Keeping an eye on your net worth is an important part of managing your money well. Thanks to the wide availability of digital tools, it’s now easier than ever to keep track of your net worth. The best Net Worth Trackers stand out from the rest because they are easy to use, have a lot of features, and provide useful analytics. Many people choose net worth trackers like Mint, Personal Capital, and YNAB (You Need a Budget).
These programmes work well with your financial accounts, let you change the categories they track, and give you detailed reports. Users can see all of their assets, debts, and investments in one place on these platforms, which gives them a full picture of their financial health. Some of the best net worth trackers do more than just figure out your current net worth. They also give you useful information about your spending habits, investment performance, and long-term financial goals.
Importance of Tracking Net Worth
Keeping track of your net worth is an important part of managing your money because it gives you a full picture of your financial health. By keeping an eye on their assets, debts, and overall net worth on a regular basis, people can see how well they’re doing in reaching their financial goals, find places where they can improve, and make smart choices about budgeting, investing, and managing their debt.
Keeping track of your net worth can also help you see how much wealth you’ve built over time, figure out how stable your finances are, and make plans for long-term financial security and retirement.
Best Net Worth Trackers Comparison Table
Personal financial management tools like net worth trackers are invaluable. They let users track assets, liabilities, and financial progress. Financial tools like Personal Capital and Mint help users make smart financial decisions and reach their goals by tracking budgeting, investments, and net worth.
| Feature | PocketSmith | Goodbudget | Tiller | Empower | Betterment |
|---|---|---|---|---|---|
| Primary Focus | Forecasting & Tracking | Budgeting & Planning | Spreadsheet Budgeting | All-in-one Finance | Investing |
| Mobile App | Yes | Yes | Web-based (mobile responsive) | Yes | Yes |
| Investment Tracking | Yes | Limited | Yes (limited) | Yes | Yes |
| Bill Pay | No | No | No | Yes | No |
| Debt Management | Basic | Yes | Basic | Yes | No |
| Reporting & Insights | Robust | Basic | Customizable | Good | Good |
| Target User | Tech-savvy users who want detailed forecasting | Beginners & value-conscious users | Spreadsheet enthusiasts | Users who want a holistic view of finances | Investors |
PocketSmith
Features:
- Personal finance software for budgeting and forecasting.
- Helps users track expenses, manage budgets, and forecast cash flow.
- Offers features for categorizing transactions and setting financial goals.
- Provides insights into spending patterns and trends over time.
PocketSmith is personal finance software that is easy to use and helps people manage their money, plan their cash flow, and make budgets. There are many things to like, but one that stands out is the information it gives you about your future finances based on how much you earn and spend now. This sneak peek of what’s to come should make you take good financial action right now. Still, it is one of the best net worth trackers that you can consider.
Pros
- Offers comprehensive financial forecasting and budgeting tools.
- Supports multiple currencies and bank connections for global users.
- Provides detailed insights into spending habits and trends.
Cons
- Some users may find the interface overwhelming or complex.
- Advanced features may require a paid subscription, which could be costly for some users.
Goodbudget
Features:
- Envelope budgeting app based on the traditional cash envelope system.
- Allows users to allocate funds into virtual envelopes for different spending categories.
- Supports collaborative budgeting for families and households.
- Provides real-time tracking of expenses and syncs across multiple devices.
The Goodbudget app uses the well-known envelope budgeting method, which divides your monthly income into virtual envelopes, or categories of expenses, such as gas, groceries, paying off debt, etc. This makes it easy to keep track of your spending, which helps you figure out how much money you have. Overall, it is one of the best net worth trackers that you can consider.
Pros
- Uses the envelope budgeting method to help users manage their finances.
- Simple and intuitive interface suitable for users who prefer manual budgeting.
- Offers both free and paid subscription options.
Cons
- Lacks some of the advanced features found in more comprehensive financial management platforms.
- May not be suitable for users who prefer automated budget tracking and categorization.
Tiller
Features:
- Personal finance tool that automates spreadsheet-based budgeting.
- Integrates with bank and credit card accounts to automatically update transactions.
- Offers customizable Google Sheets templates for budgeting and tracking finances.
- Provides insights and analytics to help users manage their money more effectively.
Tiller is a budgeting app that keeps track of all your money for you in one place, lets you make a budget, and helps you plan for the future. On the dashboard, you can see the sums of your current assets, current liabilities, and net worth. Also, you can link your bank accounts so that you can import your money. This is the best net worth trackers that you can consider.
Pros
- Automatically updates financial spreadsheets with transaction data from multiple accounts.
- Customizable templates and reporting options for personalized financial tracking.
- Integrates with Google Sheets for seamless data management.
Cons
- Requires familiarity with spreadsheet software for effective use.
