Rocket Money Review 2024 | Lower Your Bills... BUT 👀👀👀

Summary

In this video, the host reviews the Rocket Money app, formerly known as TrueBill, highlighting its features and pricing. Rocket Money helps users manage finances by tracking subscriptions, budgeting, and negotiating bills. The app provides a secure, user-friendly platform with customizable notifications and savings goals. While the free version offers basic features, the premium version unlocks advanced tools like credit score tracking and bill negotiation. The video discusses the pros, such as affordability and ease of use, and cons, including limited debt planning and investment tools, offering a balanced view for potential users.

Takeaways

• 😀 Rocket Money is a personal finance app designed to help users manage their finances, save money, and track subscriptions.
• 😀 The app was previously known as Truebill but rebranded to Rocket Money in 2022.
• 😀 It offers features such as bill negotiations, subscription management, budget tracking, and savings goal setting.
• 😀 Users can choose between a variety of pricing plans, with monthly fees ranging from $4 to $12 depending on annual income.
• 😀 Rocket Money offers bank-level encryption and privacy measures, ensuring user financial data is secure.
• 😀 The app offers a 7-day free trial, but users must provide credit card information upfront to access it.
• 😀 One of the key features is its ability to negotiate bills with service providers like cell phone or internet companies.
• 😀 Rocket Money also provides tools to track net worth, monitor credit scores, and set financial goals.
• 😀 The free version of the app is limited, with premium features like custom budget categories and credit score tracking only available in the paid plans.
• 😀 A downside of the app is the absence of debt payoff planning and investment tools, making it less comprehensive for certain financial needs.
• 😀 Bill negotiation fees range from 30-60% of the first year's savings, which may be seen as costly for users who prefer handling it themselves.

Q & A

What is the main purpose of the Rocket Money app?

Rocket Money is a personal finance app designed to help users manage their finances, track spending, manage subscriptions, and negotiate bills, ultimately helping them save money.

Why was Rocket Money previously known as Truebill?

Rocket Money was rebranded from Truebill to its current name in 2022, continuing to offer similar features with an updated identity.

What security measures does Rocket Money take to protect user data?

Rocket Money uses bank-level encryption and privacy measures to ensure user data is secure. The platform has over 5 million users, which adds credibility to its security protocols.

What are the pricing options for Rocket Money?

Rocket Money offers flexible pricing. Users can choose between an annual plan (paying $4 to $5 per month upfront) or a monthly plan (ranging from $6 to $12 per month). The pricing varies based on annual income and budget preferences.

Is there a free trial available for Rocket Money?

Yes, Rocket Money offers a 7-day free trial, but users must provide payment information to start the trial. Users can cancel within the 7-day period to avoid being charged.

What features does the Rocket Money app offer once you're signed up?

Once signed up, users can link their financial accounts, track their spending, set up a budget, track savings goals, and even negotiate bills. The app also offers features like credit score tracking and net worth monitoring.

Can Rocket Money help with bill negotiations?

Yes, Rocket Money offers a bill negotiation service that works with various service providers, such as cell phone or internet companies. If successful, the app negotiates lower rates for users, though users pay a fee (30% to 60%) based on the savings achieved.

What are the pros of using Rocket Money?

Pros of Rocket Money include affordable pricing with flexible payment options, ease of use, savings goal tracking, bill negotiation services, credit score and net worth tracking, and a customizable dashboard with notification options.

What are the limitations of Rocket Money's free version?

The free version of Rocket Money is limited and lacks features such as custom budget categories and other premium services. Users seeking more advanced features will need to upgrade to the premium version.

Are there any investment-related features in Rocket Money?

No, Rocket Money does not offer investment tools or planning. While users can link investment accounts to view balances, the app does not provide assistance with investment strategies or adjustments.