the time, Rocket Money is a best-in-class solution.
9/10
Features
9/10
Cost
8/10
Ease of use
9/10
Services
9/10
I cut the cord on cable years ago, tired of paying nearly $200 a month to watch TV and movies when all I needed to do was stream on YouTube, Apple, and Netflix. But I've noticed I keep adding more services, especially during the pandemic when I was stuck at home. Hulu? Got it. HBO Max, can I watch the one show I can't get anywhere else? Yup. Disney+? Got it, too. (Don't tease, I use it to watch Marvel shows and Star Wars.)
So, how much are all of those channels costing me? This budgeting app, available on Android and iOS through Google Play and the App Store, helped me realize that I am back to spending what I was on cable TV. Instead of one flat fee, I've been duped into thinking my cheaper streaming channels don't cost me as much except when you add up the totals.
The app also showed me subscriptions to things I don't even remember signing up for. (So that's why I am still getting People.)
That's what Rocket Money, formerly Truebill, is all about. It shows me where I am getting nickeled and dimed to reel it in and save money. Up to $729 per year!
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Quick Overview
The Budgeting App That Saves You Hundreds Each Year
  • Find and cancel unwanted subscriptions easily
  • Get lower rates on your bills (and let Truebill negotiate)
  • Track your monthly spending with ease

What is Rocket Money?

If you have debt, you may find that Rocket Money can help you get out of debt faster. For example, Rocket Money can be really beneficial when helping you with your spending habits. Then, a debt payoff app like Savvy can complement Rocket Money to help you eliminate debt faster because you are considering your spending habits.
On top of this snapshot, Rocket Money can negotiate monthly bills on your behalf and help unsubscribe you from unwanted subscriptions and memberships, like a gym membership. This can save you time on the phone negotiating with numerous companies and ultimately save you money each month. Consider the app as your personalized "cancellations concierge."
Rocket Money wants to stop that and works to save and find you extra money in areas you don't realize you're overspending, from your Verizon bill to your Hulu subscription. The company has helped members save over $245 million over the past five years.
Beginning as Truebill, Rocket Money has expanded its offerings to track your spending, help you budget, improve your credit score, and grow your savings.

How does Rocket Money work?

To start with Rocket Money, you’ll first download the app on your smartphone or sign up via the web form.
Once you’ve created an account, you’ll select what you need help with.
Rocket Money – A Personal Savings & Cancellations Concierge
Then, you'll link your bank accounts through the app to give Rocket Money access to your withdrawals, expenses, and deposits.
Rocket Money – A Personal Savings & Cancellations Concierge
Rocket Money – A Personal Savings & Cancellations Concierge
To become a member, you can pay what you think is fair, even $0, although most people pay $8 monthly.
From here, Rocket Money will search for automatic payments leaving your account each month, identify these transactions, and ask you to review them. If you want Rocket Money to cancel or negotiate the price of any of these subscription services or monthly bills, you can let Rocket Money know by selecting “cancel,” the app will walk you through the relevant next steps.
If you don’t find any recurring bills you’d like Rocket Money to help with, there’s nothing more you’ll need to do.

Smart Savings

Rocket Money offers a unique feature, Smart Savings, to help you budget better and automatically save money. You’ll be able to schedule automated savings amounts to help meet your financial goals while setting a budget for all your spending categories to help boost your savings and reduce your expenses.
Although the app is mainly known for cutting subscriptions, its primary goal is to save you money, and your membership comes with additional tools to create robust savings plans.
To start a budget, click Start My Budget in your Reports tab. Confirm your income and recurring bills, add budgets, and Rocket Money will automatically track your budgets to keep you on track.
You can view your spending and compare month to month, examine your spending categories and even view a calendar of when bills are due.
Rocket Money – A Personal Savings & Cancellations Concierge

How much does Rocket Money cost?

