Are you bombarded with subscriptions you barely use? Wish there was a simple way to track your spending and effortlessly cancel those unwanted services? Well, guys, Rocket Money (formerly known as Billshark) might just be your financial superhero! In this comprehensive review, we'll dive deep into Rocket Money's features, weigh the pros and cons, and help you decide if it's the right tool to take control of your finances. Let's get started and see if Rocket Money lives up to the hype.

What is Rocket Money?

Rocket Money is a personal finance app designed to help you manage your money more effectively. Think of it as your own personal financial assistant, right in your pocket! At its core, Rocket Money excels at tracking your subscriptions. It automatically identifies recurring charges, making it super easy to see where your money is going each month. But it doesn't stop there. Rocket Money also offers a range of features, including budgeting tools, bill negotiation services, and even the ability to set up savings goals. It's like a one-stop shop for managing your financial life. The app links to your bank and credit card accounts to give you a complete financial overview. This connected approach allows Rocket Money to analyze your spending patterns, identify potential savings opportunities, and provide personalized insights to help you make smarter financial decisions. By automating much of the financial management process, Rocket Money saves you time and effort, allowing you to focus on your financial goals. Rocket Money aims to simplify your financial life and help you achieve greater financial well-being. It is designed to be user-friendly, making it accessible even if you're not a financial whiz. Whether you're looking to cut expenses, save more money, or simply gain a better understanding of your finances, Rocket Money provides the tools and resources you need to succeed. It's a comprehensive solution for anyone seeking to take control of their financial future.

Key Features of Rocket Money

Rocket Money boasts a bunch of features designed to simplify your financial life. Let's break down the most important ones:

• Subscription Tracking and Cancellation: This is where Rocket Money shines. It automatically identifies your subscriptions and makes it easy to cancel the ones you don't want. No more endless phone calls or confusing cancellation processes! This feature alone can save you a significant amount of money each month. Rocket Money actively monitors your linked accounts for recurring charges, providing a clear overview of all your subscriptions. With just a few taps, you can initiate the cancellation process directly through the app. Rocket Money handles the often tedious task of contacting the service provider and navigating their cancellation procedures. Furthermore, Rocket Money keeps track of your cancellation requests, ensuring they are processed correctly and alerting you to any issues. This proactive approach helps you avoid unwanted charges and maintain control over your subscription spending.
• Budgeting Tools: Set monthly budgets for different spending categories and track your progress. Rocket Money helps you visualize where your money is going and identify areas where you can cut back. The budgeting tools are designed to be flexible and customizable, allowing you to tailor your budget to your specific needs and goals. You can create budgets for various categories, such as groceries, transportation, entertainment, and more. Rocket Money provides real-time tracking of your spending against your budget, giving you a clear picture of your financial performance. The app also offers insights and recommendations to help you stay on track and make informed decisions about your spending habits. With Rocket Money's budgeting tools, you can gain a better understanding of your financial flows and achieve your savings goals more effectively.
• Bill Negotiation: Rocket Money can negotiate lower rates on your bills, such as internet, cable, and phone. They charge a percentage of the savings they achieve. This feature can be a significant money-saver, especially if you're not comfortable negotiating yourself. Rocket Money's team of expert negotiators works on your behalf to secure lower rates on your bills. They analyze your bills, compare them to market rates, and contact service providers to negotiate better deals. Rocket Money only charges a fee if they are successful in lowering your bills, making it a risk-free way to potentially save money. The bill negotiation process is seamless and hassle-free, allowing you to sit back and relax while Rocket Money takes care of the hard work. With Rocket Money's bill negotiation service, you can save money on your recurring expenses without the stress and time commitment of doing it yourself.
• Net Worth Tracking: Monitor your assets and liabilities to get a clear picture of your overall financial health. This feature helps you track your progress towards your financial goals. Rocket Money automatically updates your net worth based on your linked accounts, providing a comprehensive view of your financial standing. You can track your assets, such as bank accounts, investments, and real estate, as well as your liabilities, such as loans and credit card debt. Rocket Money's net worth tracking feature helps you identify areas where you can improve your financial health, such as paying down debt or increasing your savings. By monitoring your net worth over time, you can gain valuable insights into your financial progress and make adjustments to your financial strategy as needed.
• Credit Score Monitoring: Keep an eye on your credit score and get alerts about changes to your credit report. Maintaining a good credit score is crucial for securing loans and getting good interest rates. Rocket Money provides access to your credit score and credit report, allowing you to monitor your credit health. The app also sends alerts about changes to your credit report, such as new accounts, credit inquiries, or negative items. By monitoring your credit score and credit report, you can identify potential issues early on and take steps to protect your credit. Rocket Money's credit score monitoring feature helps you stay informed about your credit health and make informed decisions about your financial future.
• Savings Goals: Set specific savings goals and track your progress. Rocket Money can help you automate your savings, making it easier to reach your financial targets. You can set savings goals for various purposes, such as a down payment on a house, a vacation, or retirement. Rocket Money allows you to automate your savings by setting up recurring transfers from your checking account to your savings account. The app tracks your progress towards your savings goals, providing motivation and encouragement along the way. With Rocket Money's savings goals feature, you can turn your financial dreams into reality by setting clear targets and automating your savings efforts.

