Rocket Money vs. YNAB [CNET]

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No matter who you are, you need a budget. Building a budget helps you steer clear of credit card debt, save for the future and reduce your money stress. And as inflation continues to create big headaches for nearly every household, budgeting is even more essential.

And you don’t have to go it alone. Budgeting apps can automatically sync with your bank and other financial accounts to help you get a handle on your money. Rocket Money and YNAB are two of the top options to put on your consideration list. Read on to learn which one makes sense for your money.

Rocket Money: Overview

Rocket Money is CNET’s Editors’ Choice pick for the best overall budgeting app thanks to its user-friendliness, affordable price and wide range of features. In addition to helping you manage your money, it can also save you money by canceling your unwanted subscriptions and negotiating with your providers to lower your bills.

Plus, its name-your-price model means you can enjoy its premium features for as little as $4 per month. (You’ll get the same features regardless of the amount you choose).

• Price: Free version; $4 to $12 per month (your choice) for Rocket Money Premium
• CNET rating: 9.4
• Available on: iOS, Android
• Free features: Basic tools such as expense tracking
• Premium features: Subscription cancellation and bill negotiation, plus a built-in linked savings account, credit monitoring tool and net worth tracker
• Pros:
  • Affordability: The premium version starts at just $4 per month.
  • User-friendly: The simple interface and intuitive navigation make it easy to use.
  • Savings: The concierge service can negotiate lower prices on certain bills and reduce your expenses.
• Cons:
  • Short trial period: You have just seven days to test out the app without paying any fees.
  • Potentially too easy: Some users may need a more granular approach to tracking expenses.
  • Fees: Savings from bill negotiation services aren’t all yours — Rocket Money keeps a percentage.

YNAB: Overview

YNAB won’t earn the distinction of the easiest budgeting app to use — but that’s because it doesn’t want to. The app uses a zero-based budgeting method, which requires you to make a plan for every dollar that comes into your bank account. If you go over in one category, you have to find savings from another category to cover the difference.

However, all that work can be worth it. YNAB’s research shows that the typical user manages to save $6,000 in their first year. 

• Price: $14.99 per month or $109 per year
• CNET rating: 8.9
• Available on: iOS, Android
• Free features: N/A
• Premium features: Loan payoff calculator, savings target goals, spending breakdowns, net worth tracker
• Pros:
  • Free trial: You have 34 days to test out the app before committing to pay for it.
  • Financial education: Free Zoom workshops can help you understand how to maximize the app, and other content can help you build money management skills.
  • Detailed approach: Zero-based budgeting forces you to take spending and saving more seriously.
• Cons:
  • Price: At $14.99 per month or $109 per year, YNAB costs a lot more than Rocket Money Premium.
  • Limited additional features: YNAB won’t call your cable company — or any other company, for that matter — to try to score a lower price tag.
  • Hard work: This app requires more time and discipline, so if you’re looking for an easy solution, you may want to look elsewhere.

Rocket Money vs. YNAB: How these budgeting apps compare

Here’s how these two apps stack up against each other in key categories:

Price

When it comes to cost, Rocket Money is the clear winner. The top end of Rocket Money Premium is $12 per month, but you can get away with paying just $4, and you’ll get the same features no matter how much you choose to pay. YNAB, on the other hand, is $14.99 per month or a $109 annually.

YNAB’s extended free trial period is a key point of differentiation, though. The 34-day window gives you plenty of time to see how the tool can fit into your life, and it’s much longer than Rocket Money’s seven-day trial. If you’re torn between the two, it’s worth starting with YNAB to test it for a full month before checking out Rocket Money for a week.

User experience

If you’re looking for easy and intuitive, Rocket Money is the better choice. If you want to dive deeper into the details of your monthly spending, YNAB is better. Both of these apps score high rankings from users, so there isn’t a definitive winner — it’s a matter of choosing the right one for your needs and preferences.

Features

Both Rocket Money and YNAB have helpful features for setting savings goals, and both have built-in tools to show your net worth with a holistic view of savings, investments and outstanding debts.

Rocket Money’s key selling points include its subscription cancellation and bill negotiation services. If you’re dealing with a maze of streaming platforms or overpaying for phone service, you don’t have to wait on hold with customer service. (Just keep in mind that you’ll need to pay Rocket Money a portion of your savings.)

If you’re focused on paying off debt, YNAB’s loan calculator tool can help you create a plan to lower your total interest charges. You can also share an account with up to five people, making it easier to manage finances with a spouse or partner.

Reports

Rocket Money’s reports include an all-in-one look at every subscription you’re paying for, as well as monthly spending and earning reports. The app also offers full access to your credit report and a net worth tracking tool.

YNAB offers three main types of reports — budget, spending and net worth — all of which are customizable. The app’s spending report is a great way to find opportunities to trim your expenses. For example, you can review your past six months of spending categories to see where most of your paycheck is going. The reports come in pie charts and bar graphs for a more visually appealing way to understand your data.

Customer support

Rocket Money offers chat and email support from Monday through Friday between 9 a.m. and 8 p.m. EST. YNAB offers email support and in-app chat functionality, but don’t expect an immediate response — the company says that most responses take between 24 and 48 hours.

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he’s learned from that financial balancing act to offer practical advice for personal spending decisions.