How to Use Rocket Money to Lower Your Bills
Hey everyone! Today we’re exploring how to leverage Rocket Money, previously known as True Bill, to automatically reduce your bills. Whether it’s your cable, internet, streaming services, or cell phone, Rocket Money has an excellent feature called “Lower My Bills.” Let’s look at how it works, how to set it up, and potential savings.
What is Rocket Money?
Rocket Money is a personal finance app designed to help you track subscriptions, manage spending, set budgets, and monitor credit. Most importantly, it allows you to negotiate and lower your bills. By connecting your financial accounts, Rocket Money uses a combination of automation, human negotiators, and AI to identify savings opportunities.
Getting Started with Rocket Money
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Download the App
- For Android Users: Go to the Google Play Store, search for Rocket Money, and install the app.
- For Apple Users: Open the App Store, search for Rocket Money, and download it.
Note: Rocket Money may not be available in all countries. Check the app’s availability in your region before proceeding.
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Create an Account
Once the app is installed, you can create an account using your email or sign in with your Google or Apple ID. -
Connect Your Financial Accounts
Securely connect your bank account and credit card through the app. Once connected, Rocket Money will analyze your transactions and display a dashboard with your spending breakdown, recurring subscriptions, and upcoming bills.
Using the “Lower My Bills” Feature
After you’ve set up your dashboard, here’s how to use the “Lower My Bills” feature:
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Access the Feature
Tap on the “Lower My Bills” tab on the home screen. Here, you’ll see a list of eligible bills for potential reduction. -
Choose Your Bill
Select the bill you want to lower—options typically include phone bills, internet, cable, and security systems. -
Upload Your Bill or Grant Access
You can either upload a recent bill or provide login access so Rocket Money can negotiate directly with your provider. -
Authorize Negotiation
After selecting your bill, Rocket Money will require your authorization to negotiate on your behalf. Provide details like your current plan, monthly cost, account number, and any extra fees. -
Negotiation Process
Rocket Money will assign experts and AI bots to contact your provider via chat, phone, or email, negotiating for lower rates, removal of hidden fees, and discounts. This process may take 24 to 72 hours.
Understanding the Payment Structure
Rocket Money operates on a “you save, we earn” model. They charge a fee of 40% of the savings you achieve in the first year. For example, if you save $200 on your cable bill, Rocket Money will take $80 as a success fee.
Additional Features
Rocket Money offers various tools to help you manage your finances:
- Cancel Unused Subscriptions: Automatically cancel subscriptions you no longer use (with your approval, of course).
- Create Budgets: Set budgets and track your spending effectively.
- Credit Score Tracking: Monitor your credit score for free.
- Smart Savings: Automatically save small amounts of money in the background.
Tips to Maximize Your Savings
- Upload Recent Bills: For better negotiation power, upload your most recent bill.
- Combine with Manual Budgeting: Use Rocket Money alongside manual budgeting for better control of your finances.
- Track Streaming Services: Monitor and cancel unused streaming subscriptions.
- Regular Check-ins: Check your bills monthly, especially if you notice increases, to potentially save more.
In conclusion, Rocket Money is a powerful tool for managing your finances and lowering your bills. With features designed to save you money and help you take control of your financial situation, it’s worth considering. If you save $200, for instance, you’ll pay just $80 in fees.
If you found this information helpful, be sure to like, subscribe, and let us know in the comments if you’ve successfully used Rocket Money. Thanks for reading, and we’ll catch you next time!
