Rocket Money: The Secret to a Wallet That’s Always Full
How to Make Extra Money and Save with Rocket Money
Have you ever felt like your paycheck just passes through without staying?
You’re not alone.
Many people (maybe even you) feel like they’re working just to pay bills each month. In the end, the money disappears on things you didn’t even realize. Well, Rocket Money is here as the solution.
But before we dive into the details, let’s first take a look at why your wallet often feels empty.
Money Spent on Unimportant Things
Have you ever felt like your paycheck just disappears, even though you haven’t bought anything truly important?
It’s not just big bills like rent or utilities, but also small habits that silently drain your wallet.
Let’s break down why money often gets spent on things that don’t really matter.
1. Subscriptions You Forgot to Cancel
Imagine this: you sign up for a free trial of a streaming service, but forget to cancel. Next thing you know, $9.99 is flying out of your account every month.
- “Ah, it’s just ten bucks.” But what if you have five subscriptions? That’s already $50 per month.
- “But I need Netflix!” Really? When was the last time you opened Netflix? Maybe your brother-in-law is the one actually watching it.
Other services that often trap you: meditation apps, video editors, or game subscriptions. Rocket Money can check all these and give you a list of ones you should cancel.
2. Small Costs That Add Up
$5 for coffee every day?
It doesn’t seem like much.
But if you add it up, that’s $150 a month. It’s like you’re spending the price of a concert ticket every month just on coffee.
Eating fast food every night is another example. Sure, it’s tasty, but try calculating how much it adds up over the month. We often don’t realize that these little habits are what drain our wallets faster than our diet plans.
Rocket Money can help track all these small expenses. Sometimes, we just need a “harsh reality check” to realize that our lifestyle is the main cause of being broke.
3. Monthly Bills That Sneakily Go Up
Have you ever had your internet bill suddenly go up without any notice?
Or your phone plan changes, and now you’re paying more?
- Service providers often offer an initial promotional price, but once the promo ends, the price skyrockets. And since we’re too lazy to check, the bills keep draining our wallets every month.
- Rocket Money doesn’t just remind you when your bills go up, but can also help negotiate a lower price. No need to call customer service and hold your breath—let Rocket Money handle it.
4. Impulse Online Purchases
You’re scrolling through social media, see a 50% off deal, and click “buy now.”
Only for that item to end up as a dust collector on your shelf.
- Online shopping platforms are really good at tempting you. Especially when there’s a “only 2 left!” notice that makes you panic.
- Rocket Money helps you realize, “Oh, last month I bought 4 items I never even used.” With this, you can start controlling yourself and resist the urge to buy unnecessary things.
5. Unnoticed Bank Fees
Did you know that banks often charge small fees that you may not even notice, such as:
- Administrative fees.
- Penalties for not maintaining a minimum balance.
- High international transfer fees.
Rocket Money can notify you about these fees. With that information, you can look for a cheaper bank or service that suits you better.
6. Expensive Habits That Are Hard to Break
There are also habits you know aren’t important, but you keep doing them anyway:
- Paying for a pricey gym membership but only using it to take mirror selfies once a month.
- Hanging out at fancy cafes just to update your social media status, but your wallet ends up crying.
Rocket Money can be your “tough reminder” saying, “Hey, if you keep this up, by the end of the month, you’ll only be able to afford instant noodles!”
Breaking the Cycle of Wasting Money on Unimportant Things
This problem of money disappearing can actually be avoided if we know where our money is going. But often, we don’t have the time or the energy to check all our transactions.
That’s where Rocket Money comes in:
- Track All Your Expenses: See exactly where your money is going. You’ll be surprised at how much you can save.
- Help Cancel Subscriptions: With just one click, Rocket Money takes care of the rest.
- Negotiate Your Bills: Let Rocket Money be your negotiator.
- Create Simple Financial Reports: You don’t need to be an accountant to understand where your money goes.
With these solutions, you can stop wasting money and start focusing on what truly matters.
Ask yourself: “Do you want to keep being broke, or start managing your money smarter?”
How Rocket Money Works
Rocket Money is designed to make it easier for you to manage your finances.
From tracking expenses to canceling unnecessary subscriptions, everything can be done with just a few clicks.
