Is Rocket Money The Best Option?

It is quite hard to find a reliable modern budget platform that will keep your money safe and sound.  If you have been searching for one for quite some time – being able to find a reliable app might seem like an impossible task. So, let us take the heavy burden of research off your shoulders and let us give you at least a suggestion you can keep in mind before making an important financial decision.  So, if you are interested in a reliable and modern platform, Rocket Money might seem like a good option. However, first, we need to figure out some essential details:  is the Rocket Money app safe to use? 

The short answer is yes, the Rocket Money app is generally safe.  It was previously known as Truebill, which was a popular budget app that changed its name.  To keep the users’ money protected Rocket Money uses 256-bit encryption – the same encryption many banks use. It provides the highest level of protection, even against the heaviest cyber attacks. That’s quite good, right? 

Thanks to the platform, you can keep an eye on your income and expenses to find ways to reduce your budget. You can use the platform on your smartphone, as well. The app syncs with your external bank accounts to make it easy to track your cash flow.

Keep in mind that even though Rocket Money has an inbuilt system that aims to provide the utmost safety to your accounts, your financial information may be at risk. In case your phone is lost or stolen, it might be difficult to respond to the emergency quickly. So, having a way to wipe your phone remotely is generally a good idea.

Rocket Money, like every app in existence, also has its disadvantages. However, let’s first discuss the advantages of the platform.

The app offers a user-friendly interface and a decent free trial version. The free version of Rocket Money is limited, but it might be perfect for you. The Premium version costs between $4 and $12 per month. In the end, it is up to you to determine how much you want to pay. Furthermore, there is no necessity to buy the paid version straight away.

How Safe Is Rocket Money?

Even thought Rocket Money is a widely popular app –  that still doesn’t answer the main question of your budget safety. So, what contributes to its exceptional popularity? As mentioned before, the app has one of the best encryption security features. As an added layer of security, Rocket Money works with the Plaid payment network to link to your accounts instead of storing your login details. This typically includes encryption protocols, secure authentication processes, and monitoring for suspicious activities.

Moreover, Rocket Money reviews generally describe it as safe in other aspects as well. This might be due to the fact that the app has implemented transparency regarding its operations, fees, and terms of service. This helps users understand how their money is managed, as they are always aware of their funds. Thus, this ensures clarity in transactions and customer service. In addition, Rocket Money offers protections such as insurance on deposits and measures to safeguard against fraud or unauthorized transactions. Yet, this can vary based on the specific services and regulations in place. 

However, there are other questions about the platform. For instance, how does it work?

Rocket Money is a digital financial service that facilitates various financial activities, like account creation, money transfers, payments, currency exchange, investments, and account funding.

It connects to your bank accounts to track your income and expenses. The platform can divide your events into specific categories, like groceries, and shave some off the budget automatically. Besides, You can edit individual events and develop the rules to sort future events. Another useful feature is that it lets you select spending goals and show how much you’ve spent so far in each category. You have the opportunity to change your budget at any time to accommodate unexpected expenses.

Main Advantages

Not expensive: Rocket Money Premium costs $4-$12 monthly, with a $4-$5 option to bill annually.

Ease of use: You don’t have to be a tech enthusiast to use its mobile app and web platform. The team behind Rocket Money worked hard to create a user-oriented platform.

Notifications: Select from a variety of notifications to monitor your finances.

Savings goals: Its premium version offers a smart savings account that makes saving easy. For example, you can pick savings goals and schedule regular automatic transfers to this account. As a reminder, Smart Savings Accounts are FDIC-insured at a partner bank of Rockey Money.

Bill negotiation: A bill negotiation service is at your disposal. You don’t have to pay in order to use this service. The platform will contact your service providers, such as your internet service provider, to reduce your bill. If they’re successful, you’ll pay a fee, but it might be worth it if you don’t want to contact the company on your own.
Investment tools: You can easily track your investment goals by linking your accounts to the Rocket Money app.

Credit score and net worth tracker:  The premium version includes a credit score viewer.

What About the Disadvantages

All platforms have their advantages and disadvantages, including Rocket Money. There is no need to worry about reputation. Once again, if your friend asks you, Is Rockey Money safe? The answer is yes.

The free version is limited: As mentioned earlier, its free version is limited.  The free version of Rocket Money may work for you, but it is pretty boring. You must pay if you plan to use additional features.

Synching issues: Free trial or free account members don’t have account syncing options.

Cancellation Issues:  Canceling the Premium account type might take a bit of time as it requires going through several steps.

No debt payment plan: It is possible to find a platform that offers a debt payment plan. Rocket Money isn’t among them.

Traditional budgeting method: The platform utilizes a basic budgeting method. Simply put, you select budget categories as well as spending goals in advance and can alter them every month. However, not everyone may like the strategy mentioned earlier.

Bill negotiating fees: If Rocket Money’s Bill Negotiating Service is successful, you will pay them 30-60% of your first-year savings (it is up to you to select the percentage). You can call or send an email to your service providers on your own.

Other Budgeting Apps? PocketGuard and GoodBudget

​​But, even though we’ve discussed Rocket Money and run through its options quite lightly,  you might still want to check out other options and make the best decision for yourself! So, let’s take a look at two additional budgeting apps. 

PocketGuard

You can look at PocketGuard, as another option for budgeting. The app lets you track your expenses by category. It’s designed to help you manage your spending and focus on your savings goals. Linking the app is quite easy and links to your accounts, automating the tracking process. PocketGuard tracks subscription services and notifies potential money-wasters to save.

It has useful features that recommend cheaper services according to your profile settings, maximizing the money in your pocket. Besides, it offers bill negotiation through Billshark, which pays 40% of your savings over two years if successful.

The free version of PocketGuard is a suitable option. However, the paid version offers additional benefits. For $12.99 per month or $74.99 per year, you can create multiple budgets, custom budget categories, etc.

GoodBudget

GoodBudget is another interesting choice for a budgeting app you can look at. It is as easy to navigate as the other two apps and uses the envelope budgeting method. This method is a budgeting technique that involves allotting a specific amount of money in virtual categories. This decades-old financial strategy encourages dividing income into separate envelopes or categories. For example, you may have envelopes for rent, bills, groceries, and other expenses. With GoodBudget you can manage it all. 

Before making any serious financial decision, ensure you have weighed out all of your options. Even though Rocket Money aims to provide convenient, secure, and efficient financial services through digital platforms, catering to various financial needs, it is still the hard-earned money you will invest. Feel free to select it and test it out and good luck!

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