We all need a bit of help sometimes when it comes to budgeting and planning ahead for large expenses. Thankfully, there are more than a few options available to us thanks to our smartphones! Apps such as Truebill (now known as Rocket Money) and Mint are great for helping busy people keep a close eye on expenses, income, and everything in between.
But between Rocket Money vs Mint – which budgeting app is better? What are the main differences, and what might work best for you?
Below, I’ll guide you through what you need to know about each app and will help you make a download decision that can help you balance the books.
If you don’t have time to read my full report on Rocket Money vs Mint, here’s the skinny version with all the important bits you need to know.
- Mint and Rocket Money both offer free apps with paid options for extra features
- Mint offers credit scoring and is focused on savings goals
- Rocket Money focuses on cutting costs and provides bill negotiations
- Pound for pound, Mint offers more features in its free mode over Rocket Money
- However, the app you choose entirely depends on your individual goals
What is Rocket Money?
Rocket Money is an all-around money management system that helps you track spending and automate regular costs. It’s completely free, and many people use it to help cut down on regular fees and services that are causing their accounts to empty at lightning speed.
Rocket Money offers spending insights, for example, triggered by you connecting your bank accounts via the app. While it may seem easy to notice trends when browsing your accounts as-is, Rocket Money goes one step further and offers real-time insights into regular spending patterns.
You can also use Rocket Money to set up spending alerts and calculate how much money you’ll need to save toward goals you have in mind.
The big appeal of Rocket Money beyond this is its concierge feature. This side of the app allows you to break down and compare different services and subscriptions. The app will even help you find better rates on insurance and TV services!
As an app, it’s free to use, but services such as the concierge feature and detailed credit scoring are part of Rocket Money’s premium subscription line.
What is Mint?
Mint, similar to Rocket Money, helps users track their bank accounts through smart insight correlations and by helping you sync up all of your financial incomings and outgoings. Mint’s main aim is to aggregate all your financial headaches into one simple, easy-to-digest system.
Mint is great for tracking when recurring bills are due to exit your accounts, for example. If you regularly lose sight of direct debit payments, Mint will map them all out for you so you can always plan ahead.
Another strong feature on offer from Mint is its credit score manager. Improving credit scores isn’t ever a fun process, which is why Mint helps to give you access to your public score and report with real-time changes. This can be useful if you want to make credit applications, for example, or take out a new mortgage!
Beyond these points, Mint also offers a tracker for investments. You can sync up your portfolios into one simple space and check how you’re getting on with meeting short and long-term goals.
What are the main differences between Mint and Rocket Money?
Crucially, both apps offer account syncing and help users to keep track of their spending and savings goals. However, they’re actually likely to be used by different people.
Rocket Money is aimed more towards people looking to lower costs than Mint – whereas Mint gears a little more toward building savings. Yes, arguably, you can’t really do one without much of the other – but it’s interesting to see the slight differences in marketing that really do matter.
Rocket Money is notable for its concierge system, which essentially lets you switch to cheaper services depending on what you’re already paying for. Mint offers more of a data provision service – instead of actively finding you solutions to specific issues, this app will present you with raw data on your accounts that you can then use to make decisions as you see fit.
Of course, this is only scratching the surface. Let’s dig a bit deeper into the battle between Rocket Money vs Mint with some specifics.
The great news here is, of course, that both Mint and Rocket Money are free to use as-is. Both services do offer a premium service, however, with extra features. For example, Rocket Money’s premium model offers credit scoring and priority customer care.
Mint’s premium system, for $4.99 per month, removes advertising and gives you a little more insight, as well as some bill negotiation tweaks. Comparably, Rocket Money’s premium services start at $3 and end at $12 per month, but you get to set the rate.
A word of warning here, too – Rocket Money will also charge a “success rate” fee if they successfully move you from one utility to another.
The winner here for me is Mint – as many of its features work brilliantly in the free model, and Rocket Money only really matches some of Mint’s best bits once you go to paid mode.
Credit scoring tends to be Mint’s biggest draw, and the fact it does so for free is a massive plus. Users simply need to open the app for the complete lowdown whenever they like.
Rocket Money, meanwhile, requests a premium upgrade for the privilege of more detailed data scoring. Both apps offer lots of insight, but for sheer value, Mint wins this match-up with ease.
Bill negotiation and concierge services tend to be where Rocket Money offers a lot of unique support. As the app’s main aim is to help you cut down on unnecessary spending, it makes sense that you should use the program to help negotiate and find better rates for household and subscription services elsewhere.
Mint, meanwhile, does offer a similar service – but it’s largely unlockable through its premium model. Besides, Rocket Money can do all of this from the get-go, and with a broader focus.
Here’s where a few things start to get a little hazy. Both Mint and Rocket Money are fantastic at helping to aggregate accounts and services so that users can easily manage their outgoings and incomings.
Both apps provide free budgeting tools to easily rank different expenses into categories and priorities as you go. What’s more, while Rocket Money isn’t so weighted towards this side of finance, the app does still provide access to savings goals.
Both apps are great at financial tracking in and out of accounts, and what’s more, Mint is particularly great at helping you manage your portfolios. Its aim really is to consolidate and simplify your finances, whereas Rocket Money wants to save you money. Both noble causes, I’m sure you agree!
Above all, both apps are super-easy to use and have fantastic reputations. It’s completely free to download either app and set up your own accounts. Beyond this, all you have to do is agree to connect your bank accounts and/or credit cards to get started.
Again, accessibility is an area where both Mint and Rocket Money tend to follow the same patterns. The services are available across both iOS and Android, and you can also access your data via desktop if you wish.
In my experience, Mint seems to work better than Rocket Money on desktop, but I highly prefer using the app in either case. The apps tend to go much more in-depth on the points that matter, and of course, I can just take my phone out of my pocket and start budgeting away.
Rocket Money vs Mint – Pros and Cons
Now we know all about what makes these two apps tick, let’s break down some of the biggest positives and negatives about either option.
Rocket Money – Pros
- The concierge service is great for helping you find new ways of saving money while still getting access to what you want and need
- It’s superb for all kinds of spending insights when you feel like you’ve lost track
- You can easily negotiate bills and learn how to stop overspending on subscription creep
- It’s completely free to use, but if you want to upgrade, it’s $3 per month (and cheaper than Mint)
Rocket Money – Cons
- Many of Mint’s best features are only available on Rocket Money if you pay for it
- Rocket Money is only really good value if you want to cut costs
Mint – Pros
- Very easy to manage and plan out savings goals
- Lots of data available to show off your good and bad habits
- The free app is packed with data that Rocket Money would ask you pay for
- Credit checking is precise and always available
Mint – Cons
- The app isn’t particularly weighted towards bill negotiation
- Premium mode is a little more expensive at $4.99 per month
Mint and Rocket Money are both great finance management apps that serve slightly different purposes. Choose Mint if you want to put money into savings, and choose Rocket Money if you want to cut costs.
However, personally, I prefer Mint thanks to the fantastic value crammed into its free app. I love Rocket Money, too – but Mint is a great starting point if you’re new to these sorts of apps.