In this article I will compare nerdwallet vs. Rocket money. One of the top personal financial apps we’ve tried, Rocket Money offers many features to help you manage your finances.
It provides the same functions for managing your money that Mint and other apps of a similar nature support, and it imports your financial transactions from many sources.
Rocket Money accomplishes all of this with a superb user interface and navigational framework, and this level of usability is essential for an app that instantly offers important financial data.
Despite this, Simplifi by Quicken is our Editors’ Choice award for personal finance applications because of its improved planning and spending management tools.
Nerdwallet vs. Rocket money
Rocket Money is no bad but needs NerdWallet’s depth of knowledge regarding credit ratings. Your score and any relevant credit events, such as the opening or closing of an account, are displayed in a six-month graph for you.
| Feature/Aspect | NerdWallet | Rocket Money |
|---|---|---|
| Website | NerdWallet | Rocket Money |
| Founded | Not specified | 2015 |
| Country | United States | United States |
| Pricing | Not specified | Free to download, premium features behind paywall |
| Categories | Personal Finance | Budgeting, Personal Finance |
| Training | Documentation, Webinars, Live Online, In Person | Documentation, Webinars, Live Online, In Person |
| Support | Business Hours, 24/7 Live Support, Online | Business Hours, 24/7 Live Support, Online |
| API | Offers API | Offers API |
| Integrations | No info available | No info available |
| Reviews/Ratings | Not reviewed yet | Overall: 1.0/5, Features: 3. |
Rocket money
PROS
- Consists of bill management, transaction tracking, and credit score
- Can bargain for you regarding bills
- Assists you in removing unnecessary subscriptions
- Great navigation and user interface tools
CONs
- All features require a subscription fee
- Some connectivity issues with banks
- Poor investment monitoring
Nerdwallet
PROS
- Free
- Imports monetary exchanges
- Examines cash flow, net worth, and credit score
- A wealth of financial literacy information
- Minimal intrusion from advertising
CONS
- Inability to make your budget
- The mobile app’s editorial material is scant.
NerdWallet aims to give individuals and small companies the resources, knowledge, and understanding they need to make sound financial decisions.
It provides information to help you become more financially literate and teaches you your credit score and how to track it.
You may use NerdWallet to track your net worth and cash flow by importing financial transactions or line items from your banks and credit cards.
Although the ads are not invasive, NerdWallet is supported by tailored suggestions for financial items like credit cards and mortgages.
One of the greatest personal finance applications is NerdWallet, which has a simple and easy user interface.
Since we wrote our previous assessment, NerdWallet has enhanced its dashboard, developed a useful new cash flow view, and unveiled a creative 50/30/20 budget implementation (more on that later).
While Simplifi by Quicken, which includes more budgeting and money management capabilities, is our Editors’ Choice winner, NerdWallet is undoubtedly one of the finest personal finance apps.
NerdWallet is free. However, Simplifi is not.
What Is a Credit Score?
A credit score, as opposed to an A, is an assessment of your creditworthiness with a range of 300-850. One of the most frequent uses of a personal finance app is checking credit scores.
Whenever you’ve applied for a credit card, auto loan, or mortgage, the lender has asked for your credit score to determine whether you’d be a good candidate for the loan or line of credit you seek.
Prospective employers and landlords may also request this number to confirm your excellent financial standing.
How Do You Sign Up for NerdWallet?
The same data you give to WalletHub and other rival websites is also given to NerdWallet.
The app requests contact details and a Social Security number once you create an account by providing a username and secure password since it requires these to access your credit reports.
You must confirm your cell phone number to integrate transactions from your bank accounts and credit cards.
How Much Does Rocket Money Cost?
Rocket Money can be downloaded and set up without cost, but most of its functionality is hidden behind an innovative and rather deceptive pay-what-you-wish paywall.
The app recommends $10 per month as of this writing. It’s not truly pay what you want because the lowest amount you can choose from is $3 per month. You are charged annually at that level, so you must budget at least $36 annually.
Additionally, the first time you see the paywall, you might not even notice $3 as the lowest choice.
Until the second time the upgrade page appeared during testing, the minimum was $4 per month.
How Does Rocket Money Help Your Personal Finances?
Rocket Money handles everything at the Premium level. It gives upfront information about your expenditure, arguably the most significant.
Your total expenditure for the current month compared to the previous month and your account balances are the first things you see when you log in.
Next, your upcoming bills, recent transactions, and the amount left to spend are displayed.
Your credit score, net worth, and every transaction made on your credit cards and bank accounts are all provided by Rocket Money.
