There are many good reasons why you should be tracking your net worth. It’s also an important step forward to improving and managing your finances. Although the idea of tracking your net worth might seem tedious, there are some awesome tools out there to help you every step of the way.
By keeping track of your net worth and your long-term progress, you’ll stay motivated to continue to build wealth and make every good financial decision count. Let’s spend a little time on the basics and see what net worth exactly is and how to track it.
The Best Net Worth Trackers
There are some great net worth trackers available that are free or paid that can help you with this important task.
1. Personal Capital
- Free net worth tracker
- Desktop and mobile app
- 3+ million users
- $21.1 billion under management
- Paid wealth management available
- Highly automated
Personal Capital tops everyone’s list of the best net trackers. And frankly, it’s easy to see why. It’s a highly automated tracker that helps you manage your finances. It’s considered a one-stop-shop to manage all your accounts from its dashboard.
Personal Capital’s founder and chairman is the famed Bill Harris who ran both Intuit and PayPal.
So, how does Personal Capital work? Once your sync all your assets and asset accounts, and your liability accounts, you’ll be able to see your net worth in real-time. Once everything’s synced and linked, that’s it. You can track everything.
It even integrates with Zillow so you don’t have to keep updating the value of your house.
All of these features are completely free for you to use indefinitely. And, they’ve added crypto tracking ability on top of already existing bonds, stocks, art, etc.
If you have more than $100,000 in assets, you can use Personal Capital’s investment services that will provide you with financial and retirement planning guidance from their advisory team.
If you have over $200k and under a million, you get access to their wealth management service that helps you manage your money.
Those of you that are ready to move over $1 million to Personal Capital for management get one-on-one comprehensive financial planning to start building a tailored investment plan.
Fees for these services range from 0.89% for the first $1 million to 0.49% for over $10 million.
All in all, Personal Capital is definitely a recommended net worth tracker.
- Free to use
- No paid plans
- Connect all your accounts
- Track your cash flow
- Get personalized insights
- Track net worth, spending, and budgets
Mint is a free-to-use all-in-one money management app that helps you track your spending, debt, bills, investments, bank accounts, etc., to give you a complete picture and personalized insights, advice, and even reminders to not miss a bill’s due date. And, get this, overdraft protection alerts.
If you’re into budgeting, chances are you’re already using the Mint app. But did you know that with their Trends tool, you can see a real-time development of your net worth?
If you haven’t used Mint before, know that it’s an easy-to-use budgeting and tracking app, that works like a charm once you connect your accounts. It’s a solid alternative to Personal Capital if you need more than a net tracker or investment advice.
Mint also offers a free and simple net worth calculator on their website that can give you a clear answer right away of how you’re stacked at the moment.
If you solely need a budgeting app, many digital banks, if not all, have budgeting and analytics tools integrated into their bank accounts that let you automatically track your expenses and income.
3. Tiller Money
- Free trial
- $6.58/m or $79 per year
- Connect 21,000+ banks
- Use both Google Sheets and MS Excel
- Flexible templates
Some people better respond to spreadsheets than apps. And I tend to see why as a heavy-duty Google Sheets user myself. Spreadsheets though can be difficult to use if you don’t know what you’re doing.
For that reason, Tiller Money is godsent because it does all the heavy lifting for you. It imports your connected accounts into one of their free and customizable templates for net worth, budgeting, investing, debt payoff, and more.
It also doesn’t matter if you’re using Microsoft Excell or Google Sheets as both are supported and included in your membership.
Tiller Money is free for the first 30 days and after that, it’s $79 per year. The fact that Tiller is a paid tool might put some people off, but remember, if a product is free, that means you’re the product.
4. YNAB (You Need A Budget)
- Free trial available
- $11.99/m or $84 per year
- Goal tracking
- 100+ free, live, online workshops
- Focus on budgeting
YNAB is a desktop and mobile app that was developed with budgeting in mind. Nevertheless, it’s a valuable tool to track your net worth as well.
Yet, most people that use YNAB aren’t even aware that there’s a net worth report integrated into the app. Once you link your assets, accounts, and, of course, liabilities, go to the Reports tab and find Net Worth.
Here you can customize the report by choosing date range and/or accounts if you want to exclude some of them. The generated graphs should suffice, but if you want to drill down further, export the report and have at it.
Although the reports might not be the most detailed, or at least less detailed than Personal Capital’s, they should do the trick for most people.
You Need A Budget isn’t a free tool. It costs $84 per year on an annual plan or $11.99 per month on a monthly plan. There’s also a free trial for 34 days to try out the app and see if it’s the right fit for you.
Probably the largest downside to YNAB’s net worth tracker is that you have to manually update your investment accounts’ balances. This fact shouldn’t be a deal-breaker though, as this gives you a reason to come to the app regularly and interact with your budget, instead of leaving it on autopilot completely.
