Business Insider's personal finance team compared Rocket Money to the best budgeting apps and found it to be an industry leader. Its free plan and host of features make it a strong choice for people looking to get started with budgeting.
While the budgeting app is free, there is a subscription fee if you want to use Premium features like customizable budget categories or subscription cancellation assistance.
free to create a budget (subscription fee applies to premium services)
Pros
Cons
Rocket Money is featured in our best budgeting apps guide. 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.
Rocket Money Overview
Rocket Money is a budgeting app by Rocket Companies that analyzes your bills and spending habits. While it is a free mobile app, access to certain features will depend on which plan you have.
It was previously known as TrueBill. In 2022, TrueBill announced it would be changing its name 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.
If you have questions about the mobile app, there's an FAQ section on its website. You may also send questions through email or the app's chat feature. Requests will be answered between 9 a.m. to 8 p.m. ET on weekdays. The budgeting app doesn't offer a customer support phone line.
The mobile app is rated 4.7 out of 5 stars in the Google Play store and 4.5 out of 5 stars in the Apple store.
Rocket Money Free vs. Premium Features
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This budgeting app has two plans. It is free to create a budget (subscription fee applies to premium services). If you would like to utilize Premium features to help you figure out how to budget, you'll have to pay a subscription fee. The Premium plan subscription is around $6 to $12 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, it serves as a middle-of-the-road option. Some budgeting apps, like YNAB, do not offer a free plan. However, the free plan features might not be as robust as other free budgeting apps.
Subscription Management and Bill Negotiation
The app's standout features are subscription management and bill negotiation.
No matter what plan you have, the app will automatically highlight your current subscriptions to make it easy to determine what you can get rid of. If you have the Premium plan, the app will also cancel subscriptions for you.
For bill negotiation, you can upload a copy of your bill, and the app will determine whether you can get the same service from the company for a lower price. You can submit several different types of bills, such as cable, internet, phone, home security, and satellite radio bills.
Its bill negotiation feature requires you to pay a percentage (you may choose any amount from 35% 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.
Budgeting and Spending Insights
If you have the Free plan, you'll be able to use the app's basic budgeting features. You can make a budget using the app's built-in categories, link external bank accounts, and set up balance alerts. The app will also use its spending insights feature to identify places where you could be spend less.
With the Premium plan, you'll gain access to more budgeting options. You can create as many different budgets as you want, and you can can also create custom categories for your budget. If you want a joint account to manage your household budget, you'll also need to pay for Premium.
Automated Savings
Premium members also get access to Rocket Money Financial Goals, which acts like a savings account. If you choose the automated savings option, it will automatically pull money from your linked bank account every few days to help you build your savings. This account is FDIC-insured through a partner bank, but your Rocket savings won't earn interest. If a feature like this interests you, you'd be better off opening an interest-bearing savings account with similar features, such as with Ally Savings Account Round Ups.
Rocket Money Pros and Cons
Rocket Money Pros
- 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
Rocket Money Cons
- Limited features with the free plan
- Limited customer support availability
Is Rocket Money Trustworthy?
We include ratings from the Better Business Bureau to evaluate how companies address customer issues and handle transparency.
It has an A+ rating from the BBB. It hasn't been involved in any recent public controversies.
Rocket Money Alternatives
Rocket Money vs. Quicken Simplifi
If you're searching for a free budgeting tool, you'll likely prefer Rocket Money over Quicken Simplifi. Rocket Money has a free plan that lets you track spending and create a budget. With Quicken Simplifi, you have to pay an annual subscription fee. The standard fee is a $71.88 annual subscription. It's offering 50% off of first year subscription (offer ends May 31, 2025), though.
Your decision may also come down to which features you prioritize most in a budgeting app.
Quicken 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. Quicken Simplifi is more focused on budgeting.
Rocket Money vs. Monarch Money
If you're looking for a free option, Rocket Money will still be your best bet. Monarch Money is on the expensive side for budgeting apps; it has a Premium Plan with a 7-day free-trial, then $14.99 per month or $99.99 annually. It also offers several non-budgeting features that Monarch Money does not, such as subscription cancellation assistance and bill negotiation. Monarch Money focuses purely on budgeting.
If you're interested in charts and diagrams that break down your monthly spending, Monarch Money might be your best bet. Monarch Money has more in-depth diagrams showing your spending each month. Monarch Money is also a better choice if you're interested in traditional, or zero-balance, budgeting plans; Rocket Money's approach to budgeting isn't as strict as a zero-balance budget.
If you're undecided on which budgeting app to get, consider downloading both so you can compare each app's UI. Ultimately, your preferred option might come down to which interface feels more streamlined and intuitive for you. Just remember to cancel your subscription to Monarch Money before you're charged.
Why You Should Trust Us: How We Reviewed Rocket Money
Our methodology for how we review budgeting apps is similar to our bank account rating methodology. For this review, we started by rating aspects of the app with a score from 0 to 5. These aspects include the app's pricing, availability, customer reviews, usability, customer support, and trustworthiness. Once we have a rating for each of these, we average them together to get the app's total score out of five.
Business Insider's personal finance team is editorially independent, meaning that the business team doesn't tell the team's writers and editors what to write. You can learn more about how we review products through our editorial standards page.
Rocket Money FAQs
Is Rocket Money legit?
Yes, the Rocket Money app is a legitimate budgeting app by Rocket Companies. The mobile app is available on the Google Play store and Apple Store.
Is Rocket Money safe?
Yes, the Rocket Money app is safe. It has 256-bit encryption to store data and is partnered with Plaid to securely link your accounts. It won't be able to make changes to your accounts, and you have the option to unlink accounts.
Is Rocket Money worth it?
The Rocket Money app is worth it if you are either looking for a free budgeting app with simple features, or are willing to pay a subscription fee for more comprehensive budgeting features alongside other perks like assisted subscription cancellation.
How does Rocket Money work?
The Rocket Money app works by letting you link your external bank accounts to the app, which then identifies what you're spending on to help you build a budget.
How much does Rocket Money cost?
The Rocket Money app doesn't cost any fees if you use its free features. However, you must pay anywhere from about $6 to $12 per month for the Premium Plan. You'll get to choose how much you pay per month through a sliding scale. The Premium Plan also has a 7-day free trial.
