Are you looking for a way to take control of your finances and ditch those unwanted subscriptions? Rocket Money (formerly known as Billshark) might just be the app you need. But before you jump in, let's dive deep into what Rocket Money offers, how it works, and whether it's truly worth your money. In this comprehensive review, we'll explore its features, pricing, user reviews, and alternatives, helping you make an informed decision. So, buckle up and let's get started!

What is Rocket Money?

Rocket Money is a personal finance app designed to help you manage your money more effectively. Its primary goal is to simplify your financial life by tracking your spending, identifying and canceling unwanted subscriptions, and helping you save money. Think of it as your personal financial assistant, working diligently to keep your finances in check. Rocket Money connects to your bank accounts and credit cards to provide a comprehensive overview of your financial activity. It then analyzes your transactions to identify recurring subscriptions, which are often the biggest drain on your budget. One of the standout features of Rocket Money is its subscription cancellation service. The app will negotiate on your behalf to lower your bills and cancel subscriptions you no longer need or use. This can save you a significant amount of money each month, making the app well worth the investment for many users. Additionally, Rocket Money offers budgeting tools to help you track your spending and set financial goals. You can create custom budgets for different categories, such as groceries, transportation, and entertainment, and monitor your progress over time. This can help you stay on track and avoid overspending. The app also provides insights into your spending habits, highlighting areas where you can cut back and save more money. Overall, Rocket Money aims to be a one-stop-shop for all your personal finance needs. By automating many of the tedious tasks associated with managing your money, the app frees up your time and allows you to focus on achieving your financial goals. Whether you're looking to save money, pay off debt, or simply gain a better understanding of your finances, Rocket Money can be a valuable tool in your arsenal.

Key Features of Rocket Money

When considering Rocket Money, it's essential to understand the key features that set it apart. These features are designed to give you a comprehensive overview of your financial health and help you make informed decisions. Here's a closer look at some of the most notable features:

• Subscription Management: This is arguably Rocket Money's most popular feature. The app scans your bank and credit card statements to identify recurring subscriptions. It then provides you with a list of these subscriptions, allowing you to easily cancel the ones you no longer want. Rocket Money can even negotiate on your behalf to lower your bills, saving you time and effort. This feature alone can often justify the cost of the app.
• Budgeting Tools: Rocket Money offers robust budgeting tools that help you track your spending and stay within your financial limits. You can create custom budgets for different categories, such as housing, transportation, and food. The app will then monitor your spending and provide you with alerts if you're approaching your budget limits. This can help you stay on track and avoid overspending. The budgeting tools are highly customizable, allowing you to tailor them to your specific needs and goals.
• Bill Negotiation: One of the standout features of Rocket Money is its bill negotiation service. The app will contact your service providers, such as internet and cable companies, and negotiate on your behalf to lower your monthly bills. This can save you a significant amount of money each year, without you having to lift a finger. Rocket Money charges a percentage of the savings they achieve for you, so you only pay if they're successful.
• Net Worth Tracking: Rocket Money allows you to track your net worth over time. The app connects to your bank accounts, credit cards, and investment accounts to provide you with a comprehensive view of your assets and liabilities. This can help you monitor your financial progress and make informed decisions about your investments.
• Credit Score Monitoring: Rocket Money provides you with free access to your credit score and credit report. This allows you to monitor your credit health and identify any potential issues. The app also provides you with tips on how to improve your credit score, such as paying your bills on time and keeping your credit utilization low. Monitoring your credit score is essential for maintaining good financial health.
• Savings Goals: Rocket Money helps you set and track your savings goals. You can create specific goals, such as saving for a down payment on a house or paying off debt. The app will then help you create a savings plan and monitor your progress over time. This can help you stay motivated and achieve your financial goals more quickly.

These features, combined with the app's user-friendly interface, make Rocket Money a powerful tool for managing your finances. Whether you're looking to save money, pay off debt, or simply gain a better understanding of your financial situation, Rocket Money can help you achieve your goals.