- Free and paid plans
- No ads even on free account
- Financial forecasting
- Scenario testing
- Highly customizable
Another budgeting app to track our net worth. PocketSmith is a personal finance software that is good for more than budgeting. It lets you import your transactions by connecting to over 12,000 institutions worldwide which is great if you aren’t from the US.
Most budgeting apps and trackers are specifically US-centric and that’s not fair to the rest of the world. PocketSmith is also different because it offers multi-currency support and even FX rate for non-fiat currencies such as Bitcoin.
PocketSmith treats your financials like you’re a company by generating excellent income and expense statements, cash flow statements, financial forecasting, and even, get this, scenario testing.
Yes, PocketSmith offers a “what if” analysis to see how a financial decision can impact your future.
There are three plans available:
- Basic (free)
- Premium ($9.95/m)
- Super ($19.95/m)
The free plan is only good to see if you like the user interface and the whole feel. I wouldn’t recommend it for tracking as you have to manually import the data. It also only supports 2 accounts, 12 budgets, and 6 months projection.
All-in-all, we recommend PocketSmith for your net worth tracking needs as a highly customizable and useful tool.
- Great for DIYers
- Free to use
- Manual updates
- Fail-safe copy
For everyone else that’s skilled with Excell or Google Sheets, or that likes to tinker and do everything from scratch, a viable option is to make a manual homemade net worth tracker.
If you don’t have many assets, investments, or liabilities that need constant tracking, you can go in once a month or a quarter to update your stats and be done in less than an hour.
The beauty is that you can put as much or as little information as you wish. And you have a fail-safe datasheet on your computer and phone.
What’s the definition of net worth?
If you aren’t sure what exactly net worth is and what it entails, here’s a simple to understand answer:
Net worth equals all your assets (that you can convert into cash) minus all your liabilities.
All your investments, personal property, funds, real estate, bank, and savings accounts are your assets.
All your loans, mortgages, credit card debt, and any other debt that you might have are your liabilities.
You have a positive net worth if your assets exceed your liabilities. And a negative net worth if your liabilities are greater than your assets.
Starting out, your net worth will probably be negative because of student debt or credit card debt that you might have. As you grow older, invest in your future, and start thinking about the big picture, things should begin to turn around.
How to track your net worth?
When you’re first starting out to track your net worth, this task might seem daunting. There are a few ways to track your net worth that include doing it manually or by using software that will track everything for you on autopilot after the initial setup.
The basics, in any case, are:
- Sum up the total value of your assets
- Sum up all your liabilities
- Deduct liabilities from your assets
It will be much easier for some assets such as bank or investment accounts to determine their value. For some other assets, such as real estate, jewelry, or collectibles, it will be a bit harder but not impossible.
Use Zillow for real estate and similar tools for other trickier assets to determine their current value. Keep them bookmarked as you’ll have to update the values monthly, quarterly, or yearly – whatever your pace might be.
Let’s jump now into it and see what the best net trackers on the market are.
Why track your net worth?
Now that you know the best tools to track your net worth, let’s go into why exactly you should be doing it. Here are the four best reasons for tracking your net worth.
1. Measures your progress
It’s very hard to improve something without measuring and tracking it consistently. Many people compare tracking net worth to trying to lose weight or even sports like football, although athletics would probably be the best analogy.
By knowing the personal best record, we understand what we need to improve. A simple look at the scoreboard will tell us exactly where we stand right now and how our investments or assets, in general, are growing (or not).
Net worth tracking can make us better investors and better facilitators of our overall financial wellbeing.
2. Motivates you
Tracking net worth is a great way to motivate yourself to stick with investing, saving, or developing a business. This is especially important for long-term investments and long-term decision-making.
When you first start with one of the net worth trackers, you might be demotivated because that’s the starting line – the bottom line. As time moves on and you’re starting to see your net worth growing, it will give you wind under your wings to continue on the right path.
3. Helps you make better decisions
Everyone that tracks their net worth is interested in improving their financial wellbeing and the big picture. What’s the point of tracking your net worth if you aren’t ready to make better decisions with your money and assets.
It also provides you a historical overview of how you grew your assets over a period of time. To continue on the right path, or hopefully, even improve upon it, you’ll have to make better financial and even life decisions.
4. Helps with getting a loan
A solid net worth statement can be worth gold. It can make potential lenders feel good about you and your ability to repay them. It might even help you negotiate better terms and interest rates. Still, above everything, we’re tracking our net worth for ourselves.
The bottom line
So, there you have it, the best free and paid net worth trackers available. I suggest you start out with the one you already have on your browser – Google Sheets. This will help you better understand the whys and hows to net tracking.
There are plenty of YouTube tutorials out there to make your own sheet and start tracking or even budgeting. Don’t get me wrong, I like apps and the convenience they bring to the table, but sometimes, it’s better to just sit down and roll your own sleeves.
Adrian Volenik is a fintech enthusiast who loves testing and reviewing digital banking apps and financial products in general. How many digital banking accounts can one man have? Not enough, if you ask Adrian. As his wallet will soon explode if he doesn’t cut back on the number of cards.