Rocket Money allows you to use the app for free, but to take advantage of its full breadth of features, you’ll want to explore some of its premium services:

Premium service membership

If you want Rocket Money to cancel or lower bills on your behalf, you’ll need to become a premium service member. A premium subscription costs between $4 to $12 per month, depending on the services you’re interested in and a pay-what-you-think-is-fair setup. Yes, you can select $0, but Rocket Money is confident you'll find worth and choose to pay, on average, $8 per month. Premium membership gives you access to cancellations, balance syncs, concierge help services, chat, custom spend categories, budgeting tools, smart savings features, and more.

Bill negotiation

Rocket Money also charges a bill negotiation fee of 30% to 60% of the 12-month savings; the user decides the fee. For example, if you choose 40% as the fee, and the company can help you lower your bill by $10 per month, that totals $120 over the year. This means Rocket Money's cut will be $48. This percentage is only charged if Rocket Money can save you money or cancel your subscription.

Rocket Money features

Categorize your spending

Rocket Money tracks your bills and spending and can also categorize them. It allows you to customize these categories to understand better where your money is going. Rocket Money will sync your spending from your financial institutions each month so you can see how your money was spent. Not only is it helping to cancel your subscriptions, but it also helps you achieve your savings goals.
important: Ever wanted to categorize your monthly spending but never had the time to sort through your bills? With Rocket Money, all you need is to connect your bank and credit card companies in the app, and they automatically track your spending across different categories. Now you can see where your money is being spent.

Negotiate bills on your behalf

If you have bills you’re automatically paying, you might be overspending.
When did you last look at your car insurance bill or cell phone statement?
Rocket Money will negotiate with companies on your behalf to help you save money by getting you access to the best discounts available so you can enjoy the savings without spending hours on the phone or live chat.

Cancel subscriptions and memberships

How many monthly subscriptions or memberships are you signed up for? Rocket Money will analyze your automatic payments and identify them so you can decide if any are a waste of money. Haven’t you been to the gym in five years? Rocket Money will try to cancel your bill for you.

Outage refunds

Rocket Money can also help you recoup money on your internet bill if you suffer from outages. The app will request refunds for days your service may have been down, including your cable at top providers like Comcast. If Rocket Money can get you a credit from your internet provider, they’ll charge you 40% of the amount credited.

Free credit score

Rocket Money also looks at your credit score to see how reducing expenses, paying bills on time, and canceling unwanted subscriptions can help boost your score. Getting your expenses under control and avoiding late fees can also help lower rates on credit cards in the future, leading to a better credit score.

Overdraft protection

Although Rocket Money cannot negotiate to get any overdraft fees refunded, by tracking your balances and upcoming bills in the app, you can see if an overdraft may take place and make changes to avoid it. You can also set your account to provide you with balance alerts, so if your account drops below a number you set, you'll get a notification.

Premium Chat

If you ever need to speak with someone at Rocket Money, you can always do so on the Premium Chat app. Their customer service is rated excellent by users.

Who is Rocket Money best for?

Anyone struggling to cancel memberships

Some companies make it difficult to cancel your membership, requiring in-person visits, long waits on phone lines, or even certified letters. Rocket Money can’t guarantee they can cancel every unwanted membership, but they have helped many people get out of subscriptions and memberships that were hard to end.
tip: The primary benefit many users find from Rocket Money is its ability to find and cancel unused subscriptions quickly. Nearly 85% of people forget about the services they've subscribed to! Truebill makes it quick and easy to eliminate these subscriptions or memberships.

Anyone with multiple monthly payments

If you have dozens of monthly subscriptions, memberships, and other automated payments you haven’t reviewed recently, Rocket Money will be a good tool to help you start cutting back on unused subscriptions.

Anyone finding budgeting difficult

Whether you’re a premium member or not, Rocket Money offers you access to budgeting tools that can help you finally grasp where your money is going each month so you can make even better financial decisions.

Who shouldn’t use Rocket Money?