- Limited support for non-US financial institutions and currencies.
Empower
Features:
- All-in-one financial app that combines budgeting, savings, and banking features.
- Helps users track spending, save money, and pay off debt.
- Offers a high-yield checking account and automated savings tools.
- Provides personalized recommendations to help users improve their financial health.
Empower is a budgeting app that also keeps track of your net worth. By connecting your bank and other accounts, you can find out how much money you currently have. The Empower app can be used to create a budget as well. You can track your spending, create a budget, set goals, and monitor your progress towards them. Overall, this is one of the best net worth trackers.
Pros
- Offers a suite of financial management tools, including budgeting, savings, and bill negotiation.
- Provides personalized insights and recommendations to help users improve their financial health.
- Supports goal tracking and progress monitoring.
Cons
- Some features may require a paid subscription, which could be expensive for some users.
- Limited availability outside of the United States.
Betterment
Features:
- Robo-advisor platform for automated investing.
- Offers personalized investment portfolios based on user goals and risk tolerance.
- Provides features like automatic rebalancing and tax-loss harvesting.
- Offers retirement accounts, taxable investment accounts, and savings accounts.
The website Betterment is an investment platform that provides recommendations to you based on the information that you provide to it. Keeping track of your net worth, which is displayed on the home screen of the app, is another great way to be organised. Enhancement is able to display the most recent information regarding your finances by linking to your bank accounts. Currently, this is one of the best net worth trackers.
Pros
- Robo-advisor platform offering automated investment management and financial planning.
- Low fees compared to traditional financial advisors.
- Portfolio customization and tax-efficient strategies.
Cons
- Limited control over individual investments compared to self-directed brokerage accounts.
- May not be suitable for users who prefer more hands-on investment management.
Tips for Effectively Using Net Worth Trackers
Net worth trackers are useful for keeping track of your money and learning more about your overall financial health. Here are some tips on how to use net worth trackers well:
Pick the Right Tool: Pick a net worth tracker that fits your needs and preferences. You can use spreadsheet templates, online platforms, or mobile apps, among other options. Pick a tool that is easy to use, can be changed to fit your needs, and has all the features you need to keep track of your assets, debts, and net worth over time.
Update Often: Make it a habit to update your net worth tracker often, ideally once a month. When you keep your financial records up to date, you can see how your assets and debts have changed, see how you’re doing in reaching your financial goals, and see where you can make improvements.
List all of your assets and debts: Make sure that your net worth tracker has a full list of all of your assets and debts. Liabilities include things like mortgages, loans, credit card debt, and other debts. Assets include things like cash, investments, real estate, vehicles, and other valuable things. A more accurate picture of your net worth is made by including all relevant financial information.
Be Honest and Correct: When you enter your financial information into the net worth tracker, be truthful and correct. Don’t overestimate the value of your assets or underestimate the value of your debts. Doing either can mess up your financial picture and give you wrong information. To figure out how much your assets and debt are worth, use trustworthy sources and up-to-date market prices.
Setting Goals for Your Money: Use your net worth tracker to make and keep track of your money goals. A net worth tracker can help you keep track of your progress towards your goals, whether they are to build an emergency fund, pay off debt, save for retirement, or invest in assets. Make goals that are clear, measurable, and attainable, and change them as needed as your finances change.
How to Choose the Best Net Worth Tracker for Your Needs
Several things need to be thought about in order to find the best net worth tracker for your needs. Allow me to assist you in picking the appropriate one:
Features: Check that the net worth tracker you choose has the features you need. Some of these are the ability to keep track of assets (like bank accounts, investments, and properties) and liabilities (like loans and credit card debt); automatic syncing with financial institutions; flexibility in category creation; budgeting tools; goal tracking; and the ability to make reports.
Comfort: Pick a tracker that is simple and easy to use. You should be able to easily find your way around and enter your financial information. Think about how easy it is for you to use and whether you would rather have a web-based platform, a mobile app, or desktop software.
Safety: Make sure that the net worth tracker you pick puts safety first. To keep your financial information safe, it should encrypt it and use other security measures. Find trackers that follow data protection rules and have a good reputation for keeping your information safe.
Compatibility: Make sure that the net worth tracker works with the devices and operating systems that you have. It should be able to connect to your bank accounts, credit cards, and any other financial accounts you want to keep track of.
Price: Think about how much the net worth tracker costs. Some trackers have free versions with fewer features, while others need a one-time payment or a subscription to get full access. Look at the features to see if they are worth the price and see if it fits in your budget.
FAQs
This number shows what you own and how close you are to financial independence. You can track your progress towards your goals by tracking this number.
Zero net worth means equal assets and liabilities. No financial cushion. Negative net worth means liabilities exceed assets. You have no financial cushion either.
