The Legacy Financial App is not just another budgeting tool — it’s a financial liberation platform engineered to help everyday people break free from debt, build wealth, and secure their legacy. Officially launched on October 12, 2024, Legacy was created in response to the void left when Mint.com shut down on March 23, 2024 and encouraged users to migrate their data to Credit Karma, leaving 3.6 million users without a personalized, actionable solution. Legacy didn’t just fill that void — it reimagined what financial empowerment should look like.
More than just a finance app, Legacy Financial is the solution to some of America’s biggest financial challenges:
1. 44% of Americans don’t have enough money to cover a $400 emergency
2. 43% of student loan borrowers are not making payments
3. 38% of U.S. households carry credit card debt
4. 33% of American adults have $0 saved for retirement
These statistics represent millions of individuals in crisis — and Legacy was built for them.
Financial experts like Dave Ramsey and Suze Orman have long promoted the debt snowball method as a proven path to eliminate debt. Yet the only tools available to most people are outdated Excel spreadsheets that lack personalization, automation, or real-time insight. That’s why we built Legacy — the first mobile app with automated, patent-pending debt snowball and blizzard calculators powered by real-time financial data via Plaid, integrating with over 12,000 financial institutions.
Users receive customized repayment plans based on their individual balances, minimum payments, and income. For accounts not connected via Plaid, manual input and 30-day updates are supported. From this data, Legacy delivers a personalized debt-free date and calculates the total projected interest savings — not for the average person, but for every person — with users on average saving over $39,000 in interest and getting out of debt nearly 4 years faster than traditional methods.
Currently, the Legacy app offers three payment plans based on income percentages: 50%, 65%, and 75%
50% Plan – For accelerated payoff (currently our most popular plan)
Legacy Financial App 50% Plan (Mortgage Included as Debt) vs. Traditional 50/30/20 Rule
Legacy Financial 50% Plan – Debt-Centered Approach
The 50% Plan within the Legacy Financial App is a debt-first financial strategy where 50% of your monthly take-home income is allocated entirely to debt repayment — including your mortgage or rent.
This plan is designed for individuals with a high debt burden, including those whose housing costs are a significant portion of their monthly expenses, and who are committed to eliminating debt as a top priority.
Key Features:
Mortgage, auto loans, credit cards, student loans, and personal loans are all treated as “debt” within the 50% allocation
The app automatically distributes that 50% using the debt snowball or blizzard method, prioritizing accounts for maximum psychological and financial impact
Provides a personalized debt-free date and tracks progress with tools like the Payment Optimizer
Why This Matters:
Unlike conventional budgeting methods, Legacy doesn’t separate housing from debt — it recognizes that for many Americans, the mortgage is the largest debt they carry, and excluding it creates a distorted view of one’s financial reality.
Traditional 50/30/20 Rule – Budget Allocation Model
The 50/30/20 rule is a widely used budgeting guideline that suggests:
50% of income goes to needs (housing, utilities, transportation, groceries, minimum debt payments)
30% to wants (dining out, entertainment, subscriptions)
20% to savings and additional debt payoff
This model is focused more on budget balance and spending control, not specifically on aggressive debt elimination. Mortgage or rent is categorized as a "need", not “debt,” which can limit how much is allocated to paying it off faster.
Key Comparison
Feature Legacy 50% Plan 50/30/20 Rule
Primary Goal Rapid debt elimination Balanced budgeting
Mortgage/Rent Counted as debt Counted as a “need”
Allocation Strategy 50% of income to all debts, including housing 50% to needs, 20% to savings/debt
Approach Aggressive, transformational Moderate, maintenance-focused
Ideal For Users with high debt or a desire to be debt-free fast Users with manageable debt and desire for lifestyle flexibility
Bottom Line
The Legacy Financial App’s 50% Plan flips the script on traditional budgeting by putting debt — including your mortgage — at the center of your financial plan. It’s not about maintaining balance; it’s about breaking free. For users who are tired of feeling financially stuck, this plan offers a bold, structured, and proven path to lasting freedom.
65% Plan – For aggressive repayment
75% Plan – For users in financial crisis
Through our partnership with the LSU Small Business Development Center (SBDC), we’re adding two new options:
30% Plan, in line with recommended Debt-to-Income (DTI) best practices
43% Plan, representing the official edge of what most lenders and experts consider survivable. Crossing this threshold mean that your debt is making decisions for you.
These new plans will be fully implemented by August 4, 2025, allowing Legacy to support users at every stage of their financial journey — from stability to recovery.
Legacy also features month-over-month graph comparisons, spend-free day tracking, and tools that promote financial literacy and behavioral change. At the core of Legacy’s innovation is the Payment Optimizer (Screenshot 6) — a dynamic visual system that applies color-coded thresholds across all user debt, helping individuals track their progress from red (critical) to yellow (caution) to green (optimized). This feature builds on the proven debt snowball method, which focuses on paying off the smallest debts first to create a series of quick wins. Financial experts like Dave Ramsey have long praised this method for its psychological momentum, giving users a sense of accomplishment that fuels consistency and motivation. By combining the emotional power of small victories with real-time data and visual feedback, the Payment Optimizer transforms debt elimination from a stressful task into a motivating and empowering journey toward financial freedom.
And while other financial apps are selling products, upselling services, or monetizing user data, Legacy Financial is giving hope to the hopeless. We exist to make financial freedom achievable, not just for the privileged few, but for the millions of Americans struggling to reclaim control of their lives.
Built by a disabled veteran and former Navy Commander, Legacy is mission-driven, community-focused, and dedicated to closing the wealth gap through empathy, education, and innovation.
Legacy Financial App deserves to be recognized as the Innovative App of the Year 2025 because we don’t just help users track money — we help them transform their mindset, rebuild their future, and break generational cycles of debt.
Debt Ends. Legacy Begins.
Example 1 (Screenshot 4)
The Legacy Financial App establishes $8,300/month ($99,600/year) as the lowest income threshold for dual-income households with substantial debt, based on national data and debt capacity modeling. While this income level technically places a household in the lower tier of dual-earner homes, it still reflects a segment that is struggling under a high debt burden while earning enough to pursue a structured payoff plan.
Monthly take-home income: $8,300 65% Debt Payment Plan
Total debt: $294,308.95 as seen in Screenshot 2 (Credit Cards $27,593.46 + Loans $266,715.49)
Example 2 (Screenshot 5)
Within the Legacy Financial App, $11,700/month (or $140,400/year) is recognized as the upper threshold for dual-income households in the app’s core target demographic — those who earn well but still carry significant debt and want a structured, accelerated path to financial freedom.
Monthly take-home income: $11,700 65% Debt Payment Plan Same Debt