Is Rocket Money the BEST Alternative to Mint? (Shutdown Jan 1st)

Is Rocket Money the BEST Alternative to Mint? (Shutdown Jan 1st)

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So you may have heard that mint the Budgeting app that 3.6 million people Have used since 2007 to check their Credit score keep a budget and track Their net worth is shutting down mint Was a successful startup that was Acquired by Intuit the bookkeeping and Payroll service for $170 million sadly Since being acquired by Inuit mint has Not really developed further and Intuit Has now announced that mint will shut Down on January 1st 2024 existing users Will be invited to move their account Data to Credit Karma another int company But credit karma really doesn't do the Same thing that mint did and thus many Former mint users have been looking for Alternatives and that is where rocket Money comes in they are an all-in-one Finance platform and one of the obvious Alternatives to mint.com rocket money Reached out to me to review their Product so in this video I'm going to go Through a load of the features for you And then you can make up your own mind About their service and if it is right For you now I have been using rocket Money myself to track my net worth since It can connect to most financial Institutions so you can have the sum of All of your bank accounts stocks 401K assets Like Houses Vehicles crypto Even things like jewelry or Collectibles Added up in the app then the app will

Subtract your debt for example any Credit card debt personal loans the Mortgage or loan on any assets added to The app to give you an accurate net Worth figure this replaces the core Fe Feature of mint.com and it does it Pretty well most financial institutions Are on there for you to link using plaid Which is one of the industry standard Ways of securely linking external Accounts if you have say a mortgage from A much smaller local bank that can't be Linked using plaid you can still enter The value of the asset and how much you Owe on the mortgage for it to be added Into your net worth I added bank Accounts with Chase brokerage accounts With Charles Schwab multiple credit Cards plus two properties and was a able To build up a pretty good picture of my Net worth and it will change in real Time with the ups and downs of my stocks Assets and money in my account or debt That I owe let's now look at the Budgeting side of Rocket money since This also has a set of super useful Features on the main dashboard rocket Money shows your spending for the month And how much more or less you have spent Compared to the last month now for me it Is $66,000 more but I bought a loot of Building materials this month and paid For this patio at my investment property So it's not like I really spent more

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Frivolously now if you click on spending You can then see the breakdown of all of Your spending that month broken into Categories and you may need to do some Adjusting here to teach the app what Certain payments are but once you've Done that it becomes very accurate for Example I had this uncategorized section In my pie chart because my kids school Fees weren't coding as education so I Went in and switched that to education Now the chart is corrected and I can see How much I am spending on education each Month then I had this big cash section I'd spend over $4,000 using cash or Checks in November 2,600 of that was Paying for the labor to lay this patio At my investment property so I changed The category to business spending and Now you can see this new section for Business spending added to my chart and You can also choose to Market as tax Deductible if you want now if you use Credit or debit cards for certain Payments it's typically very accurate Like if I click into the dining and Drinks section everything here is a Restaurant or a fast food place and it Gives you how much you've spent in the Category for the past 5 months so you Can see how you're doing like here I'm Trending downwards in the dining Category since I realized a few months Ago that I was way over spending on

Eating out like look I spent over $1,200 on dining in July if you click That it then gives you each transaction In the dining category on all of your Different cards for that month we have $143 on Chinese hot poot $154 on Korean Barbecue $159 on dim summer at the golden unicorn In Chinatown $10 refunded from the AMX Gold dining credit that's good to see Then we have hot pot again and oh what's That $178 at hook and real Cajun seafood it Is really good though but anyway rocket Money has helped me get that spending Down and next month hopefully it can be Even lower to help you with this you can Create budgets for every category of Spending which all add up to one big Budget for the month and help you Control your spending rocket money will Warn you if you go over like I've now Set my dining budget to $300 and look I'm $46 over next month we'll do it Right then there's one more really Useful feature that is worth mentioning And that is how rocket money can help You cancel your subscriptions so when Rocket money finds charges that are Recurring subscriptions like this ring Doorbell monthly fee or this Nord VPN Monthly fee you can click through and Then click subscription where rocket Money will show you how much your

Monthly payments are adding up to over Time in some cases it's pretty shocking How much money you are wasting for some Subscriptions rocket money gives you the Option to cancel them from their app if That isn't possible it gives you all the Information you need to cancel such as a Phone number or a customer service email They also have an option to help you Lower certain bills and you can view Your credit score and factors affecting Your credit score in the app as well They have Smart savings where they Automatically help you reach certain Savings goals for example 3 months worth Of your expenses by automatically moving Money to an FDIC insured savings account For you either on autopilot by making Micro deposits every few days or using Your own custom schedule and they will Have the ability to transfer data from Other apps and a desktop app coming soon So in conclusion guys I found this app Really useful for me I especially like The budgeting section the ability to Categorize payments label them as tax Deductible or not and also the ability To see how your budget for each spending Category is changing over time I found That to be a very powerful tool the net Worth section was also pretty powerful It's going to take a little while to set It up if you want it to be really Accurate but it's actually quite fun to

Make sure every account is in there and See how it changes as you add each Account or asset now although I Originally downloaded this app because Rocket money asked me to do a review I Think I will keep on using it I haven't Really paid attention to tracking my Budget or netw worth before i' just been Like let's earn as much money as Possible and I don't care how much I Spend but you know in these times with Inflation and stuff maybe that's not Such a good idea when you see how much Money you're bleeding from your account Through overspending on restaurants for Example or subscriptions you could Cancel it's actually really useful so For me I think I'm going to keep on Using it if you're interested to see how Rocket money can replace the functions Of mint or if you didn't use mint and You just want to see how it can help you Understand your finances better try out Rocket money today for free and unlock More features with premium head to Rocket money.com sben or click the link In the video description in my opinion It's well worth checking it out and you Can judge for yourself and see what it Can do for you A big thank you to Rocket Money for giving me the opportunity to Review their product and let me know What you think of it in the description Below please pleas subscribe to the

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Channel for more financial tips and Tricks we'll see you in the next video Bye-bye

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