Are you looking for the best app to help you manage your finances? Here’s the lowdown on today’s 2 best money management platforms in the market: Rocket Money vs. Mint.
Personal finance and budgeting apps can help you monitor your spending and help you save money. Still, they also have various useful features that can assist you in achieving your financial goals. How will you know which one is right for you?
This article will look at the different benefits, strengths, and drawbacks of 2 of these most popular apps, Rocket Money and Mint.
What is Rocket Money?
A bill-negotiating and budgeting app, Rocket Money (formerly known as Truebill), was created in 2015. With this mobile-based platform, you can keep tabs on your monthly expenses and spending patterns, preventing overspending.
Premium members receive benefits like subscription cancellations and bill negotiation services, which may allow you to avoid paying unnecessary or overpriced expenses.
Since its launch, Truebill (now known as Rocket Money) claims to have saved approximately $245 million for more than 3.4 million users. For even greater savings, the software has also assisted in canceling over $155 million in new membership costs.
How Does Rocket Money Work?
Rocket Money is an “all-in-one” personal finance app with many functions to assist you in tracking your expenditure and lowering it as well.
For Rocket Money to track your transactions and assist you with budgeting, you must first connect your bank account. The software keeps track of your monthly subscriptions similarly, so you always know what you’re paying for.
Rocket Money Key Features
You receive subscription management and basic budgeting capabilities if you utilize Rocket Money’s free version. For Premium account users, Rocket Money also has additional optional services available.
1. Subscription Management
Rocket Money offers a subscription monitoring service as one of its primary free services. The software recognizes subscriptions and groups them into a list of recurring expenses once your bank accounts are connected. These subscriptions might include anything from your gym membership to a Netflix or Hulu subscription.
All of your subscriptions are conveniently arranged under 1 tab, making it easy to keep track of your monthly expenditure and preventing the lapse of any unwanted subscriptions.
Premium members of Rocket Money can also ask the company’s concierge team to cancel subscriptions. On its website, Rocket Money claims to have already canceled more than a million subscriptions for its users. However, free consumers can handle their cancellations to save even more money.
With Rocket Money, you can set up a budget that categorizes and monitors your expenses. It can also calculate and inform you about your available spending allowance by analyzing your transactions. You can add or edit budget categories to keep your spending in check systematically.
3. Premium Features
However, you must purchase Premium to access the app’s bill negotiating feature or utilize all of its features, such as:
- Bill Negotiation. Service for negotiating bills is another premium function offered by Rocket Money. It can contact most of the major cable, home security, and cell phone providers on your behalf to negotiate cheaper rates. The process involves 4 steps and results in successful bill negotiations up to 85% of the time:
- Select a bill: Choose the invoice that Rocket Money should negotiate.
- Link your bill: By entering your login information or uploading a picture of your monthly billing statement, you can add your bill to your Rocket Money account.
- Enter your preferences for negotiation: This includes private information and your willingness or unwillingness to give up features to save money.
- Verify the payment method and sum: Rocket Money charges 30% to 60% of your first year’s savings from the renegotiated bill, depending on how much your bill is reduced. You can pay this success fee with any debit or credit card and decide how much you wish to pay.
- Smart Savings Accounts: Use Rocket Money to automatically transfer funds into a savings account utilizing artificial intelligence (AI) to gradually move toward your savings objectives, much like micro savings applications.
- Unlimited Budgets: Create as many personal spending plans as you like, and change the default budget categories to suit your needs.
- Real-Time Balance Synchronization: For different account balances, they link to the app, and free users receive daily or weekly syncing, but premium members receive real-time balance updates.
- Credit Monitoring: You may view your credit score without charge and receive instant notifications when it changes.
- Premium Customer Support: Get faster assistance and connect with customer service representatives via Rocket Money live chat.
- Free Refunds: Rocket Money works to obtain refunds on your behalf through its concierge services, such as when you incur an overdraft or late penalties.
- Rocket Card: This Rocket Money credit card currently uses a waitlist to approve new applicants. But by maintaining low credit utilization and on-time payments, the card is made to assist you in raising your credit score. In the future, specific merchants will also offer cash-back rewards to cardholders.
Rocket Money Costs
With a monthly price range of $3 to $12 and a “pay-what-is-fair” pricing structure, Rocket Money Premium lets you decide how much you want to pay. In contrast to other apps that charge you monthly, you pay bills annually if you choose $3 or $4. The price of Rocket Money Premium might range from $36 to $144 yearly.
Additionally, you pay anywhere from 30% to 60% as a bill negotiation fee. You once more get to choose how much you wish to pay.
The software has a free edition but doesn’t have enough budgeting functions or customization possibilities to be helpful.
What is Mint?
Mint is a straightforward web-based personal finance tool with over 20 million users. It costs nothing to sign up, and adding new accounts takes a few seconds.
Your financial information is automatically updated each time you visit the website. Mint displays your financial data with attractive graphs and a sleek, user-friendly web interface.
The program is beneficial for budgeting, setting goals, and consolidating your financial accounts in one location, even though it seems to be more about glitter than practical efficiency.
How Does Mint Work?
Even though it is free, the Mint app (managed by Intuit) is frequently regarded as one of the top budgeting apps since it includes several features to help you keep track of your financial accounts.
Users can establish a personalized budget using the Mint interface based on their current income and expenses. The budgeting tools that are included make it simpler to keep track of your spending, savings, and minor changes that can improve your financial goals.
With Mint, you may keep track of various expenses and assets in addition to bills and investment accounts.
