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The vast majority of individuals, at some point in their lives, give some thought to conducting an assessment of their financial situation and looking into possible areas for cost-cutting.
Utilizing money-saving applications that do the work for you is one of the easiest ways to reduce your monthly expenses, and there are even some that don’t take any effort on your side. Fortunately, there are a number of extremely simple methods to achieve this.
If the thought of phoning your subscription services, cable provider, or mobile phone carrier in an effort to save money causes you to feel overwhelmed, you can just have a financial app like Truebill handle it for you instead of having to make those calls.
Why not make the most of the technology that is already available to make trimming your budget a bit less difficult? How Truebill works, why you might find it useful, and how to sign up for it are all outlined in this article.
What exactly is Rocket Money?
Rocket Money is a tool for financial management that enables users to better monitor and control the amount of money they spend on recurrent monthly expenses.
It is a business in its early stages that was established at the beginning of 2016 and has its headquarters in the San Francisco Bay Area.
Since that time, the firm has assisted its customers in saving more than one hundred million dollars by locating and terminating unneeded subscriptions, lowering monthly payments, and obtaining refunds on their behalf.
However, the app is about more than just those instant savings; it also assists you in recognizing and changing your own spending habits so that you may have a greater grip over your money.
Rocket Money has received overwhelmingly positive feedback from users. Over 1,800 satisfied customers took the time to post positive feedback on Trustpilot, and many of them praised the superb customer service and the app’s ability to help them save money.
The app was recently referred to be “the fairy godmother of all things budget” by one of the reviewers.
How to use Rocket Money?
You will have a much easier time keeping track of your finances if you use Rocket Money since it comes with a wide host of useful features. Take note that a Rocket Money premium membership is required in order to access the majority of these features. The following is a list of some of the capabilities of the app:
Rocket Money lowers bills
You merely need to take a picture of the bill using Rocket Money in order to add it to your account. A staff of bill negotiating specialists is at your disposal at Rocket Money, ready to locate any further reductions that may be applicable to your situation.
After that, they will negotiate your recurring payments in an effort to obtain a cheaper rate or a credit that is applicable just once. They have partnerships with a wide variety of service providers, such as Verizon, AT&T, Comcast, Cox Communications, Hulu, Netflix, and Time Warner Cable, among others.
If you experience an outage, Rocket Money will also make an effort to obtain reimbursement for you.
If Rocket Money is successful in lowering your total monthly expenses, the company will deduct the cost of the bill negotiating service from the total amount of money you save.
You will not be able to pay for the service if you are unable to save money. In order to maintain complete openness and honesty, they will also contact you to let you know how much money you were able to save via the negotiation.
Use Rocket Money to cancel subscriptions
Rocket Money will keep track of your subscriptions and automatically cancel those you no longer require.
According to the company, 84 percent of individuals have forgotten about a monthly subscription, and Rocket Money claims to find and cancel these subscriptions for you if you sign up with them. Premium members are the only ones who may make use of this cancellation concierge service.
When premium Rocket Money users are hit with bank fees, RM’s concierge members will instantly submit refund requests on their behalf.
For instance, if you are charged a fee for an overdraft or a late payment, Rocket Money will write a letter to your bank asking for a refund on your behalf and submit it to your bank.
There is no guarantee that your request will be fulfilled, but there is a chance that the money will be returned to your account without you having to do anything.
The budgeting tool RM provides you with a comprehensive summary of your cash, credit, investments, and impending payments. In the event that you are low on funds, this will assist you in prioritizing your payments.
RM also classifies your expenditures into many categories, allowing you to ascertain what your regular financial requirements are and uncover potential areas for cost reduction.
It is also simple to examine your expenditures on a month-by-month basis, allowing you to readily monitor your progress. The budget options available to free users are more restricted than those available to premium members, who have no such restrictions.
Rocket Money has a tool called the Smart Savings account that will assist you in determining how much more money you should set aside each month towards a savings goal while also guaranteeing that you will have the funds to pay all of your bills other costs.
You will be able to place certain criteria on your savings objectives, so reducing the likelihood that you will overdraw your account or have to resort to borrowing money in the future.
Premium users of Rocket Money get access to RM’s own credit scoring system. In addition to that, it monitors members’ credit for any changes and provides security against identity theft.
Who would benefit most from using Rocket Money?
Anyone who may use some assistance in negotiating reduced bills will benefit greatly from using the free edition of Rocket Money. If you are comfortable phoning your phone and cable provider on your own, you may be able to save more money by doing so, as RM would not take a portion of the savings in this scenario.
Try out Rocket Money, on the other hand, if the assistance of a financial concierge seems appealing to you. On their website, RM also provides a great deal of information about how to cancel services such as gym memberships, which may be of great assistance to customers.
Someone who will make use of all of the features and who values the convenience of having them all in the same location should consider purchasing the premium edition. This is due to the fact that you can acquire many of these benefits for free with other services, such as the ability to automatically cancel subscriptions and save money.
However, having everything you need within a single program will almost certainly save you time. When you take into account everything that RM has to offer, the monthly charge is rather reasonable.
How much money may you potentially save by using Rocket Money?
According to research that was presented in the International Business Times, Rocket Money customers save an annual average of $720 by using the service. This results in sizeable annual savings despite requiring no more work on the user’s part, and it more than covers the expense of utilizing the premium service.
In addition to this, around one-quarter of RM’s user base has come to the conclusion that they are paying for subscriptions that they do not want or desire.
Is it risk-free to use Rocket Money?
It is absolutely safe to use Rocket Money. To ensure the safety of your information, RM employs bank-grade security and industry-standard 256-bit encryption. Your information is never shared with third parties and is only accessed in order to carry out the services that RM offers.
As an additional layer of protection, RM uses Plaid, the same financial services provider that is behind Venmo’s end-to-end encrypted money transfers, to connect securely to banking institutions. Additionally, RM uses Amazon Web Services to safely host its website and services.
You are not the only one who is trying to figure out how to better manage their finances. In point of fact, you are one of the many individuals who are taking the time each day to educate themselves on their personal finances and the ways in which they may save costs as a result of this information.
Don’t worry if Rocket Money doesn’t seem like the ideal personal finance tool for you to attain these goals; there are lots of alternative methods to save more cash, including various money-saving applications that need no work on your side. Don’t let this deter you from pursuing your goals.
A comparable free tool is called Trim, and it eliminates unneeded subscriptions, negotiates better rates for your bills, and automates savings. On Rocket Money, several features that are included in the premium package are available at no additional cost on Trim and vice versa.
When you compare Trim and RM side by side, you can easily determine which characteristics are most suited to meet your requirements. If you are still unsure about which app will serve you best, you can always download the free versions of both of them and make your decision based on that.
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