Rocket Money - Bills & Budgets

Description

Rocket Money (formerly Truebill) is a comprehensive financial management app designed to help users take control of their finances by tracking expenses, canceling unwanted subscriptions and negotiating bills. The app connects to your bank accounts and credit cards to provide a real-time overview of your spending habits and financial health. Rocket Money stands out with its subscription management feature that identifies recurring charges and helps you cancel services you no longer use. The app was created by Haroon Mokhtarzada, Yahya Mokhtarzada and Idris Mokhtarzada in 2015 and has since been acquired by Rocket Companies. With both free and premium plans available, Rocket Money offers tools for budgeting, saving and reducing monthly expenses.

Key Features

• Subscription Tracking: Rocket Money automatically identifies recurring charges in your accounts and displays them in one convenient dashboard. The app alerts you to price increases and gives you the option to cancel subscriptions directly through the platform.
• Bill Negotiation: The app offers a service where their experts will negotiate with providers to lower your monthly bills like cable, internet and phone services. If they successfully reduce your bill, they take a percentage of the savings as their fee.
• Automated Savings: Rocket Money helps you set aside money automatically based on your financial goals and spending patterns. You can create multiple savings buckets for different goals like vacations, emergencies or major purchases.
• Credit Score Monitoring: The app provides free credit score updates and monitoring to help you track your financial health over time. Users receive notifications about changes to their credit score and factors that might be affecting it.

Tips for Using Rocket Money - Bills & Budgets

1. Take time to categorize your expenses properly during the initial setup to get the most accurate budget recommendations. The app will learn from your corrections and become more accurate at categorizing future transactions.
2. Use the bill negotiation feature for services you don't want to cancel but feel you're paying too much for. The service works best for cable, internet, cell phone and security system bills where providers often have unadvertised promotional rates.
3. Set up custom alerts for large purchases, low account balances or when you're approaching budget limits. These notifications can help prevent overdrafts and keep you accountable to your financial goals.
4. Consider the premium subscription if you have multiple subscriptions to manage or bills to negotiate. The monthly fee is often offset by the money saved through bill negotiations and subscription cancellations.

How to Download and Use Rocket Money - Bills & Budgets

1. Download the app by clicking on the Google Play Store button if using Android, or use the Apple Store button for iOS. The app is free to download, though some features require a premium subscription which costs between $3-12 per month depending on the plan you choose.
2. After installation, create an account using your email address and connect your financial accounts by providing your banking credentials. Rocket Money uses bank-level encryption to keep your information secure, and you'll need to connect accounts to unlock the app's full potential for tracking expenses and subscriptions.
3. Once your accounts are connected, review the automatically detected subscriptions and set up your budget categories based on your spending habits and financial goals. Take time to explore the dashboard, set up savings goals and consider which bills you might want the app to help negotiate for potential savings.

Final Thoughts

After using Rocket Money for several months, I've found it to be one of the more comprehensive financial management tools available for everyday users. The subscription tracking feature alone has saved me hundreds of dollars by identifying services I forgot I was paying for. While the free version offers solid functionality, the premium features like bill negotiation and unlimited budgeting categories make the subscription worthwhile for many users. The interface is clean and intuitive, making financial management less intimidating than traditional budgeting methods. That said, users should be aware that the bill negotiation service takes a cut of your savings and some features are locked behind the premium paywall. Overall, Rocket Money delivers on its promise to help users gain control over their finances and reduce unnecessary expenses.