Let’s break down how Rocket Money works so you can understand just how simple this app is.
1. Connect Your Bank Accounts and Credit Cards
The first step is to connect your bank account and credit card to Rocket Money.
Don’t worry, the app uses high-level security technology to protect your data.
- Rocket Money will automatically read and organize all your financial transactions.
- All your expenses will be detailed, from monthly bills to small purchases like coffee or snacks at the convenience store.
Example: You might not realize it, but every week there are small transactions of $5-$10 for soft drinks at the store next door. Rocket Money will show you the total for the month, so you can reconsider that habit.
2. Track All Your Expenses in Detail
Rocket Money maps out all your expenses in one place.
This includes:
- Monthly subscriptions.
- Routine bills like electricity, water, and internet.
- Small purchases like snacks, gas, or online shopping.
The app presents the data in easy-to-understand graphs, so you can quickly see which categories are draining your wallet.
Example: In your monthly report, Rocket Money might show that 30% of your income is spent on dining out. From there, you can start setting a smarter budget.
3. Cancel Unnecessary Subscriptions
One of Rocket Money’s standout features is its ability to detect subscriptions you no longer use, then offer you the option to cancel them.
- You just click the “Cancel” button, and Rocket Money will handle the rest.
- This applies to streaming services, apps, or gyms that you rarely attend.
Example: You might still be paying for an HBO Max subscription, even though you haven’t watched anything in a year. Rocket Money will identify this and remind you to cancel it.
4. Negotiate Monthly Bills
Rocket Money also offers a bill negotiation feature that helps you save even more money.
Their team will contact service providers like internet, phone, or cable TV to lower your bill.
- Rocket Money even has data on discounts or promotional prices available in your area.
- You just agree, and they’ll handle everything.
Example: If you’re paying $80 a month for internet, Rocket Money might be able to lower it to $60. Imagine saving $20 a month without having to deal with customer service!
5. Provide Simple Financial Reports
Rocket Money provides easy-to-understand financial reports. You don’t need to be an accountant to get it.
You’ll know:
- Your total spending for the month.
- Which categories are eating up the most money.
- Potential savings you could make.
Example: The report might show that 15% of your spending is on bank fees or fines. From there, you could start considering other banks with lower fees.
6. Alert You About Suspicious Expenses
Rocket Money also has a notification feature for any suspicious transactions or unexpected spending.
This helps you keep an eye on your accounts and credit cards to ensure they’re safe.
Example: You suddenly see a $100 charge you don’t recognize. Rocket Money will notify you so you can contact your bank immediately to block your card or investigate the transaction.
7. Offer Personalized Money-Saving Recommendations
Based on your spending habits, Rocket Money can provide personalized recommendations to help you save more money.
For example, if they notice you eat out often, they might suggest a monthly food budget or find ongoing restaurant promotions.
Why Is Rocket Money Easy to Use?
- Simple Interface: All the features are easy to find and access, even for those who aren’t tech-savvy.
- Automatic Operation: Once set up, the app works on its own without requiring much input from you.
- Instant Results: You can immediately see potential savings as soon as your transaction data is analyzed.
With these features, Rocket Money isn’t just a financial management tool, it’s a personal assistant helping you take control of your wallet.
No more wondering where your money is going, Rocket Money will show you everything!
Steps to Use Rocket Money
Rocket Money is designed to make managing your finances easy and hassle-free.
Just follow the steps below, and you’ll start seeing a big change in the way you manage your money.
1. Download the Rocket Money App
- Search for the Rocket Money app on the App Store (for iPhone users) or Google Play (for Android users).
- Click download and install the app.
- Rocket Money is available for free, though there is a premium version for additional features.
If you’re unsure about paying right away, try the free version first. You can still enjoy basic features like expense tracking and subscription cancellation.
2. Create an Account and Log In
Once the app is installed, open it and create an account.
- Enter your email and create a password.
- You may need to verify your email, so make sure your email is active.
Use a strong password, as the app will handle your financial data.
3. Link Your Bank Accounts and Credit Cards
This step is crucial for Rocket Money to analyze your finances.
- Select the bank or credit card you want to link.
- Enter your bank login details.
- Rocket Money uses high-level security technology to protect your data.