Anyone struggling to pay monthly bills

While I love how easy it is to use the Rocket Money app, I don’t recommend signing up if you’re struggling to pay your bills on time or being charged late fees due to the 40% upfront payment Rocket Money takes for its service. Instead, I recommend looking through your subscriptions and memberships to find out what can be cut and put in the work yourself. While it will require more time investment, you won’t be paying an app to help you save money and won’t lose a portion of the savings.
warning: If you're currently behind on your bills, Rocket Money may not be the best option to use at this stage. Instead, we suggest scanning your credit card statements to identify services you can cancel. It'll take a little longer but will save you even more money.

Pros and cons

Pros
  • Easy to use - Once you sync your bank account, Rocket Money is a breeze to navigate. The app is intuitive and well laid out, making it easy to take advantage of all of their features. Canceling or negotiating a bill requires a simple click and reviewing your finances is downright simple.
  • The savings are hard to beat - Rocket Money can save you heaps of money each month and help you get unsubscribed from dozens of unwanted memberships without needing to invest hours of your own time. This is a great tool for anyone who fell victim to subscription boxes or monthly memberships that simply aren’t benefiting your life or bank account.
  • Automated savings - Rocket Money also offers automated savings features in its Smart Savings feature that works hand-in-hand with its budgeting tools to help you grow your savings while also reducing your monthly expenses. Again, this feature lets you schedule how much you want to save and the app will ensure it happens.
Cons
  • No truly free version - It’s time-consuming to negotiate bills, which is why Rocket Money charges a percentage of any bills cut or reduced. With this in mind, I think they should offer a free version to show users how much they can save, perhaps offering a limited number of cancellations (while still charging 30-60% of the money saved).

Rocket Money vs. competitors

Company
Free Download Available
Monthly Cost
Fee for Cancellation Service
Savings Account Option
Rocket Money
Yes
$3 - $12 for premium
30-60% of savings
Yes
Trim
Yes
No monthly fee
15% of savings
Yes, with 1.5% APY
BillShark
Yes
No monthly fee
40% of savings
No

Free to download

Rocket Money, Trim, and BillShark offer free personal finance app downloads and free versions of their services. Trim also offers a free trial you can set up to test out some of its premium features before committing to a paid membership.

Monthly cost

Depending on the services you need, Rocket Money might only cost you $4 monthly for a premium membership, though it could cost up to $12. Trim and BillShark have no monthly fees.

Cancellation charge

All three services charge you a percentage on any bill they cancel or reduce. Rocket Money collects 40% of your first year’s savings, while Trim collects 15%. BillShark will also charge you 40% of all subscriptions canceled (no yearly limits).

Savings account option

Rocket Money and Trim offer savings account options for premium users, but Trim offers up to 1.5% APY. BillShark does not offer savings accounts.

FAQs

Is Rocket Money free?
Rocket Money does offer a free account, but to take advantage of their bill cancellation and reduction services, you will need to pay a monthly fee of $3 to $12 and a percentage on the amount saved.
Is Rocket Money safe?
When connecting your bank account to Rocket Money, a 256-bit SSL encryption is used to keep your login and password information safe.
How often does Rocket Money sync bank information?
Your bank information will sync to Rocket Money once a day. If you’re a premium member, you can press the “sync” button on the app to get up-to-date account information.
Is my money with Rocket Money insured by the FDIC?
Yes! Banking services are provided by NBKC and partners of Synapse, which are members of the FDIC.
Is Rocket Money better than Mint?
Rocket Money and Mint offer some of the same services. Both allow you to budget, track spending, and monitor savings. However, while Mint is primarily a personal finance tracking tool, Rocket Money is designed to help you cancel any unwanted subscriptions and reduce automatic monthly bills.

The bottom line

Rocket Money is a best-in-class solution if you know you have more than a few monthly subscriptions, memberships, or bills you’ve wanted to cancel but never seem to have the time to do. I’d encourage you first to sign up for their free account to review all of your subscriptions to find out if you prefer to cancel them on your own.

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