Are you on the lookout for a cash app that may show you how to handle your day-to-day spending? Rocket Cash claims to just do that, in addition to show you how to cancel undesirable subscriptions and plan for future purchases.
However is Rocket Cash protected to make use of, and the way does it evaluate to related budgeting apps like YNAB and Private Capital? I reply these questions, and extra, on this Rocket Cash Overview.
Desk of Contents
- What Is Rocket Cash?
- How Does Rocket Cash Work?
- Rocket Cash Pricing
- Rocket Cash Options
- Account Syncing
- Monitor Subscriptions
- Invoice Cancellation
- Invoice Negotiation
- Invoice Reminders
- Automated Financial savings
- Web Value Tracker
- Credit score Rating Monitoring
- Rocket Cash Professionals and Cons
- Is Rocket Cash Protected?
- Alternate options to Rocket Cash
- The Backside Line on Rocket Cash
What Is Rocket Cash?
Rocket Cash, previously TrueBill, is a budgeting app for Android and Apple units. Sadly, they don’t supply a desktop platform, so that you have to be comfy utilizing your cellphone to handle your cash.
Free and premium plans can be found with varied perks.
Among the member perks embody:
- Account monitoring
- Automated financial savings
- Invoice negotiation
- Credit score rating monitoring
You’ll get essentially the most from Rocket Cash when you use it to watch your spending and subscription administration instruments. Its free instruments make it a super budgeting app for grads, however the premium subscription stays reasonably priced when you don’t want hands-on budgeting assist.
What Occurred to TrueBill?
Earlier than mid-2022, Rocket Cash was often known as TrueBill. The cash administration app was acquired by Rocket Corporations, which additionally operates the next manufacturers:
- Rocket Loans
- Rocket Mortgage
If you have already got a Rocket Corporations account from one in every of these different companies, you should utilize your present login particulars.
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How Does Rocket Cash Work?
You may observe these steps to be part of Rocket Cash and use it to enhance your funds:
- Obtain the Android or Apple cell app
- Hyperlink your monetary accounts
- Analyze spending habits
- Search for methods to save cash
- Create budgeting and financial savings targets
- Monitor monetary progress with common updates.
Rocket Cash Pricing
Two totally different membership plan choices can be found: Lite and Premium. Pricing for Lite is free, and Premium is $4.99 to $11.99 however contains a “Pay What’s Honest” choice, which I’ll clarify in additional element under.
A 7-day free trial is accessible on the Premium plan.
The Lite plan is the usual choice and is free for all times.
Its advantages can get the job executed and embody the next:
- Two budgeting classes
- Credit score rating (no credit score report entry)
- Hyperlink banking accounts
- Low stability alerts
- Each day account syncing
The Lite plan is finest if you wish to hold tabs in your spending and account balances however don’t want hands-on assist canceling or negotiating a cheaper price for recurring payments.
The budgeting instruments are restricted to 2 classes, which may be adequate to keep away from overspending in your most important month-to-month bills.
The Premium plan provides a 7-day free trial, and you then select month-to-month or annual funds:
- Month-to-month: $4.99 to $11.99
- Yearly: $35.99 or $47.99 (billed upfront)
This app follows a “Pay What’s Honest” technique, so you may determine how a lot to spend.
In response to Rocket Cash, the common paid consumer pledges $6.99 month-to-month.
That can assist you determine if Rocket Cash Premium is value it, these are the obtainable perks:
- Limitless budgeting classes (vs. 2 for the Free plan)
- Credit score rating and full credit score report (vs. credit score rating solely)
- Automated subscription cancellations
- Invoice cancellation concierge
- Web value monitoring
- Actual-time account syncing (vs. every day syncing)
- Shared accounts
- Premium chat
- Export knowledge
It is best to take into account upgrading to the premium plan if you’d like limitless funds classes, shared accounts, or automated subscription administration instruments.
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Rocket Cash Options
Rocket Cash hyperlinks your banking, bank card, and funding accounts by way of Plaid. This third-party service has read-only entry and doesn’t retailer your delicate particulars for additional privateness.
Your account balances replace every day the primary time you log into your account. The app will ship spending insights and alerts when direct deposits hit your account. Linking as many accounts as doable makes it straightforward to see how a lot you spend and earn precisely.