It provides notifications and alerts, emphasizes some of your financial data in charts, and provides alerts. To further assist, you can open a new bank account through the app, which I will discuss later.
I used Rocket Money’s free version for a few weeks before upgrading to gain the features I needed most: tracking all of my bank transactions and receiving alerts when there is unexpected behavior.
Rocket Money Is Easy to Use
Compared to almost all other personal finance apps, I discovered Rocket Money to be simpler. Its UI is fairly aesthetically beautiful, and its navigational tools are straightforward.
It provides an easy-to-understand set of icons, buttons, links, and a menu to navigate.
On the other hand, Mint’s numerous features would benefit from being reorganized and revamped.
Although Quicken is still the best premium personal finance manager, especially if you micromanage investments, it seems crowded, and parts of its pages must be updated due to its lengthy history.
Despite its rapid functional expansion, Simplifi by Quicken, which is considerably more recent than Quicken, has maintained its integrity.
How Does Rocket Money Help You Manage Transactions?
Rocket Money transmits information about your money to three locations in the app once you create an account and attach it to your financial accounts.
- The Transaction Register:
Your transaction register comes first. Any transaction can be selected by clicking it, which opens a screen with various options.
You can add the transaction to your list of regular transactions, designate it as a tax deduction, delete it from your budget, or do other things with it.
Please change the date, include a message, or divide it. Additionally, you can construct a rule that will categorize, rename, assign to a bill, ignore, or mark every other transaction with the same vendor name as tax deductible.
The rivals cannot match this level of specificity.
- Recurring Payments From Your Accounts
Second, Rocket Money lists recurring transactions, including monthly streaming service costs.
It prompts you to indicate whether any of these transactions are subscriptions you wish to revoke before assisting you. You can add any bills or subscriptions that are missing.
Additionally, Rocket Money can assist you in keeping track of free trials so you can end them before being charged.
Rocket Money can bargain with the company to attempt to lessen a recurring cost if you determine it is too high. Rocket Money charges a one-time fee for this that is based on a portion of the savings it negotiates.
When submitting your request, you can choose the percentage you think is appropriate—anywhere between 30% and 60% of the first year’s savings.
Mint offers a comparable service for 40% of the savings on that supplier for the first 24 months. Both do not charge for failed attempts.
- Budgets
Your budget is the third place your imported transactions go. Rocket Money creates a budget for you by adding transactions that resemble bills.
By choosing categories and including more budgets, you can increase your budget.
Each budget features a page with a graph of your spending in that category over the previous six months and a link to associated transactions.
Your budgeted amounts are simple to change. Budgets function well with Rocket Money, but I like how Mint presents them.
Summary
The comparison nerdwallet vs. Rocket money is going to ends up now! Rocket Money stores your data using the most recent industry standards, including 256-bit bank-level encryption.
To securely communicate with financial institutions, the business employs Plaid. Your online banking login information is never saved by Rocket Money in any way and never even touches its systems.
This is the first time anyone else will ever have access to or utilize your financial information. NerdWallet is secure, yes.
Along with other generally accepted security measures, NerdWallet also supports multi-factor authentication (MFA). For increased security, it encrypts your financial information (128-bit encryption).
NerdWallet connects to your banks using Plaid and Yodlee, two reputable third-party platforms with their security measures, to connect to your financial accounts and import transactions, which is an optional feature.
Frequently Asked Questions
Is NerdWallet better than Rocket Money?
Nerdwallet is a fantastic choice if you’re searching for a complete tool to assist you in creating a better budget and increasing your savings. Rocket Money is a great alternative if you’re primarily interested in tracking your bills and payment possibilities.
Is the Rocket Money app worth it?
Rocket Money may be a good option for creating a free budget if you want to track your expenditures effortlessly and don’t require any assistance. The monthly subscription is worthwhile if you require unrestricted access to budgeting software and other money-saving solutions.
Can NerdWallet be trusted?
With more than 13,000 reviews on Trustpilot and an aggregate score of “Excellent,” Nerdwallet has made a name for itself as a reliable source of financial information and products. Customers laud Nerdwallet’s user-friendly interface, extensive features, and tailored recommendations.
Is NerdWallet free?
The articles, calculators, and money management tips on NerdWallet are open to everyone. To fully utilize NerdWallet, you must sign up for a free account and link all your financial accounts. This enables us to give you the most individualized and pertinent advice on improving your credit and increasing your wealth.
Muhammad Talha Naeem is a seasoned finance professional with a wealth of practical experience in various niches of the financial world. With a career spanning over a decade, Talha has consistently demonstrated his expertise in navigating the complexities of finance, making him a trusted and reliable figure in the industry.
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