Once linked, the app will automatically read and categorize all transactions from your bank account or credit cards. From monthly subscriptions to everyday purchases and big bills, everything will be recorded.
4. View All Your Expenses in One Place
Once your data is linked, you’ll see a summary of your finances:
- Total monthly expenses.
- Active subscriptions.
- Big bills like electricity, water, or internet.
- Small expenses like daily coffee or snacks.
Example: You might be surprised to see that small expenses like dining out actually account for 20% of your income. With this data, you can start setting priorities.
5. Cancel Unnecessary Subscriptions
Rocket Money detects active subscriptions. If there’s one you no longer need or use, simply click “Cancel.”
- Rocket Money will handle the entire cancellation process, including contacting the service.
- You won’t need to hassle with phone calls or emails.
Example: You might still be paying for a fitness app you haven’t opened since January. Rocket Money can cancel it right away without any fuss.
6. Use the Bill Negotiation Feature
If you feel like your internet, phone, or cable TV bills are too high, Rocket Money can help negotiate a lower rate for you.
- Select the service you want to negotiate.
- Click “Negotiate Bill.”
- Rocket Money will contact the service provider and lower your costs if possible.
Example: Your internet bill is $80 a month? Rocket Money might be able to reduce it to $60. That’s a nice little boost to your spending money!
7. Set Budgets and Start Tracking Your Finances
Use the budgeting feature to control your expenses.
- Set budget targets for categories like food, entertainment, or transportation.
- Rocket Money will alert you if your spending is approaching or exceeding your set budget.
Start with a realistic budget. Don’t make it too tight, but make sure you have room to save.
8. Check Monthly Financial Reports
Rocket Money provides simple financial reports you can read every month.
- See your biggest and smallest expenses.
- Identify any spending habits that need to change.
- Find out which categories you can cut back on.
Example: In your report, Rocket Money might show that streaming subscriptions account for 15% of your monthly expenses. This could be a signal to review which ones you really need.
9. Use Rocket Money’s Money-Saving Recommendations
Based on your spending habits, Rocket Money will give tips and advice to help you save more money.
- For example, the app might suggest limiting dining out or finding shopping deals.
- Use these tips to make smarter financial decisions.
10. Keep Monitoring and Adjusting
Finances are a journey, not a destination. Use Rocket Money regularly to:
- Track new expenses.
- Cancel additional subscriptions if necessary.
- Adjust your budget based on your changing needs.
Rocket Money is a simple yet powerful tool to manage your finances.
With the steps above, you can start your journey toward better money management right away. Don’t wait until your balance hits zero to make a change!
Alternatives for Those Who Don’t Want to Use Rocket Money
If you feel that Rocket Money isn’t the right choice for you, whether it’s due to a lack of trust in financial apps, dislike for complexity, or reluctance to pay for a subscription, don’t worry.
There are many other ways to manage your finances wisely without using this app.
Here are some alternatives you can try:
1. Manual Expense Tracking (Classic but Effective)
This method is the simplest and doesn’t require any app at all.
- Use a notebook or an Excel file to record every expense.
- Separate your expenses into categories such as food, transportation, entertainment, and bills.
Advantages:
- You’ll be more conscious of your spending since you need to write it down.
- Free and doesn’t rely on technology.
Disadvantages:
- Requires a high level of discipline. If you’re lazy about recording, the data won’t be accurate.
- Can get cumbersome if your expenses are numerous.
2. Use Other Free Apps with Similar Features
If Rocket Money feels too expensive or the premium features don’t appeal to you, try other free apps like:
- Mint: Free, with expense tracking and budgeting features.
- YNAB (You Need A Budget): Focuses on detailed budgeting. There’s a paid version, but it’s free during the trial period.
- PocketGuard: Helps you know how much money you can spend without exceeding your budget.
Advantages:
- Stay connected to technology without major costs.
- Usually lighter and easier to use compared to Rocket Money.
Disadvantages:
- Might not be as comprehensive as Rocket Money, especially in features like bill negotiation.
- Takes time to get used to.
3. Use Envelopes for Budgeting System (Envelope Method)
This method is perfect for those who have more cash-based expenses.
- Prepare several envelopes for categories like food, transportation, entertainment, etc.