After linking your accounts, you may start categorizing your transactions. Rocket Cash auto-categorizes most transactions, so the continuing upkeep necessities are minimal.
You might have a ballpark estimate about your mounted residing bills, equivalent to utility payments, meals, and childcare. Subsequently, you’ve a agency thought of what you may afford in your present revenue.
Spending $10 or $20 right here and there on streaming companies might not seem to affect your funds, however a number of small subscriptions can flip right into a surprisingly great amount.
After linking your accounts, Rocket Cash appears by way of your transaction historical past for recurring subscriptions and lists them in a single place.
This function is an efficient train in figuring out which companies you recurrently use and the others you may dwell with out.
Premium subscribers can have the app cancel subscriptions on their behalf. Free customers will obtain step-by-step instructions to cease service, which might prevent time regardless of doing the exhausting work your self.
This function is useful when you don’t have the time to remain on maintain for an prolonged interval otherwise you’re the kind to simply accept provides solely to finish up regretting the renewal resolution later.
All subscribers can see if Rocket Cash will negotiate your current payments for a decrease fee. This is a superb train to observe a minimum of every year for companies you may’t dwell with out to make sure you’re paying the perfect value.
Among the finest financial savings alternatives embody:
- Cable or satellite tv for pc TV
- Dwelling Web
- Postpaid cellphone plans (i.e., Verizon Wi-fi, AT&T, and T-Cell)
- Satellite tv for pc Radio
Cable payments and contract mobile phone plans have essentially the most potential for reductions. The invoice negotiator may even see if they will change you to a more moderen plan that’s cheaper however has the identical options as your current legacy plan. There can also be loyalty bonuses or limited-time promotions that may scale back your invoice for the next 12 months.
The service claims to have an 85% success fee in decreasing your payments. You pay a one-time success price and get to determine how a lot of the primary 12 months of financial savings to contribute as fee.
Rocket Cash may also attempt to save cash on these bills:
- Automobile insurance coverage
- Financial institution overdraft charges
- Invoice fee late charges
Along with real-time spending alerts and direct deposit notifications, Rocket Cash allows you to create a easy spending plan. The budgeting instruments should not as highly effective as some free budgeting instruments, however they can assist you rapidly see when you’re residing inside your means for the month.
Lite customers can create two budgeting guidelines, and premium members could make limitless guidelines. For instance, you might need to create a rule for eating and leisure, that are variable however controllable bills.
This budgeting app generates a month-to-month report summarizing your spending and revenue patterns. It’s additionally doable to research these subjects all through the month:
- Payments paid
- Present spending
- The revenue left for financial savings.
- Cash left for spending
- Month-to-month earnings thus far
Most stories can be found on a weekly, month-to-month, quarterly, or yearly interval.
Budgeting as a pair with the Shared Accounts function obtainable to premium subscribers can be doable.
The app shows invoice fee reminders and the fee due date, making it simpler to plan forward, so that you don’t neglect to pay a invoice. You should still must fine-tune your spending plan for variable payments equivalent to your electrical invoice.
Automated Financial savings
Premium subscribers can use the Good Financial savings function to contribute to their financial savings targets mechanically. You may determine how a lot to save lots of and the way often to withdraw out of your linked checking account.
To stop account overdrafts, the service skips withdrawals when you’ve inadequate funds in your account.
Your money goes into an FDIC-insured account till you’re able to spend it. Sadly, you might not earn curiosity on these deposits. As an alternative, take into account a high-yield financial savings account to earn a living in your short-term financial savings.
Web Value Tracker
A paid subscription may also monitor your internet value by way of your linked accounts. This function will not be as important as budgeting or monitoring spending, however it’s one other technique to monitor your monetary progress.
Credit score Rating Monitoring
Lite customers can view their Experian VantageScore 3.0 credit score rating free of charge. The app refreshes your rating month-to-month. Though this isn’t the identical rating that the majority lenders use to make credit score choices (that will be the FICO Rating from the Honest Isaac Company), it will provide you with estimate of your creditworthiness.
You may also see areas of enchancment that may show you how to obtain credit score rating. Nonetheless, free subscribers received’t be capable of entry their credit score report.
Premium members have the chance to view their full Experian credit score report. This report updates month-to-month, so remember to entry it recurrently to keep away from lacking a month-to-month replace.
