There are free personal finance apps for everything in 2020, including budgeting, saving, investing, credit scores and purchases.
Here is a list of the best five free personal finance apps you should use in 2020.
Klarna is a free personal shopping app that lets you pay for your online purchases in monthly instalments. There is no interest, no fees, and no charges. The money come out directly from your card, so you don’t have to worry about missing a payment.
Currently working with over 205,000 retailers including ASOS, Adidas, H&M and Halfords, you can buy your essentials and spread the payments out over 3 instalments in 6 to 36 months. You can begin payments up to 30 days after your purchase – so you can wait until your next payday.
The personal finance app also helps you plan, budget and save by tracking all your purchases through the app. The Fintech company has been handling payment transactions for over 15 years, operating in over 86 nationalities and 17 different countries and has been used by over 85 million shoppers.
Snoop is a free app registered with the Financial Conduct Authority (FCA) that literally ‘snoops’ on your finances, creating visual data of your spending and revealing where you can save money. Snoop spies on your bank accounts, bills and shopping habits, connecting all of your accounts into one powerful app.
The finance app releases regular new updates including balance alerts and notifications to switch or save on energy, insurance and mobile bills. It can spot where you are overcharged by companies and show you how to find better deals and make more savings. The personal finance app tracks where you regularly spend your money so it can find clever ways of helping you save in your favourite places.
If you are trying to improve your credit score and manage your budget, then Credit Karma is the free finance app for you.
Credit Karma displays your credit score in an easy to read way and explains where you might be able to improve your score. You can see all your accounts in one place, choose a personal credit score goal to achieve, and it recommends personal finance products that you are eligible to purchase. Credit Karma also alerts you to any changes in your credit score, so you can keep an eye on any unusual transactions and monitor issues that may be affecting your score.
Mobile banking apps like Starling and Monzo are free and offer personal finance budgeting and spending solutions. While in 2020 most of the world is currently in lockdown, these banking apps are more relevant because everything can be done on the app, online or on the phone.
Mobile banking apps also offer features like spending-tracking and savvy saving. Starling displays your spending data in a Donut Graph, so you can easily see where you are making substantial savings or where you may need to cut-back your expenditure.
Monzo, Starling and most free personal banking apps also let you save money automatically and hassle-free. You can add your final pennies from in-store and online purchases into your rainy-day savings goal or create a new savings goal any time.
Plum is a free personal finance AI app that grows your money by setting aside money automatically to invest, save and grow. The app also analyses your transactions and bills to stop you from being overcharged on bills. They accept all major banks and with AI technology you don’t have to even think about saving, the software puts aside your money where you can spare it. The app also helps you lower your bills by analysing where you are being overcharged and helping you switch for better savings. They have saved an average of £179 a year for each customer and set aside a collective £110 million for 650,000 people.
There are many free personal financial apps for 2020 that you can take advantage of, including the completely free HMRC app where you can access your NI number, tax details and ‘Help to save account’.