Product Overview: Rocket Money (formerly Truebill)
Rocket Money, previously known as Truebill, is a comprehensive personal finance app designed to help users manage their finances effectively, save money, and achieve their financial goals. Here’s an overview of what the product does and its key features:
What Rocket Money Does
Rocket Money is a personal finance app available on both mobile and web platforms. It aims to simplify financial management by providing a suite of tools that help users save money, lower their bills, cancel unwanted subscriptions, and gain insights into their spending habits. The app is part of the Rocket Companies platform, integrating seamlessly with other services such as Rocket Mortgage to enhance the overall consumer experience.
Key Features and Functionality
Subscription Management
Rocket Money identifies and manages all your recurring subscriptions, allowing you to review and cancel any unwanted services directly through the app. This feature helps in avoiding unnecessary charges and keeping track of upcoming bills.
Bill Negotiation
The app negotiates lower rates for services such as cell phone, cable, and internet bills on your behalf. If successful, Rocket Money charges a small portion of the first-year savings, typically between 30% to 60%.
Budgeting and Spending Insights
Rocket Money helps users create and manage budgets by analyzing their spending habits and categorizing expenses. It provides detailed spending reports and alerts to ensure users stay within their budget and avoid late fees or overdrafts.
Automated Savings
The app offers a Smart Savings feature that automatically transfers money from your linked account to a savings account based on your spending habits, helping you reach your savings goals without manual intervention.
Credit Scores and Reports
Users have full access to their credit reports and credit scores. The app breaks down the factors affecting their credit score and provides notifications for any changes or potential issues, including identity theft protection.
Pay Advance
For users connected to the app, Rocket Money can identify when you are at risk of overdrawing your account and offer a pay advance of up to $100, which is repaid when your next paycheck is deposited.
Net Worth Tracking
The app allows users to track their net worth, providing a comprehensive view of their financial health and helping them make informed financial decisions.
Custom Budget Categories
Users can create custom budget categories to fit their specific financial needs, making it easier to track and manage their expenses.
Outage Monitoring and Electricity Savings
In select areas, Rocket Money can request credits for service outages from providers like cable or internet companies. Additionally, it partners with Arcadia Power to find the lowest-cost electricity options in deregulated areas.
Pricing
Rocket Money offers both a free and premium version. The free version includes features like budgeting, spend tracking, and credit scores. The premium version, available with a free trial, adds additional features such as subscription cancellation, bill negotiation, and detailed credit reports. The premium version operates on a “pay what you think is fair” model, with a sliding scale of $3 to $12 per month.
In summary, Rocket Money is a powerful tool for managing personal finances, offering a wide range of features that help users save money, lower bills, and gain better control over their financial lives.