It is a good function, and it’s useful in assessing your full monetary image. Be mindful there are a number of methods to examine Your credit score rating free of charge with extra fixed updates. Different credit score monitoring companies might retrieve your rating from extra credit score bureaus and probably supply your FICO Rating.
Rocket Cash Professionals and Cons
Rocket Cash can deal with many day-to-day budgeting duties. It’s obtained some clear advantages and some drawbacks, too. Right here’s my listing of Rocket Cash execs and cons:
- A free plan is accessible
- Syncs to accounts
- A number of cash administration options
- “Pay what’s truthful” choice on the Premium plan
- Finest options require a paid subscription
- Credit score rating monitoring solely updates month-to-month
Is Rocket Cash Protected?
Sure, Rocket Cash is a protected technique to monitor your banking account transactions, search for methods to scale back spending, and monitor your credit score rating.
The app makes use of the identical third-party service (Plaid) to connect with your accounts as most private finance software program apps. This software program doesn’t retailer private data on its servers and makes use of bank-level safety to guard your account. As well as, when you want to share your knowledge with others, you may scramble your knowledge for added privateness.
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Alternate options to Rocket Cash
Rocket Cash can assist enhance your funds, however these different companies may be higher when you want hands-on assist with a selected want.
In case you require severe budgeting assist to cease residing paycheck to paycheck, You Want A Finances (YNAB) is a superb choice. This budgeting app requires a paid subscription ($14.99 month-to-month or $99 yearly), however you’ve a 34-day free trial to determine if it’s match.
The YNAB funds follows a zero-based funds strategy, assigning every greenback to a selected process. So, you’ve the plan to spend or save each greenback that you simply make.
The app walks you thru the budgeting course of and opinions many month-to-month bills which can be simply missed with fundamental budgeting instruments like Rocket Cash or Mint.
The spending and internet value stories are additionally sturdy. There are additionally a number of monetary calculators that can assist you plan upcoming targets. For extra data, try our full YNAB evaluate.
Private Capital is arguably the perfect free internet value tracker obtainable at the moment, as you may hyperlink your banking accounts and add guide accounts. The service contains fundamental spend monitoring instruments to categorize transactions and make sure you dwell inside your means.
Creating financial savings targets and reviewing your funding portfolio’s asset allocation and fund charges can be doable. Learn our Private Capital evaluate for extra data.
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In case you simply desire a service to barter payments, then take into account Trim. The app can carry out these companies, normally free of charge:
- Cut back cable, cellphone, and web payments (15% success price of annual financial savings)
- Cancel undesirable subscriptions (Free!)
- Negotiate medical payments (Free!)
- Decrease APRs and financial institution charges (Free!)
You may also monitor transactions and automate financial savings for upcoming targets free of charge.
Mint gives most of the identical budgeting and credit score monitoring instruments free of charge. Sadly, it signifies that you will note annoying advertisements and product provides as you utilize the app.
For budgeting, you may create a number of classes after connecting your accounts. This app has a few of the finest free budgeting instruments.
The service may also negotiate payments and cancel undesirable subscriptions. All customers may also view their credit score rating and a credit score report abstract free of charge.
You may ship a chat message inside the app; the standard response time is inside in the future. Moreover, premium members obtain precedence assist. An in depth on-line FAQ part additionally gives tutorials for the free and paid options.
It’s doable to watch your banking accounts, credit score scores, and subscriptions free of charge. Nonetheless, you will need to pay a minimum of $4.99 month-to-month (or $35.99 yearly) for limitless budgeting guidelines, subscription cancellation, and different in-depth entry.
Rocket Cash received’t promote your private data and protects your privateness. Nonetheless, you might obtain provides from different Rocket firms and third-party associates.
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The Backside Line on Rocket Cash
Rocket Cash may be an efficient technique to make a free funds if you wish to monitor spending simply and don’t want hands-on assist. The paid subscription is value it when you want limitless budgeting entry and different money-saving instruments. The “Pay What’s Honest” choice makes it a good higher worth.
However whereas the app has a number of further options, not all are helpful. In case you’re on the lookout for extra in-depth instruments for budgeting or monitoring your spending, take into account different choices, equivalent to YNAB or Private Capital, along with Rocket Cash.