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The bottom line: Rocket Money is featured in our best budgeting apps guide as the budgeting app for reducing bill payments and spending. While the Rocket Money app is free, there is a subscription fee if you want to use Premium features, like concierge services or premium chat.
Pros and Cons
ProsCons
Connect all your bank accounts, credit cards, and investment accounts for an overview of your finances
Create a budget
Bill negotiation feature
Free plan available
Limited features with the free planLimited customer support availability
Review of The Rocket Money – Product Name Only App
Why it stands out: Rocket Money is a great option if you prioritize a budgeting app that helps reduce your spending. Rocket Money has features that let you track your spending on the bank account and create a budget.
The app’s standout feature is Bill Negotiation. You’ll upload a copy of your bill, and Rocket Money will determine whether you can get the same service with the company for a lower price. If you select the Premium plan, Rocket Money may also help you get refunds on bank fees.
Pricing: Rocket Money has two plans. When you download the app, you’ll have free access to track accounts or create a budget. If you would like to utilize Premium features, you’ll have to pay a subscription fee. The Premium plan subscription is $35.99/annually, $47.99 annually, or $4.99 to $11.99 per month. You’ll pay what you think is fair by moving your finger through a sliding scale.
When comparing the prices of other budgeting apps, Rocket Money serves as a middle-of-the-road option. Some budgeting apps, like Simplifi, do not offer a free plan. However, Rocket Money’s free plan features might not be as robust as other free budgeting apps.
Look out for: Rocket Money’s Bill Negotiation feature requires you to pay a percentage (you may choose any amount from 30% to 60%) of whatever it will save you for the year. If you plan to change your internet, cable, phone, or wireless provider in the next year, you could end up losing money.
Download: Apple | Google Play
What is Rocket Money?
Rocket Money is a budgeting app by Rocket Companies that analyzes your bills and spending habits. While Rocket Money is a free mobile app, access to certain features will depend on which plan you have. Here’s an overview of the two plans:
Free plan (No cost)Premium plan (7-day free trial, then $35.99/annually, $47.99 annually, or $4.99 to $11.99 per month, depending on what you think is fair)
Overview of your finances and spending by tracking your account transactions
Create a monthly budget using select categories
Message customer support through email or chat
Monitor credit score
Bill negotiation (must pay 30% to 60% of money saved for the year)
Overview of your finances and spending by tracking your account transactionsCreate unlimited budgetsCustom categories for budgetConcierge services (automatically goes through subscriptions and bills and helps you cancel or get refunds on your own behalf)Premium chat (priority customer support)Smart Savings Account (Lets you create individual goals)Immediate balance syncing Track net worthFull credit report (includes credit insights and helps track debt)Bill negotiation (must pay a fee), also covers bank fee refunds
If you have questions about the mobile app, there’s an FAQ section on the Rocket Money website. You may also send questions through email or the app’s chat feature. Requests will be answered between 9 a.m. to 5 p.m. ET on weekdays.
The mobile app is rated 4.3 out of 5 stars in the Google Play store and 4.4 out of 5 stars in the Apple store.
Is Rocket Money Trustworthy?
We include ratings from the Better Business Bureau to evaluate how companies address customer issues and handle transparency.
Rocket Money has a B rating due to a high volume of customer complaints. Rocket Money hasn’t been involved in any recent public controversies.
Rocket Money vs. Mint
Mint is another budgeting app featured in our best budgeting apps guide.
Mint may stand out to you if your goal is to find a free budgeting app that lets you create custom categories for a budget. With Rocket Money, you’ll need to opt for the Premium plan to create new categories.
Mint has partnered with Billshark and also offers a Bill Negotiation feature. If the bill negotiation is successful, you’ll be charged 40% of whatever you saved for up to two years. There’s also a one-time $9 fee if you opt for a payment plan instead of paying upfront.
With Rocket Money’s Bill Negotiation feature, you may choose to pay 30% to 60% of whatever it will save you for one year.
Rocket Money vs. Simplifli
If you’re searching for a free budgeting tool, you’ll likely prefer Rocket Money over Simplifi. Rocket Money has a free plan that lets you track spending and create a budget. With Simplifi, there’s only a 30-day free trial. If you decide you want to keep using Simplifi after the first 30 days, you’ll have to pay a subscription fee.
Your decision may also come down to which features you prioritize most in a budgeting app.
Simplifi might be a more appealing option if you’re looking for a budgeting app that provides a comprehensive overview of your finances through charts and data. You’ll get monthly reports that examine your spending, income, net income, savings, and shopping refunds.
You may favor Rocket Money if you want to reduce your spending or utilize a service that helps negotiate bills. Simplifi is more focused on budgeting.
Frequently Asked Questions
Is the Rocket Money app legit?
Rock Money is a legitimate budgeting app by Rocket Companies. The mobile app is available on the Google Play store and Apple store.
Is the Rocket Money app safe?
Rocket Money has 256-bit encryption to store data. It’s also partnered with Plaid to securely link your accounts. Rocket Money won’t be able to make changes to your accounts. You also have the option to unlink accounts.
Is TrueBill now Rocket Money?
Rocket Money was previously known as TrueBill. In June 2022, TrueBill announced it would be changing its name to Rocket Money to better represent the app and its services.
It should also be noted that Truebill had become a part of Rocket Companies in December 2021.
Does the Rocket Money App cost money?
Rocket Money is a free app. However, if you decide to get the Premium plan, you’ll have to pay a fee once your 7-day free trial ends. You’ll get to choose how much you pay per month through a sliding scale. Pay what you think is fair (anywhere from about $3 per month to $12 per month). Take note that if you choose the $3 or $4 monthly plan options, you’ll be billed annually instead of monthly.