How to Get the Most Out of Rocket Money

Most people come to Rocket Money to cancel subscriptions or negotiate a bill – services we happily offer with over $245 million saved for customers to date! That said, there are many other ways we can help with your money, and we want to make sure you know all the tips and tricks.

Here are a few benefits of Rocket Money beyond your subscriptions and bill negotiations.

Get Insights On Your Spending

Once you’ve linked accounts and landed inside the app, there are several insights you can gain when it comes to your spending:

• Quickly see if you’re spending more or less than you earn
• View spending trends per category over time
• View how much you’ve spent on a monthly, quarterly or annual basis

In addition to all these features, so long as you have budgets set up, the Spending tab can also tell you how much money you have left to spend for the rest of the month or what’s left for saving. The information helps you take control of your financial future, to increase or decrease spending as you see fit.

Set Up A Budget

Budgeting and spending go together, helping you be intentional with your money to reach financial goals over time. While you’ll get insights on previous spending as soon as you use Rocket Money (and so long as you’ve linked your accounts), our budget feature can help you stay on track moving forward. You can even set up custom categories and rules to track specific categories or transactions, like coffee or your favorite entertainment vendor. 

Automate Your Savings

Rocket Money makes saving easy by setting up a goal using our Smart Savings feature to save automatically, little by little, based on your spending habits and goals. Here’s how it works:

1. Set up a savings goal for your future home or vacation, or create a custom goal
2. Select ”Smart Savings” to save automatically based on your spending habits, or set a custom amount and frequency for more predictability
3. Watch Rocket Money work its magic, transferring funds from your linked checking account to your savings account automatically

Worried about transferring too much? You can set up overdraft protections to make sure we never transfer more than you want us to.

Set Up Balance Alerts 

Worried about paying your bills on time or over drafting an account? Easily set up balance alerts in the app to make sure your account never drops below whatever amount you want it to.

To set up a balance alert, navigate to the left sidebar using the gear icon in the top left corner of the app. From there, select “Notifications” and “+ Balance Alert” to select your account and amount when you’d like to be alerted.

There are a lot of moving parts when it comes to managing your money. We hope this feature makes overdrafts one less thing to think about.

Review Your Credit Report

While all Rocket Money users can easily track their credit score for free without affecting their score, one of our favorite premium features is the ability to review and gain insights on your credit report. Your credit report differs from your credit score, providing much more detail into all the factors – like payment history or credit utilization – that impact your score.

While you could download your credit report from one of the major credit reporting agencies, we’ve worked hard to make your report easy to read and fun to review. For example, you can quickly scan your payment history using data visualizations and gain insights to improve your credit. You’ll also see tips on how to improve your credit utilization or warnings not to cancel an old credit card that may actually help your credit history.

Track Your Net Worth

Your net worth is an important measure of your financial health because it shows the progression (or regression) of your financial health over time. Because net worth is a calculation of all your assets (or everything you own of value) minus all your liabilities (or everything you owe), it provides a snapshot of your financial health – though the trajectory is more important than whether your net worth is positive or negative at any given time.

Using Rocket Money’s net worth feature, you can simply link or manually add all your assets and liabilities to easily track your net worth over time. You can even do a deep dive into your assets or liabilities with a secondary tab for each if you want to see the details.

Remember: whether you have a positive or negative net worth isn’t as important as how it moves over time. For example, if you are currently working on paying down debt, you may have a negative net worth, but as you continue to pay it down, your net worth should increase over time. Progress is worth celebrating, and we hope the net worth feature makes that easy to do!

The Bottom Line

Want to know more about where your money is going? Rocket Money also provides insights throughout the year, such as monthly and year-end reviews, so you can stay on top of your finances. Rocket Money is also available on the web for those who prefer to view their finances on their laptop or computer.

Download Rocket Money today and let the savings begin!