The app assists with real-time spending tracking. Like most top money management apps, mint assists with managing your savings accounts, credit cards, checking accounts, and savings accounts.
Mint makes it simple to check your credit score and determine why it is increasing or decreasing. On Mint, your credit score is also quite precise and always current, so you’ll be aware of any changes immediately.
While Mint doesn’t start suggesting methods to save immediately, visiting the app’s Ways To Save tab can be a great way to discover new ways to save.
Instead of offering general recommendations that don’t take into account your monthly budget, Mint is specifically made to offer savings solutions that are feasible and fair given your present financing.
Mint Key Features
The following are the amazing features of Mint:
1. Organizing Accounts and Assets
You can organize and monitor your finances with Mint’s account tab. Bank accounts, assets such as houses and vehicles, and credit accounts, such as credit cards, mortgages, loans, and non-card revolving credit lines, can all be established.
The app can show your net worth and keep your home’s value current because it collaborates with Zillow.
2. Tracking Growth of Investments
With Mint’s investment and budget tracker, you can monitor your IRAs, conventional brokerage accounts, employer-sponsored 401(k), and more. It will sync and update the value of each account at market close each day, letting you know how your holdings are doing.
3. Monitoring Bills in a Single App
Mint’s Bills feature heavily influences bank bill pay systems. With it, you can keep track of recurring bills and group your payees under one roof. Keep your distance from late fines, low cash, and unpaid payments. The solution is to sign up for the system’s configurable email alert tool to stay on top of outstanding invoices.
4. Setting Smart Budget Goals
Mint makes it simple to set well-defined targets, thanks to its predefined goals and personalized template. The feature pre-populates each template with some data.
The software will calculate your target’s total cost and turnaround time after you provide the necessary information.
5. Savings Tips
Mint provides various savings tips and advice for different items. These consist of credit cards with cash back, loans, brokerage accounts, 401(k) rollovers, insurance policies, and bank accounts.
6. Financial Analytics
You serve as your financial analyst with Mint. The platform displays your financial situation and how it has changed over time, enabling you to instantly identify unhealthy behaviors before they negatively impact your bottom line.
7. Credit Scores
A free, current FICO credit score is another service offered by Mint. You only need to give your personal information, and you’ll receive individualized recommendations for raising the score, fixing problems, and weighing consequences in addition to the credit score inquiry.
What’s best? There isn’t a hard credit pull that might lower your score.
Using Mint is free. Through partnerships and adverts, they generate revenue. The businesses that Mint recommends when you use the app to find credit cards, loans, or insurance pay them.
While having a free app is convenient when attempting to save money, the adverts might be inconvenient.
Other Mint alternatives are available for more options.
Rocket Money vs. Mint: Which Platform Fits Your Best?
As you’ve learned all the basic stuff regarding both apps separately, it’s time to move on to the next part. Let’s get to the actual war; Rocket Money vs. Mint.
Rocket Money vs. Mint: Common Features
The following essential similarities exist between Rocket Money and Mint:
- Both assist you in budget management.
- Both provide services for tracking finances.
- Both let you set savings objectives.
- Both give you the option to check your credit score frequently.
- Both have encryption and security measures to protect your financial information.
Rocket Money vs. Mint: Unique Features
|Price||Free or $3-$12 for Rocket Money Premium||Free|
|Bill Negotiation||Yes (with a percentage fee)||No|
|Free Custom Budget Categories||No||Yes|
|Subscription Monitoring and Canceling||Yes||No|
|Personalized Money-Saving Insights||No||Yes|
How To Choose Your Best Budgeting App
If all you need is budgeting software to track your expenditures and help you remain on track, Mint is superior to Rocket Money.
Everything you require is included in Mint’s free version, including the ability to customize your budget category, which Rocket Money’s free version does not offer. Another benefit is the ability to keep tabs on your net worth and investment portfolio.
In comparison, Rocket Money is superior to Mint if you want a serious helping hand and want to reduce your monthly spending. The app helps you stay on top of subscriptions, and it can help you negotiate cheaper monthly rates for some bills.
But if you want most of what Rocket Money offers, be prepared to shell out at least $36 annually for the Premium edition.
Mint and Rocket Money are only 2 of the many alternatives available to you. Unlike these 2 programs, Quicken offers bill payments that small business owners may find superior. Personal Capital can also track your expenses and net worth, create a budget, and examine your investment fees.
Frequently Asked Questions (FAQs) -Rocket Money vs. Mint
What Is the Best Bill Tracker?
Mint is regarded as the best overall bill-tracking app, according to current reviews by Forbes and other reputable business and finance sites.
Is Rocket Money Safe and Legit?
Rocket Money is a reliable tool in the sense that it aids in keeping track of your monthly expenses and subscriptions.
Additionally, if you choose to pay for Premium, its team will make an effort to negotiate lower prices on your behalf.
How Does Mint App Make Money?
Mint makes money based on recommendations provided to financial institutions, products, or credit cards.
Mint provides potential customers with financial alternatives through its “Ways to Save” service. When a customer follows Mint’s recommendations, the recommended business pays Mint due to the referral.
Conclusion – Rocket Money vs. Mint
Rocket Money and Mint are just 2 among the numerous personal finance and budgeting app options. Still, their features, performance, and customer feedback are among the best.
With the comparative information we shared above, you can judge which money management tool best suits you based on your financial goals and preferences. Head on to their websites for more details to know how to maximize and customize each app for your benefit and keep your financial journey on the right track.
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