How to Use Rocket Money for Budgeting and Saving
Welcome back! Today, we’re diving into how to effectively use Rocket Money, previously known as Truebill, for your budgeting and saving needs. If managing your finances has become a challenge, particularly with keeping track of subscriptions and consistent saving, Rocket Money can help streamline the process for you. Let’s break it down step-by-step.
What is Rocket Money?
Rocket Money is an all-in-one personal finance application owned by Rocket Companies, the same group behind Rocket Mortgage. This app connects to your bank accounts and credit cards, analyzing your spending habits. It automatically tracks your expenses and subscriptions, helping you cancel the ones you no longer want. Additionally, you can negotiate bills—like those for cable, phone, and internet—directly through the app, essentially providing you with an automated financial assistant that helps you save effortlessly.
Setting Up Rocket Money
To get started with Rocket Money, you’ll need to download the app from your respective app store. Here’s how:
For Android Users:
- Open the Google Play Store.
- Search for “Rocket Money.”
- If available in your region, download and install the app.
For Apple Users:
- Open the App Store.
- Search for “Rocket Money.”
- If you find it, download and install it.
After downloading, create an account using your email or sign in with your Google or Apple ID. Next, securely connect your bank account and credit card to allow Rocket Money to start analyzing your transactions.
Using Rocket Money for Budgeting
Setting a Monthly Budget
Once you’ve set up your account, navigate to the accounts dashboard and click on the budget tab. Here’s how to create your budget:
- Choose or create spending categories, such as groceries, dining, travel, or subscriptions.
- Assign limits to each category based on your income and financial goals. For example, if your monthly income is $4,500, and you set your bills and utilities at $1,350, you can customize categories for shopping, dining, etc.
- Rocket Money automatically categorizes your expenses, but you have the option to recategorize transactions manually.
The application provides monthly spending reports to assess how well you’re sticking to your budget.
Smart Saving Feature
One of Rocket Money’s standout features is its Smart Saving. Here’s how it works:
- Set a specific saving goal, such as building an emergency fund or saving for a vacation.
- Choose how much you want to save weekly or monthly.
- Rocket Money will automatically transfer small amounts from your checking to a secure savings account, ensuring you don’t overdraft.
This feature helps turn small savings into significant amounts over time, aiding in achieving your financial goals.
Subscription Management
An accurate budget includes understanding your subscriptions. Rocket Money scans your account for active subscriptions, providing a list in one place.
- Cancel with One Tap: If you find subscriptions you no longer use, you can cancel them directly through the app. Some cancellations can even be handled by Rocket Money on your behalf.
- Stay Alert: You’ll receive notifications for renewal dates or price increases, which helps in sticking to your budget.
With this feature, you can manage multiple subscriptions seamlessly, improving your overall financial picture.
Additional Tools for Saving Money
Rocket Money provides several additional tools to enhance your budgeting experience:
- Bill Negotiation: Upload your phone or internet bill, and Rocket Money will negotiate for lower rates, earning a fee only if they save you money.
- Net Worth Tracking: Keep an eye on your assets versus liabilities to gain clarity on your financial standing.
- Credit Score Monitoring: Get real-time updates and tips on how to improve your credit score.
These tools help you manage both spending and savings all in one place.
Free vs. Premium Plan
Rocket Money offers both a free plan and a premium option. The free version gives you access to basic tracking, budgeting, and spending reports.
- Premium Plan: Unlocks advanced budgeting tools, smart savings automation, chat support, and subscription cancellation features. The pricing is flexible, typically ranging from $3 to $12 monthly.
If you’re serious about your budgeting and savings, the premium option offers plenty of value.
Conclusion
Using Rocket Money for budgeting and saving is straightforward, smart, and automated—ideal for those looking to take control of their finances without spending hours on spreadsheets. Set up your budget, activate smart saving, and begin trimming unnecessary subscriptions.
Share in the comments how much you save with Rocket Money! Don’t forget to like, subscribe, and hit the bell icon for more personal finance tutorials and app insights. Thanks for watching!