Pros and Cons of Using Rocket Money

Like any financial tool, Rocket Money has its strengths and weaknesses. Here's a balanced look at the pros and cons:

Pros:

• User-Friendly Interface: The app is easy to navigate and understand, even if you're not a tech whiz. The intuitive design makes it simple to track your spending, manage your subscriptions, and set up budgets.
• Subscription Cancellation: This is a major selling point. Rocket Money saves you time and hassle by handling the cancellation process for you.
• Bill Negotiation: The potential to save money on your bills is a huge advantage. While there's no guarantee of success, it's worth trying if you're looking to lower your recurring expenses.
• Comprehensive Financial Overview: Rocket Money provides a holistic view of your finances, making it easier to track your progress and make informed decisions.
• Savings Automation: Setting up automated savings goals can help you reach your financial targets faster.

Cons:

• Cost: While there's a free version, the premium features require a paid subscription. The cost may not be worth it for everyone.
• Bill Negotiation Fees: Rocket Money charges a percentage of the savings they achieve through bill negotiation. This fee can eat into your savings, especially if the savings are small.
• Data Privacy Concerns: Linking your bank and credit card accounts to any app raises data privacy concerns. It's important to understand Rocket Money's security measures and privacy policy before signing up.
• Accuracy of Subscription Detection: While Rocket Money is generally good at identifying subscriptions, it may not catch everything. You'll still need to manually review your accounts to ensure accuracy.
• Dependence on Third-Party Services: Rocket Money relies on third-party services for some of its features, such as credit score monitoring. This means that the availability and accuracy of these features may be affected by changes to those services.

Rocket Money Pricing and Subscription Options

Rocket Money offers a tiered subscription model, with varying features and pricing. Here's a breakdown of the options:

• Free Version: The free version includes basic features like subscription tracking, budgeting, and net worth tracking. It's a good option for those who want to try out the app and get a basic overview of their finances.
• Premium Version: The premium version unlocks additional features like bill negotiation, advanced budgeting tools, and priority customer support. The price varies depending on the subscription length and payment frequency.

It's important to carefully consider your needs and budget before choosing a subscription plan. The free version may be sufficient for some users, while others may benefit from the additional features of the premium version. Be sure to compare the different plans and choose the one that best suits your individual circumstances.

Is Rocket Money Worth It?

So, is Rocket Money worth the cost? The answer depends on your individual circumstances and financial goals. If you struggle with managing your subscriptions, forget to cancel services, or want help negotiating lower bills, then Rocket Money could be a valuable tool. The subscription cancellation feature alone can often pay for the cost of the app. However, if you're already organized with your finances and don't have many subscriptions, the free version might be sufficient.

Consider these factors when making your decision:

• How many subscriptions do you have? If you have a lot of subscriptions, Rocket Money can save you time and money by helping you identify and cancel unwanted services.
• Are you comfortable negotiating bills yourself? If not, Rocket Money's bill negotiation service can be a valuable asset.
• Do you need help with budgeting and financial tracking? Rocket Money's budgeting tools and net worth tracking features can help you gain a better understanding of your finances.
• Are you concerned about data privacy? If so, be sure to review Rocket Money's security measures and privacy policy before signing up.

Ultimately, the best way to decide if Rocket Money is right for you is to try it out. Sign up for the free version and see if it meets your needs. If you find it helpful, you can always upgrade to the premium version for additional features.

Alternatives to Rocket Money

While Rocket Money is a popular choice, it's not the only personal finance app out there. Here are a few alternatives to consider:

• Personal Capital: Personal Capital is a free app that focuses on investment tracking and financial planning. It's a good option for those who want a more comprehensive view of their finances, including their investments.
• Mint: Mint is a free app that offers budgeting, bill tracking, and credit score monitoring. It's a good option for those who want a simple and free way to manage their finances.
• YNAB (You Need a Budget): YNAB is a paid app that focuses on zero-based budgeting. It's a good option for those who want to take a more proactive approach to budgeting and saving.
• Truebill (now Rocket Money): Before Rocket Money, there was Truebill. While now integrated, it's worth noting its origins and focus on subscription management.

Each of these apps has its own strengths and weaknesses. It's important to compare them and choose the one that best suits your individual needs and preferences.

Conclusion

Rocket Money is a powerful tool that can help you take control of your finances. With its subscription tracking, budgeting tools, and bill negotiation services, it offers a comprehensive solution for managing your money more effectively. However, it's important to weigh the pros and cons before signing up, and to consider whether the cost of the premium version is worth it for you. By carefully evaluating your needs and comparing Rocket Money to other options, you can make an informed decision and choose the right financial tool for your situation. So, go ahead, give Rocket Money a try and see if it can help you achieve your financial goals!