10 Things to Know About Rocket Money

Pros of Rocket Money

Rocket Money stands out as a comprehensive money management and budgeting app, offering users a centralized platform to oversee all their financial accounts effortlessly. The following features contribute to its appeal:

1. Unified Account Visibility

Easily consolidate all your financial accounts, including checking, savings, credit cards, and investments, providing a streamlined view of your financial landscape.

2. Robust Budgeting and Savings Tools

Rocket Money presents an array of budgeting and savings features, empowering users to take control of their finances. From setting monthly budgets for various expenses to leveraging automatic savings guided by artificial intelligence, the app equips users with tools for prudent financial management.

3. Credit Reports and Tracking

Gain insights into your credit health with credit reports and tracking functionalities embedded within the app. Stay informed about your credit standing and make informed decisions.

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4. Cross-Platform Accessibility

Enjoy the convenience of accessing Rocket Money across multiple platforms, ensuring flexibility and adaptability to different devices and operating systems.

Cons of Rocket Money

While Rocket Money boasts impressive features, certain drawbacks should be considered:

1. Limitations of the Free Version

The free version of Rocket Money offers basic functionalities, and users may find it somewhat restrictive compared to the premium alternatives.

2. Costly Bill Negotiation

Engaging in bill negotiation through Rocket Money may come at a cost, and users should weigh the expenses against the potential benefits.

3. Performance Lag

Some users report that the app can be slow at times, impacting the overall user experience. A smoother performance could enhance user satisfaction.

Understanding Rocket Money

Rocket Money emerges as a versatile finance management tool, relying on a user-friendly interface and robust features. Understanding its core functionalities is pivotal:

1. Account Linkage through Plaid

Utilizing Plaid, a trusted third-party service, Rocket Money facilitates the secure linkage of your financial accounts. This includes checking, savings, credit cards, and investment accounts.

2. Comprehensive Financial Overview

The app’s dashboard provides a comprehensive snapshot of your financial landscape, displaying real-time balances for all linked accounts.

3. Automated Payment Recognition

Rocket Money streamlines the management of recurring payments by automatically identifying bills and subscriptions. Users can also manually input such payments for meticulous tracking.

4. Budget Customization and Automation

Users can personalize monthly budgets for different expense categories, fostering financial discipline. Additionally, the app employs AI to automate savings based on spending patterns, minimizing the risk of overdrafts.

5. Intuitive Spending Insights

The “Left for spending” feature offers a quick glance at unassigned funds, simplifying decision-making regarding discretionary spending. The Net Worth feature provides an overarching view of your financial standing.

Cost Structure and Accessibility

Rocket Money adopts a tiered pricing model:

• Free Version

Basic app features are accessible at no cost, providing users with essential functionalities.

• Premium Features

To unlock advanced features, users can opt for a subscription, with costs ranging from $3 to $12 per month, depending on billing preferences.

The Best of Rocket Money

Rocket Money stands out as an incredibly robust financial app, offering a plethora of advantages for users seeking comprehensive money management solutions. Here’s an in-depth look at some of its top perks:

1. Unified Financial Overview

Rocket Money excels in providing users with a consolidated view of their financial landscape. The dashboard serves as a command center, displaying overall and individual account balances, recent transactions, upcoming bills, and the crucial “Left for spending” metric.

2. Spending Insights with Precision

Delve deeper into your financial dynamics using the Spending tab, breaking down monthly money movements. The app adeptly identifies regular bills and recurring payments, presenting them in an organized manner on the Recurring tab calendar.

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3. Customized Budget Categories

Rocket Money empowers users to take charge of their post-bill funds by creating diverse budget categories. Whether it’s allocating funds for pet expenses or planning an upcoming vacation, users can effortlessly integrate these categories into their monthly budget.

4. Autopilot Savings

Elevate your savings game with Rocket Money’s Autopilot feature. Set savings goals, choose the frequency of savings, and let the intelligent AI analyze your accounts to determine optimal saving times.

Savings are securely deposited into an FDIC-insured savings account with NBKC Bank and trusted Synapse partners. Regularly transferring savings to a high-yield savings account ensures optimal interest rates.

5. Credit Management Excellence

Recognizing the significance of credit scores in personal finances, Rocket Money facilitates real-time credit monitoring.

Users can access their latest credit scores, set up alerts for real-time tracking of changes, and seamlessly view their three credit reports to present their financial profile in the best light to potential lenders.

6. Cross-Platform Accessibility

Rocket Money caters to diverse user preferences by being available on both iOS and Android devices, spanning phones and tablets. The flexibility extends to desktop users, who can access the app via their browser for a larger screen experience. Note that two-factor authentication is a mandatory security feature for desktop/browser usage.

What could be better?

Even a powerhouse like Rocket Money comes with its share of drawbacks, and it’s essential to shed light on these aspects for a comprehensive understanding.

1. Restricted Free Version

While Rocket Money undoubtedly offers a robust set of features, its Achilles’ heel lies in the limitations of the free version. The core functionality, such as linking accounts and basic budgeting, is available.

However, the most impactful features are tucked behind the curtain of a Premium membership. Yes, this includes the intriguing subscription service cancellation feature that captivates many potential users.

2. Costly Bill Negotiation

Rocket Money’s Bill Negotiation service, a beacon of promise for users seeking to slash bills, comes at a considerable cost. While the potential for better rates on bills like cellphone and cable is enticing, it’s not a complimentary service.

If the negotiation proves successful, users must be prepared to part with 30% to 60% of the estimated first year’s savings. This fee is a lump sum charged at the time of service, introducing a financial consideration for those contemplating this feature.

3. Lagging App Responsiveness

In the realm of app performance, Rocket Money faces a notable hurdle. Despite overall functionality during testing, instances of sluggish responsiveness were observed. Users may find themselves tapping buttons repeatedly to elicit a response, and there were occasions where the app’s interface lagged, making it challenging to navigate smoothly.

Keep in mind this is an informative article and if you wish to use Rocket Money or make any decisions that affect your finances, you should always reach out to an expert for guidance if you feel the need to.

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