How Much Does Rocket Money Cost?

Rocket Money (previously Truebill) has become a popular personal finance app by helping users effortlessly track expenses, manage subscriptions, negotiate bills, and optimize budgets. But how much does this useful service actually cost?

While certainly not a free tool, Rocket Money’s unique capabilities around robust subscription tracking, automated bill negotiation, and customized budgeting make the app a worthwhile investment for many users seeking more convenient control over their spending.

How Much Does Rocket Money Cost?

Rocket Money uses a flexible pricing model with options ranging from $0 to paid plans costing $3 to $12 per month based on the features selected.

A major benefit of Rocket Money’s pricing model is its flexibility:

• Users pick their price – You choose your monthly fee anywhere from $3 up to $12 based on perceived value.
• Change it anytime – Upgrade or downgrade your monthly rate at will to match evolving needs. No long-term commitments.
• No contracts – Go month-to-month with no paperwork. Cancel anytime without penalties.

This empowers subscribers to adjust costs to match the utility they derive from the app. You dynamically control the expense.

According to a review on PCMag, the app is free to download and set up, but most advanced features are available through a subscription. The pricing for the premium version ranges from $4 to $12 per month, with a suggested price of around $10 per month. Users are billed annually, which results in a minimum cost of approximately $48 per year.

Another source, Fortune, confirms that Rocket Money’s basic services are free, while premium features such as bill negotiation and credit report monitoring cost between $6 and $12 per month. The app allows users to choose their payment based on what they feel the service is worth, with reports indicating that some users have signed up for as low as $4 per month when billed annually.

A detailed overview from NerdWallet highlights similar pricing structures, noting that while basic budgeting and subscription monitoring are available for free, premium features require a subscription fee. The site emphasizes that the premium version includes additional functionalities like net worth tracking and transaction splitting.

Features of Rocket Money’s Free Version

Rocket Money’s free tier provides:

• Expense tracking allowing users to manually log spending across categories like food, rent, utilities, etc. Provides visibility into habits.
• Custom budget creation with configurable spending limits and notifications as you approach designated thresholds. Helps curb discretionary purchases.
• Subscription monitoring giving users a dashboard highlighting all current monthly services paid across various accounts. Consolidates recurring costs.
• Upcoming bill reminders and due date notifications to avoid late fees and services suspensions from payment lapses. Promotes on-time habits.

For individuals with basic money management needs, Rocket Money’s free toolset offers helpful core budgeting, monitoring, and planning functions at no charge. It serves as a beneficial first step towards more mindful spending.

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Limitations of The Free Version

The free version lacks Rocket Money’s premium capabilities like:

• Bill negotiation to proactively lower monthly costs from cable, internet, phone, insurance, and other recurring provider bills. This unique service can generate notable savings each month.
• Subscription cancellation done on your behalf to instantly stop unwanted recurring charges and services. Saves hours of manual work contacting each vendor.
• Unlimited custom budget categories for detailed spending analysis, trend identification, and precise alert triggering. The free plan only offers limited fixed categories.
• Priority 24/7 chat and email support from financial experts to optimize use of the app’s tools. Free users only have access to limited FAQs and community forums.

While great for basic expense organization, upgrading unlocks meaningful money-saving tools.

Does Rocket Money Take a Percentage of the Savings from Bill Negotiations?

Yes, Rocket Money charges a 40% success fee each time their team is able to negotiate lower bills or subscription costs on your behalf. For example:

• If Rocket Money saves you $100 per month off your current cable bill, you would pay Rocket Money a one-time $40 success fee.
• But you still net $60 per month in ongoing savings off your cable bill even after Rocket Money takes their 40% cut. So, costs drop in absolute terms.
• No fee applies if negotiations are unsuccessful ensuring your risk is minimized.

Rocket Money prospers when you save money. Their business model incentives align with user interests.

Rocket Money Stack vs Competing Financial Apps

With robust included tracking tools and exclusive negotiated savings opportunities, Rocket Money provides well-rounded capabilities in the personal finance app category at reasonable rates.

Who Gets the Most Value?

Subscribers who:

• Have numerous monthly subscriptions needing simplification.
• Seek professional guidance optimizing financial habits.
• Want help lowering recurring bills through dedicated negotiation.
• Need assistance canceling unwanted services easily.

The convenience can justify costs for busy individuals valuing time.

Hidden Fees to Know About

No major hidden fees exist, but be aware:

• Bill negotiation and cancellation is only done upon direct user request. Rocket Money will discuss projected savings before taking action.
• Negotiated discounts and savings may vary in size or take several cycles to fully secure depending on each provider’s policies. Patience pays off.
• If cancelling paid access, continue monitoring charges closely for a full billing cycle to ensure all unwanted subscription renewals have ceased. Transition wisely.

Read terms closely and set expectations appropriately around projected savings.

Final Words

With costs starting at $0 per month for robust basic financial features up to $12 monthly for full-service premium access, Rocket Money offers flexible pricing tiers to align with different money management needs and savings objectives.

For users who are unwilling, unable, or struggle to optimize financial accounts themselves, the unique automation and assistance Rocket Money provides makes the app a sound ongoing investment despite its subscription costs. Try risk-free and see if the value aligns with your goals.

Answers to Common Questions

Does Rocket Money take a percentage of savings?

Yes. Rocket Money charges a 40% success fee based on the savings amount achieved. This incentive fee ensures their interests are aligned with the user in securing meaningful discounts.

Does Rocket Money actually cancel subscriptions?

Rocket Money utilizes stored payment information to directly log in to provider accounts and cancel services seamlessly on your behalf. They handle cancellations instantly so users avoid going through tedious customer service processes themselves.

How does rocket money know all your subscriptions?

By linking financial accounts and accessing transaction data, Rocket Money’s algorithms can identify patterns and merchant information pointing to recurring subscription charges across your credit cards, bank, and mobile wallet accounts. This aggregation provides a centralized view.