Rocket Money Pricing and Plans

Understanding Rocket Money pricing is crucial to determine if it aligns with your budget and financial goals. Rocket Money offers a flexible pricing structure, including a free version and a premium subscription with additional features. The free version provides basic budgeting and tracking tools, allowing you to monitor your spending and income. However, it lacks some of the more advanced features, such as bill negotiation and subscription cancellation. The premium subscription, known as Rocket Money Premium, unlocks these advanced features and provides you with a more comprehensive suite of financial management tools. Rocket Money Premium offers a range of benefits, including personalized insights, priority customer support, and the ability to set custom budgets. The cost of Rocket Money Premium varies depending on your chosen subscription length. You can opt for a monthly subscription or a longer-term plan, such as an annual subscription, which typically offers a lower monthly rate. Additionally, Rocket Money charges a fee for its bill negotiation service. This fee is a percentage of the savings they achieve for you, so you only pay if they're successful. The exact percentage varies depending on the complexity of the negotiation and the amount of savings achieved. It's important to note that Rocket Money offers a free trial of its premium subscription, allowing you to test out the advanced features before committing to a paid plan. This is a great way to see if the app is right for you and whether the premium features are worth the investment. Before signing up for a subscription, be sure to carefully review the terms and conditions to understand the pricing structure and any potential fees. Additionally, consider your own financial situation and goals to determine whether the benefits of Rocket Money Premium outweigh the cost. For some users, the savings achieved through bill negotiation and subscription cancellation will more than offset the cost of the subscription. For others, the free version may be sufficient to meet their needs. Ultimately, the decision of whether to pay for Rocket Money Premium depends on your individual circumstances and preferences.

User Reviews and Ratings of Rocket Money

When evaluating Rocket Money, user reviews and ratings provide valuable insights into the app's real-world performance. Rocket Money has generally received positive reviews from users, who praise its ease of use, comprehensive features, and ability to save money. Many users have reported significant savings through the app's subscription cancellation and bill negotiation services. They appreciate the convenience of having Rocket Money handle these tasks on their behalf, saving them time and effort. However, some users have also reported negative experiences with Rocket Money. Some have complained about the app's customer service, citing long response times and difficulty resolving issues. Others have raised concerns about the accuracy of the app's data, particularly when it comes to tracking transactions and identifying subscriptions. Additionally, some users have expressed concerns about the security of their financial data when using Rocket Money. While the app uses encryption and other security measures to protect user data, some users remain wary of connecting their bank accounts and credit cards to a third-party app. It's important to note that user reviews and ratings can be subjective and may not always reflect the experiences of all users. However, they can provide a valuable overview of the app's strengths and weaknesses. Before making a decision about whether to use Rocket Money, it's a good idea to read a variety of user reviews and ratings from different sources. This will help you get a balanced perspective on the app and make an informed decision. Additionally, consider your own financial situation and goals when evaluating user reviews. What works well for one user may not work well for another. Ultimately, the decision of whether to use Rocket Money should be based on your own individual needs and preferences.

Pros and Cons of Using Rocket Money

To give you a balanced perspective, let's break down the pros and cons of using Rocket Money. This will help you weigh the benefits against the potential drawbacks and decide if it's the right tool for you.

Pros:

• Subscription Cancellation: One of the biggest advantages of Rocket Money is its ability to identify and cancel unwanted subscriptions. This can save you a significant amount of money each month, without you having to spend hours sifting through your bank statements.
• Bill Negotiation: Rocket Money's bill negotiation service can potentially lower your monthly bills, such as internet and cable, without you having to negotiate with service providers yourself. This can save you both time and money.
• Budgeting Tools: The app's budgeting tools help you track your spending, set financial goals, and stay within your budget. This can help you gain a better understanding of your finances and make informed decisions.
• User-Friendly Interface: Rocket Money has a clean and intuitive interface that is easy to navigate. This makes it accessible to users of all technical skill levels.
• Credit Score Monitoring: The app provides free access to your credit score and credit report, allowing you to monitor your credit health and identify any potential issues.