- Place cash according to the budget you’ve set for each category.
- Once the money in an envelope runs out, you can’t spend any more in that category.
Advantages:
- Practical for those who don’t like recording or calculating expenses.
- Limits spending physically, so you’re less likely to overspend.
Disadvantages:
- Not ideal for those who often use cards or digital payments.
- Envelopes can get lost or money may be mistakenly used for other categories.
4. Set Bill Reminders in Your Calendar
You can use a digital calendar like Google Calendar to track all your bill due dates.
- Add reminders a week before each bill is due.
- Write down the amount due so you’re not caught off guard later.
Advantages:
- Helps avoid late payment fees.
- No need for extra apps, just use the built-in calendar feature on your phone.
Disadvantages:
- It’s just a reminder, and doesn’t help track other expenses.
- Requires discipline to check the calendar regularly.
5. Use Separate Accounts for Saving Money
Open two bank accounts:
- One for receiving your salary and paying for essential expenses.
- The second for saving or allocating a specific budget (e.g., for vacations or emergencies).
Advantages:
- Avoid the temptation to dip into your savings.
- Gives you a clear picture of how much money you have available for spending.
Disadvantages:
- You’ll need discipline to separate the funds every month.
- Extra accounts might come with additional administrative fees.
6. Use Prepaid Cards for Daily Budgeting
Load a prepaid card with the money you’ve allocated for daily or weekly expenses. Once the balance is gone, you can’t add more until the next period.
Advantages:
- A simple way to limit digital spending.
- No need for manual tracking as all data is available in the prepaid card report.
Disadvantages:
- Not everyone is comfortable using prepaid cards.
- There could be additional fees for reloading the card.
7. Ask for Help from Friends or Family
Sometimes, the most effective way to manage your money is by asking for help from someone close to you.
- Ask them to be your “overseer” and remind you if you’re overspending.
- Discuss your budget and ask for their saving tips.
Advantages:
- Free and more personal since they know your habits.
- It can provide extra motivation if someone is directly supporting you.
Disadvantages:
- Not everyone is comfortable discussing personal finances with others.
- There may be conflicts if friends or family get too involved.
8. Use Excel or Google Sheets for Financial Management
Create a simple spreadsheet to track your income, expenses, and budget.
- Add columns for the date, category, amount, and notes.
- Use automatic formulas to calculate total expenses.
Advantages:
- Flexible and customizable to your needs.
- Free, just requires a phone or laptop.
Disadvantages:
- Takes time and effort to learn how to create an effective spreadsheet.
- Not as automated as financial apps.
Rocket Money is certainly convenient, but if you feel it’s not right for you, there are plenty of other alternatives to try.
Choose the method that fits your needs and lifestyle. Remember, the most important thing is consistency in managing your money, not the tool you use.
How to Earn Extra Money and Save with Rocket Money
Rocket Money is widely known for helping users manage their expenses and save money.
However, there are a few features that can help you earn extra money or at least get immediate savings that can be used for other purposes, such as adding to your savings or investing.
Here are several ways you can try:
1. Cancel Unused Subscriptions
This may sound simple, but many people continue paying for subscriptions they don’t use, such as streaming services, premium apps, or gym memberships.
Rocket Money can help you check all subscriptions linked to your account and cancel those you don’t need.
How to Earn Extra Money
- Canceled Subscriptions: Every subscription you cancel means more money you can use for other purposes, or even add to savings or investments.
- Savings: This is an easy way to save hundreds of dollars per year, which can actually be redirected to investments or saved as extra funds.
2. Negotiate Bills with Rocket Money
Rocket Money has a feature to negotiate monthly bills, such as internet fees, cable TV, or other service bills.
With this feature, Rocket Money will try to lower the amount you pay each month.
How to Earn Extra Money
- Savings from Negotiated Bills: Imagine if Rocket Money successfully reduces your monthly bills by $20-$50. The money that was once spent on these bills can now be saved or used for additional investments.
- Invisible Savings: These savings, which happen without you noticing, can become extra money over time. Try calculating how much you could save in a year by simply negotiating a few bills!
3. Expense Management to Boost Savings
Rocket Money not only helps manage your expenses, but also gives you a clearer picture of where and how your money is being spent.
