Does Rocket Money Cost Anything? Unlocking the Truth About Premium Features

Yes, Rocket Money offers both a free version and a premium subscription. The free version provides robust budgeting and expense tracking capabilities, while the premium version unlocks advanced features like cancellation concierge services, net worth tracking, and personalized insights for a monthly fee.

Understanding Rocket Money’s Pricing Structure

Rocket Money, previously known as Truebill, has become a popular tool for managing personal finances. Its appeal lies in its ability to automatically track spending, identify recurring subscriptions, and help users save money. However, understanding the app’s pricing structure is crucial for determining if it’s the right financial management solution for you. Let’s dive into the details of what Rocket Money offers at different price points.

The Alluring Free Version: A Solid Starting Point

The free version of Rocket Money provides a surprisingly comprehensive suite of tools for managing your finances. It’s an excellent option for those who want to get a handle on their spending without committing to a subscription fee. Here’s what you can expect:

• Budgeting and Expense Tracking: This is the core functionality of Rocket Money. The app automatically categorizes your transactions from linked bank accounts and credit cards, giving you a clear picture of where your money is going. You can create custom budgets for different categories and track your progress throughout the month.
• Subscription Tracking and Management: Rocket Money shines at identifying recurring subscriptions. It scans your bank and credit card statements to detect these charges, allowing you to easily see how much you’re spending on various subscriptions each month. While you can track subscriptions in the free version, the cancellation concierge service is only available with Premium.
• Net Worth Tracking (Limited): While the Premium version offers a more detailed net worth tracking feature, the free version still allows you to manually add assets and liabilities to get a basic understanding of your financial standing.
• Bill Negotiation (Limited): The free version offers the possibility of bill negotiation; however, it is contingent on performance, charging a success fee based on the savings achieved. The service is not included in the Premium subscription.

Rocket Money Premium: Unlocking Advanced Features

Rocket Money Premium takes your financial management to the next level with a range of advanced features designed to provide greater control and personalized insights. However, these features come at a cost, and the pricing structure is somewhat unique.

• Subscription Cancellation Concierge: This is perhaps the most compelling feature for many users. Rocket Money’s team will handle the often-tedious process of cancelling unwanted subscriptions on your behalf. This service can save you time and hassle, especially for subscriptions with complicated cancellation policies.
• Net Worth Tracking (Comprehensive): The Premium version offers a more robust net worth tracking feature, allowing you to link investment accounts and track your assets and liabilities in real-time. This gives you a comprehensive view of your financial health and helps you track your progress towards your financial goals.
• Unlimited Budgets: While the free version may have limitations on the number of budgets you can create, the Premium version removes those restrictions, allowing you to create as many budgets as you need to effectively manage your spending.
• Priority Customer Support: Premium subscribers receive priority access to customer support, ensuring that their questions and issues are addressed promptly.
• Personalized Insights: Rocket Money Premium provides personalized financial insights based on your spending habits and financial data. These insights can help you identify areas where you can save money and make more informed financial decisions.
• Advanced Reporting: Gain access to more detailed and customizable reports on your spending, income, and net worth, allowing you to analyze your financial data in depth.

The Sliding Scale Pricing: Pay What You Think Is Fair

Rocket Money uses a “pay what you think is fair” pricing model for its Premium subscription. This means you can choose to pay anywhere from $4 to $12 per month (billed annually) or a month-to-month option.

While this pricing model may seem appealing, it’s important to consider your budget and the value you’ll get from the Premium features. The suggested price may be higher than you’re willing to pay, especially if you only need a few of the advanced features.

Important Note: While the “pay what you think is fair” model gives you some flexibility, it’s crucial to understand that the chosen amount is billed annually. Be sure to carefully consider your budget before committing to a Premium subscription.

Bill Negotiation Pricing: Contingent on Savings

While not part of the Rocket Money premium subscription, the bill negotiation service warrants discussion. The free version offers the possibility of bill negotiation; however, it is contingent on performance. Rocket Money charges a success fee based on the savings achieved. This means that if they can’t lower your bills, you won’t be charged anything. However, if they are successful, they will take a percentage of the savings as their fee. The company will negotiate on your behalf with companies like Comcast, Verizon, and others. The rate can vary but is typically around 30-50% of the first year’s savings.

Frequently Asked Questions About Rocket Money’s Costs

Here are some of the most frequently asked questions about Rocket Money’s pricing:

1. Is Rocket Money completely free to use?

No, Rocket Money offers both a free version with basic features and a Premium version with advanced features that requires a subscription.

2. What features are included in the free version of Rocket Money?

The free version includes budgeting, expense tracking, subscription tracking, and basic net worth tracking.

3. How much does Rocket Money Premium cost?

Rocket Money Premium uses a “pay what you think is fair” model, allowing you to choose a monthly fee, usually between $4 and $12, billed annually, or a month-to-month payment.

4. What are the benefits of upgrading to Rocket Money Premium?

Premium benefits include subscription cancellation concierge service, comprehensive net worth tracking, unlimited budgets, priority customer support, and personalized insights.

5. How does the “pay what you think is fair” pricing model work?

You choose the monthly fee you’re comfortable paying for the Premium features. The suggested price range is displayed, and you can select an amount within that range. This amount is billed annually.

6. Can I cancel my Rocket Money Premium subscription?

Yes, you can cancel your Premium subscription at any time. However, you should be aware of the cancellation terms, which can vary depending on the billing cycle.

7. Does Rocket Money offer a free trial of the Premium version?

Sometimes. Rocket Money occasionally offers free trials to experience the Premium features before committing to a subscription. Check their website or app for current promotions.

8. Is the bill negotiation service included in the Rocket Money Premium subscription?

No, the bill negotiation service is separate from the Premium subscription. It operates on a contingency basis, where you pay a percentage of the savings achieved.

9. How much does Rocket Money charge for bill negotiation?

The bill negotiation fee typically ranges from 30% to 50% of the first year’s savings. This will be specified prior to authorizing Rocket Money to negotiate on your behalf.

10. Are there any hidden fees associated with Rocket Money?

Rocket Money is generally transparent about its pricing. The primary costs are the Premium subscription fee (if you choose to upgrade) and the contingency fee for bill negotiation (if applicable). Always read the terms and conditions carefully to understand any potential fees.

11. Is Rocket Money worth the cost?

The value of Rocket Money depends on your individual needs and financial situation. If you’re struggling to track your spending, manage subscriptions, or negotiate bills, the Premium features may be worth the cost. However, if you’re comfortable managing your finances manually, the free version may be sufficient.

12. How does Rocket Money make money if they offer a free version?

Rocket Money generates revenue through its Premium subscriptions and bill negotiation fees. The free version serves as a way to attract users and encourage them to upgrade to the Premium version or use the bill negotiation service. They may also receive affiliate commissions through partnerships with other financial service providers.

By understanding Rocket Money’s pricing structure and the features offered at each level, you can make an informed decision about whether it’s the right financial management tool for you. Remember to carefully consider your budget and financial needs before committing to a Premium subscription or using the bill negotiation service.