Cons:

• Cost: Rocket Money's premium subscription can be expensive, especially if you're not using all of the app's features. Additionally, the app charges a fee for its bill negotiation service, which can eat into your savings.
• Data Security Concerns: Some users have concerns about the security of their financial data when using Rocket Money. While the app uses encryption and other security measures, there is always a risk of data breaches or unauthorized access.
• Customer Service Issues: Some users have reported issues with Rocket Money's customer service, citing long response times and difficulty resolving issues.
• Accuracy of Data: Some users have reported inaccuracies in the app's data, particularly when it comes to tracking transactions and identifying subscriptions. This can make it difficult to get an accurate picture of your finances.
• Dependence on Third-Party Access: Rocket Money requires access to your bank accounts and credit cards in order to track your spending and identify subscriptions. This means that you are dependent on a third-party app to manage your finances.

Alternatives to Rocket Money

If Rocket Money doesn't quite fit your needs, there are several alternatives to consider. Each offers a unique set of features and benefits, so it's worth exploring your options. Here are a few of the most popular alternatives:

• Mint: Mint is a free budgeting app that offers a comprehensive suite of financial management tools. It allows you to track your spending, create budgets, and monitor your credit score. Mint is a great option for users who want a free and feature-rich budgeting app.
• Personal Capital: Personal Capital is a financial planning app that focuses on investment management. It allows you to track your net worth, monitor your investments, and get personalized financial advice. Personal Capital is a good choice for users who want to take a more hands-on approach to managing their investments.
• YNAB (You Need a Budget): YNAB is a budgeting app that uses a zero-based budgeting system. It requires you to allocate every dollar of your income to a specific category, helping you gain a better understanding of your finances and make informed decisions. YNAB is a good option for users who want to take a more proactive approach to budgeting.
• Simplifi by Quicken: Simplifi is a budgeting app that offers a streamlined and intuitive interface. It allows you to track your spending, create budgets, and monitor your progress over time. Simplifi is a good choice for users who want a simple and easy-to-use budgeting app.
• Truebill (now Rocket Money): Before being acquired by Rocket Money, Truebill was a popular subscription management app. While it is now part of Rocket Money, it's worth mentioning as a standalone alternative. Truebill focused primarily on identifying and canceling unwanted subscriptions, helping users save money.

When considering these alternatives, it's important to evaluate your own financial needs and goals. What features are most important to you? How much are you willing to pay for a budgeting app? By answering these questions, you can narrow down your options and choose the app that is right for you. Additionally, consider trying out a few different apps before making a final decision. Many budgeting apps offer free trials, allowing you to test out the features and see if the app is a good fit for you.

Conclusion: Is Rocket Money Worth It?

So, is Rocket Money worth it? The answer, like many things in personal finance, depends on your individual circumstances. If you struggle with managing subscriptions, forget to cancel services you no longer use, or simply want a better handle on your spending, Rocket Money can be a valuable tool. The subscription cancellation and bill negotiation features can save you a significant amount of money, potentially offsetting the cost of the premium subscription. However, if you're already diligent about tracking your expenses and canceling unwanted subscriptions, you may not need all the features that Rocket Money offers. In that case, a free budgeting app like Mint or Simplifi might be a better fit. Ultimately, the best way to decide if Rocket Money is right for you is to try it out for yourself. Take advantage of the free trial of the premium subscription to see if the advanced features are worth the investment. Consider your own financial situation and goals, and weigh the pros and cons of using the app. If you find that Rocket Money helps you save money, stay on track with your budget, and gain a better understanding of your finances, then it's likely a worthwhile investment. But if you're not seeing a significant benefit, there are plenty of other budgeting apps to choose from. No matter which app you choose, the most important thing is to take control of your finances and make informed decisions about your money. With the right tools and strategies, you can achieve your financial goals and build a secure future.