The best free money-management apps of 2020

The US economy has suffered since the outbreak of the global pandemic, with millions of Americans out of work and facing the daunting prospect of debt for the first time. 

If you’re facing debt, there are some online tools that can help you analyze and manage your financial situation—and even help you reduce debt. But which money-related apps are the best to download? We’ve looked at some of the most popular free money-management apps to help you budget, plan, and start to eliminate your debt.


Mint is a free app (as are all the apps we mention in this article) that connects with most US financial institutions. It’s ideal if you are not particularly tech-savvy, as it displays all of your accounts and bills on a single dashboard, allowing you to manage your finances in one place.

Mint subscribers can sign up to notifications that alert you if you’re at risk of missing a payment or if you will be charged any late fees. These features can help you stay on top of your finances and prevent you from sliding into further debt.

The app also has a goal-setting feature, which allows you to set up and track a specific goal—such as getting out of debt—and allocates money toward your goal each month. Seeing your debt decrease each month can be motivational and spur you on to clear the outstanding amount. Mint also offers a free credit score and tips on how it is calculated to help you build a solid credit score for the future.


PocketGuard is a free app, which also offers PocketGuard Plus for $3.99 a month. The free version of the app stacks up well, allowing users to check spending, saving, and when credit card bills are due.

The app takes a no-nonsense approach to your finances, allowing you to track spending and develop a clearer overview of your financial situation. PocketGuard tracks your income and expenses and has options to cap outgoing transactions and create spending limits to give you an instant real-time overview of your money.

If you are in debt, PocketGuard has the capability to flag any unauthorized or unwanted charges. This can help to identify forgotten subscriptions you are still paying or any hidden fees and billing errors that could drive you deeper into debt. This feature can also monitor for potential scams and fraudulent activity.


Wally is a personal finance app that is smarter than its name suggests. One of the main advantages of the app is its ability to track joint finances, giving everyone a consolidated view of joint credit cards and accounts.

The Wally app works dynamically—meaning you’ll get up-to-date visibility of all your financial data, so there are no nasty surprises on the horizon. This is a reassuring feature if you are trying to recover from debt or if your finances are running close to the wire.

Unlike many of its competitors, the free version of Wally doesn’t connect to your bank, meaning credits and debits need to be entered manually. This makes the app a popular choice for anyone who is uncomfortable with sharing banking data but still wants all the advantages that a money-management app brings.


DollarBird puts its own spin on money-management apps by using a calendar to track your spending. Most apps categorize your outgoing transactions, but by tracking by date, DollarBird can deliver a daily cash management overview that is particularly helpful if you are in debt.

Each month, an overview of your spending will be shown on the dashboard, with a comparison to past month averages. The calendar will also give a forecast of the likely month-end income and outgoing based on the month-to-date trends. This helps you to stay on track and not overspend.

Personal Capital

Personal Capital is the go-to app if you want to focus on saving for your retirement or other long-term financial plans—and is worthy of download for this feature alone. It also includes a robust budgeting tool to help you plan for the short term too.

The app allows you to provide a wealth of retirement-focused information, which, when linked to your personal accounts, can give a detailed overview of your monthly expenses. The results are presented in easy-to-digest charts that track cashflow month on month.

Effective Debt Relief can help

Money-management apps can help you stay on top of your finances. But with the COVID-19 crisis causing mass unemployment, it’s also important to speak with the experts if you are struggling with debt.

Make the right choice and select a debt relief company to take the first step toward financial freedom. 

At Effective Debt Relief, we’re proud to offer a dedicated and talented team to help you overcome your financial issues. Our team’s exemplary service is underpinned by their accreditation through both the AFCC and IAPDA. Call our team today at 800-940-5449 for a confidential, no-obligation discussion.

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