You can set budget limits for each spending category (like entertainment, food, shopping), which helps control spending and direct more money toward saving or investing.
How to Earn Extra Money
- Ongoing Savings: By setting budgets and ensuring you don’t exceed them, Rocket Money helps you save more money each month, which can be redirected to other financial goals.
- Investments or Emergency Funds: With more money saved, you can start investing or build up your emergency fund. This is a direct way to earn extra money in the long run through investment returns or interest on savings.
4. Optimize Points and Cashback from Purchases
Rocket Money can help you monitor transactions and often find cashback offers or loyalty programs you might have missed.
For example, if you often shop online or at specific stores, Rocket Money can remind you about cashback offers that you can take advantage of.
How to Earn Extra Money
- Cashback and Points: By utilizing cashback or reward points from everyday purchases, you can earn extra money or discounts on your next purchases.
- Points for Rewards: Some programs also allow you to exchange points for gifts or cash, which is an easy way to earn extra money with no extra effort.
5. Provide Financial Insights to Improve Investment Decisions
In addition to managing expenses, Rocket Money also provides insights into your spending patterns and financial habits.
By understanding these financial habits, you can decide to start investing or open a high-yield savings account.
How to Earn Extra Money
- Smart Investments: With more money saved through budgeting, you can start investing. Starting investments with money that is well-managed is an effective way to earn extra money in the long run.
- Interest from Savings: If you place the money you’ve saved into an interest-bearing savings account, you can also earn extra money from the interest it generates.
Rocket Money offers plenty of ways to save money, but if you want more, you can also use the app to earn extra money wisely.
By canceling unnecessary subscriptions, negotiating bills, and using smart budgeting features, the money you save can be redirected to investments or savings for larger financial goals.
So, don’t just stop at saving.
Start earning extra money with the smart steps above!
Additional Information
Rocket Money (formerly known as Truebill) is only available in the United States. The app is specifically designed to help U.S. residents manage their personal finances, including features like subscription tracking, bill negotiations, and budgeting.
If you’re outside the United States, unfortunately, Rocket Money isn’t available.
However, there are several other apps you can use internationally that offer similar features to help with personal finance management, such as Mint, YNAB, or local banking apps that also offer budgeting tools and expense tracking.
The next time I read a blog, I hope that it doesnt disappoint me as much as this one. I mean, I know it was my choice to read, but I actually thought youd have something interesting to say. All I hear is a bunch of whining about something that you could fix if you werent too busy looking for attention.
Oh is that so? What do you expect?
How does rocket money negotiate bills?
Rocket Money’s Bill Negotiation Process: How It Works
Rocket Money helps users save money by negotiating bills with service providers on their behalf. Here’s how the process works:
1. User Provides Bill Information: Users upload a copy of their bill or connect their account through the Rocket Money app. This can include bills for services like internet, cable, or phone.
2. Analysis of Savings Opportunities: Rocket Money’s team reviews the bill to identify potential savings. This includes checking for:
– Existing discounts or promotions from the provider.
– Unnecessary fees (e.g., equipment rental or administrative costs).
– Competitor pricing that can be used to negotiate better rates.
3. Rocket Money Contacts the Provider: Rocket Money acts as your representative and directly negotiates with the service provider. They use their expertise to:
– Request promotional rates or loyalty discounts.
– Negotiate based on competitor pricing.
– Remove extra charges or unnecessary fees.
4. Negotiation Results Shared with the User: Once the negotiation is complete, Rocket Money notifies the user of the updated bill. For example, a user paying $100 for internet may have their bill reduced to $80 after the negotiation.
5. Fee for Successful Negotiation: Rocket Money charges a fee only if they successfully save you money. This fee is typically a percentage (e.g., 40%) of the first year’s savings. For example, if they save you $20/month ($240/year), Rocket Money charges $96 for their service.
Why Use Rocket Money for Bill Negotiation?
1. Saves time: No need to contact providers yourself.
2. Expertise: Rocket Money knows the ins and outs of service pricing and discounts.
3. Risk-free: You only pay if they save you money.
Rocket Money makes it easy to lower your recurring expenses without the hassle of negotiating on your own.