What Is Rocket Money? Cost, Features, and How It Works Explained
Keeping track of your money can be challenging; tracking subscriptions and bills becomes even more difficult. Moreover, sometimes you are spending money where you shouldn’t have to, and it happens when you are not noticing your spending. Since all billings have become online and sometimes unnecessary deductions from your account happen, which you ignore, tools like Rocket Money will help in managing your money, and remove all such unnecessary money cuttings from your account. In this blog, learn about rocket money tool and know the answers like does Rocket Money cost money or not.
Always check the security features of the platform before trusting it and providing your banking details. Never trust any new platform quickly.
What is Rocket Money?
It’s a finance-based app that any individual can use to manage money. It will let you know where your money is going online as it tracks all your records. If there are unnecessary deduction it will let you know.
How does Rocket Money work?
Rocket Money is not a difficult platform, and here are ways it works, which makes money management easier:
- Link Account: First, you need to connect your bank account with Rocket Money. You have to trust the Rocket Money platform to oversee your transactions and records.
- Manage Subscriptions: Rocket Money gathers all the records for the recurring payments, which you often forget. It shows the record in the form of a list.
- Budget Planner: This platform will sort out your spending budget on different categories, including your groceries, shopping, and travel expenses. Let you know whether the spendings are within budget or not.
- Bill Reductions: It also helps in reducing the bill amount once you update your bill details for electricity, internet, or other services. Rocket Money teams talk to the company, and they give options for taking deals if present.
- Money Savings: Once all your bills are done, and other expenses are completed, the amount that is left, Rocket Money adds some of the amount from the extra money to your savings, without thinking more.
Is Rocket Money free?
The free version offers basic features, and the paid version has many premium features that will help you more smartly. There is no fixed pricing package; the Rocket Money cost is about $7 – $14. Moreover, it also offers a 7-day free trial, in which you can use the premium features that you need. Furthermore, if you want to use the platform after the free trial, Sign Up to the platform, pay, and use the features.
Always read the terms and conditions when signing up for any free trial service, so you don’t ignore anything related to the payments.
Rocket Money Free and Paid Version- Features
Free Version
- Shows upcoming bills to pay on time, without paying the late fees.
- Identifies the recurring charges to know what you have subscribed to.
- Track users’ spending and auto-sort the money into different categories.
- Several financial learning materials are available to enhance your knowledge.
Paid Version
- Deletes and cancels unwanted subscriptions on its own.
- Rocket Money saves some amount of money left in your savings.
- Create unlimited custom categories other than bills and shopping.
- Inform all your financial data, including debts, savings, and others.
- Users can share their account with their family or anyone trusted.
- Gives you instant alerts for your account balance when it increases or decreases.
Is Rocket Money Safe to Use?
Rocket Money is a secure platform, as it uses stronger encryption protocols that keep all your confidential data, like bank details, safe. Moreover, your bank account is not directly linked to Rocket Money, but there’s another platform, “Plaid”, which connects your bank account to the Rocket Money apps securely.
Despite Rocket Money being a safe money management platform, taking extra security measures for your online protection is crucial. Use iProVPN to keep your financial information safe, as it will add a security layer and provide you with safety on the unsecure networks.
How Money Goes Automatic?
There are many online services that we are using, especially when you are running an online business. Users are using the free trial services, but people usually forget when their subscription is ending. And if they have added their credit details, your money gets deducted from your account.
Here are some common ways that your money automatically goes from your account, and you can’t notice it in time, so Rocket Money will help you get rid of them.
Free Trial Plans:
Many online platforms offer a free trial, in which you don’t have to pay for a specific time period. And if you sign in by giving out credit details, once the trial ends, the money will be charged from your account.
Hidden Charges:
Some apps first charge the lowest amount, which gets unnoticeable, this amount gets increase and you’ll notice that your account balance is getting low. Make sure to check your transactions, and here is where Rocket Money will help you.
Multi-Service Charges:
Some packages are designed in a way that you think is only for the one service; however, they include extra features, and their charges are also included in them. If you get the bundled package, it will make you pay for the features you don’t need.
Auto Payments:
When your credentials are saved on online platforms, then all future payments are deducted easily from your account. This will happen automatically. Additionally, sometimes you don’t know about it, and an amount has been unfairly cut.
Switch the Plan:
Sometimes you are using a free plan, and your plan changes to a paid plan, and it deducts payments automatically if you have given your payment information on the platform, then you notice the deduction from your bank account.
Advantages & Disadvantages of Using Rocket Money
Advantages of Rocket Money
- Pay for the features you are using only.
- Saves money automatically, left after spending.
- Rocket Money has an easy-to-use application.
- Gives all the details of recurring subscriptions.
- Negotiate with companies to reduce the bill amount.
Disadvantages of Rocket Money
- Some premium features use extra cost.
- Sometimes minor glitches make the app slow.
- The free version has limited and basic features.
- Need to link with a bank account to manage finances.
- Some users do not trust it as it is a third-party platform.
Some Smart Tips to Manage Subscription Costs
To get rid of unwanted deductions from your bank account on the online platform, these tips will help you save more:
1. Always Check Subscriptions
Keep checking your accounts to know where your money is being deducted and what extra subscriptions you are using. The best way is to check for the app’s history, your account balance, emails, and text messages on the account that is associated with your bank.
2. Review your Needs
Check the subscription features and decide if you need most of them or not, since paying a hefty amount for fewer features is not meaningful. Moreover, you can also check other cheaper options if available, and get it if it is completing your needs.
3. Regular Tracking
To all the subscription yo have purchased online, remember to check them after every few days. This will keep you updated about when the subscription is expiring, so the amount deduction from our account will not surprise you. Moreover, you will know if you have any unwanted subscriptions.
4. Flexible Payments
Look for the services that offer you pay-as-you-go when you need them, which means you only have to pay for the service when you use it. This will help you save a lot more money than paying for the monthly subscriptions, which sometimes automatically deduct from your account.
5. Cancel Anytime
Some platforms attempt to prevent easy subscription and ensure longer service periods. However, if you don’t need the service, cancel the subscription straight away, no matter how lengthy the process is, and confirm when you cancel.
Conclusion
People are using Rocket Money to smartly manage their money. This platform is secure and uses strong encryption methods and links users’ bank accounts via a platform named Plaid. You can use the Rocket Money app on both iOS and Android devices. This platform is not free and offers both free and paid versions. Rocket Money helps you save money after sorting out the spendings, and it saves the remaining amount. Moreover, use iProVPN for additional security.
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Rocket Money - FAQs
- Does Rocket Money cost money?
Yes, Rocket money cost money, but it depends on you how much you have to pay, between $7 and $14, as per the features you are using.
- Does Rocket Money share all the financial details?
Yes, you will get all the details related to your online subscription, as well as the ones you have forgotten. Moreover, you will also know how much you are spending and saving.
- How does the Rocket Money app Download?
The Rocket Money app is available for both iOS and Android devices. You can install the app from the Play Store and App Store easily.
- What are the Rocket Money rewards?
There are mostly good reviews of Rockte Money, as users think that after using this platform, they know more about where the money is going. Since it is difficult to track all the online subscriptions manually.
