Before its acquisition by rocket money companies, it used to be called Truebill, but the name was changed. The application is geared toward helping its users efficiently manage and get a handle on their finances, and it’s ranked highly as one of the best personal finance applications in the market.
Rocket Money does an excellent job of importing a record of your transactions from varied sources and accommodates money management features you would find on applications like Mint. It also has a phenomenal user navigation and interface system, which makes it convenient to quickly retrieve financial information.
What are the costs associated with rocket money?
It’s free to download, set up, and use Rocket Money, but to access the essential features, you’ll have to sign up for their monthly subscription, which at the time of writing was $10.
The lowest subscription price you’ll pay is $3, which is billed annually, meaning you’ll have to incur a total of $36, which is relatively affordable if you plan to use Rocket Money for the foreseeable future.
How Does Rocket Money Help You to Better Manage Your Finances?
One of the key selling points of Rocket Money is that it provides information about your spending habits upfront. When you first log into the application, you will see your total spending for the current month compared to the previous month’s spending, coupled with your account balances.
Next, your upcoming bills will be showcased, followed by your most recent transactions and your available spending balance.
If you have also been yearning to know your credit score, Rocket Money does a perfect job of showcasing your net worth and credit score, together with all the transactions that take place on your credit cards.
You can toggle Rocket Money notifications and alerts through your user dashboard, and you can also sign up for a bank account through the application. I mean, how cool and convenient is that?
Is Rocket Money Easy to Use?
Compared to some of the personal finance applications that I have used, I found Rocket Money rather simple to use. Its navigational tools are understandable and straightforward, and it also has an aesthetically pleasing user interface that provides you with a clear set of buttons, links, icons, and a simple menu to navigate around the different tabs.
How can Rocket Money help you manage your finances?
Once you register on Rocket Money and link it to your bank accounts, it sends information about your money to the following three places listed below:
1. Recurring Payments
Any transactions that recur, like monthly Wi-Fi bills, Rocket Money can identify and display in a list. It also grants you the convenience of canceling any active subscription from your dashboard; you can also add a bill if it’s missing.
Additionally, Rocket Money can also help you cancel free trials before your account is debited. Talk about a lifesaver.
If, for whatever reason, you decide that a recurring bill is too high and eating into your daily expenses, you can have Rocket Money help negotiate with the company to have it lowered. For this to happen, you’ll have to pay a one-time fee that’s equal to the savings percentage that Rocket Money negotiates.
2. Transaction Register
On this tab, you can click on any transaction, and a page will appear with the options to mark it as tax-deductible, eliminate it from your budget, or add it to your recurring transactions. You also have the option of adding a note, changing the date, or splitting it.
That’s not the end of it; you can also have a rule where transactions from the same vendor can be assigned to a category of your choosing, assigned to a bill, renamed, designated as tax-deductible, or ignored.
3. Budgets
By adding transactions that look like bills, Rocket Money can help start a budget. If you wish to expand your budget, you can choose a category and add more budgets.
Rocket Money has also made it simple to adjust your budgeted amounts, and you can also get a glimpse of your spending habits in the past six months.
Credit Score Tracking and Reports
The team behind Rocket Money understood that credit history and scores are crucial aspects of people’s finances. That is why the platform has made it possible for users to set up alerts and see their latest credit ratings to help track changes.
This makes it convenient for you to stay on top of your game and be in good graces with lenders like banks.
Platform Availability
The Rocket Money application is available on Android and iOS devices, including tablets and phones, so you have the flexibility of using it on your preferred device.
It’s also possible to access the platform by logging in from your browser, which is a blessing from the heavens for those who love operating from larger screens. The only shortcoming it presents is that you’ll be required to set up two-factor authentication to operate Rocket Money on your browser.
Rocket Money Security and Safety Features
If you are like me, I always prefer to air on the side of caution where my finances and personal information are concerned, and Rocket Money has done an excellent job of securing all their users’ data with 256-bit encryption. That’s bank-level security status for those unfamiliar with the term.
Moreover, your banking credentials aren’t stored on Rocket Money’s servers, and you can rest easy at night knowing that your financial information will never be used or accessed by any third party, or anyone for that matter.
Final Remarks: Is Rocket Money Worth It?
If you prefer to just track your bank accounts and want to be notified about any problems, then you have the option of settling for the free version of Rocket Money.
With the premium version of Rocket Money, you can access your credit score and net worth and have a list of all your recurring bills to help you better manage your bills and transactions.
