Net worth trackers: 7 best apps and tracking services
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And let me tell you – the security and excitement of watching your wealth accumulate and retirement come into focus is worth the occasional penny-pinching.
Want to get started? There’s a tonne of tech to look at to help you track and grow your net worth.
What is your net worth and why is it important?
Net worth is a simple occasion to take the total value of your assets (the money you have in savings, chequing and invested) and subtract your liabilities (the money you owe to student debt, mortgages, credit cards, etc.). That number is your net worth, and it represents where you are on your path to financial independence, retirement or different financial goals (if you have them).
It’s incredibly important to stay on top of this figure. Your net worth is the clearest indicator you have of whether your financial habits are contributing to your success or holding you back. By keeping an eye on it, you can make adjustments to secure your financial future, and reap the reward that is peace of mind.
Best net worth tracker apps
The good news – there’s a plethora of apps and platforms to help you track your net worth and budget your money. The bad news? There’s so darn many of them I wouldn’t blame you for suffering from decision paralysis. Here, I’ll review a few top contenders and see if they might be right for you.
Best for budgeting and paying off debt: YNAB
YNAB (or, if called upon angrily by its mother, You Need a Budget) is a top budgeting platform that lets you monitor your assets and debts and manage them accordingly. It also offers money management education, with goal-setting, prioritizing and planning tools to help you get where you want to go faster.
It's a great introduction tool for those just starting their budgeting journey. It's beneficial if you're prioritizing paying off debt. There's a 34-day free trial, but if you're ready to jump in, it's $14.99 per month or $99 annually.
Best net worth tracker for multiple financial accounts: Monarch Money
If you’re into personal finances, it’s a safe bet you’ve got a variety of accounts spread over a half dozen institutions. Take me – I’m a financial independence nerd, and bank with nearly every FinServe in Canada. And if that resonates, Monarch Money may be the net worth tracker up your alley.
Monarch lets you sync every financial account to its platform so you can track them simultaneously on one dashboard. This includes loans, credit cards, real estate – the list goes on. They also have financial goal setting tools, created by real-life professional financial planners – pretty slick.
And the price is right, too – while only offering a seven-day free trial, you can track two different financial institutions for free or use the Monarch platform for as little as $7.50 per month.
Promo Offer: Get 50% off your first year with code MONARCHVIP.
Best net worth tracker for cash-flow forecasting: PocketSmith
PocketSmith may not have the best free tools for net worth tracking (you can’t even automatically connect your accounts), but its paid version packs some interesting features you might be interested in, if you’re willing to pay $9.95 a month.
The premium version of PocketSmith simplifies your financial management with an automatic feed that updates your net worth from all your accounts. You can even add liabilities like a mortgage and link them to your assets, such as the equity in your home.
Perhaps PocketSmith's best aspect is its cash flow forecasting. It allows you to create projections, monitor cash flow and even schedule bill payments. All this is done with a handy visualizer to make it easy to stay on top of your net worth.
Best for spreadsheet fans: Tiller Money
Does part of you think you could do this in a spreadsheet? Does another part of you not want to go home and look at Excel for one more minute? Then Tiller Money might be the app you need.
It’s a powerful spreadsheet-based tool that simplifies the process of tracking your spending, income and net worth, with a user-friendly interface and tons of pre-built templates to guide you, even if you’re not a spreadsheet whiz. These include budgeting, paying off debt, retirement planning and spending analysis.
You can dip your toes in with a 30-day free trial, or spring for the whole shebang for $79 a year.
Other popular options
Wealthica
Hey, it’s a Canadian company, eh? Based out of Montreal, Wealthica is a robust budgeting and net worth tracking tool that is free to sign up for and lets you monitor all your accounts in one place.
Kubera
Kubera offers a lot of the features of the other trackers, but where it shines is in tracking alternative assets like crypto currencies, if that’s your bag.
Neontra
Neontra’s edge is that it focuses on providing personalized financial advice and goal tracking. Once your financial data is pulled, you’ll have access to customized advice on how to build your net worth.
How do you track your net worth?
Like we mentioned above, there’s a simple equation:
Take the value of all your assets, subtract the cost of all your liabilities (I’ll touch on what those terms mean below).
Example: Pretend the only asset you have $1,000 in your bank, and the only liability you have is $400 credit card debt. That means your net worth is $600. This gets a bit trickier when you add in physical assets like a house, but the fundamental principles remain the same.
What are assets and liabilities?
| Assets | LIabilities |
|---|---|
| Assets are what make up the “worth” in your net worth. If it’s valuable, it’s part of your assets. Obviously, money, property, your vehicle, and even expensive pieces of artwork are often considered as part of your assets. | Liabilities are why you have to add the “net” to your “worth.” These are the debts you owe, including money you owe on credit cards, the unpaid part of your mortgage, student loans, outstanding car payments, etc. |
Why you should track your net worth
Knowing where you stand financially is incredibly important. It helps you set goals, plan for your future and correct course if necessary. Whether you leverage one of the apps I mentioned above or track your net worth yourself on a spreadsheet, keeping an eye on your net worth is an important part of your financial health.
How to increase your net worth
Now that we’ve established that net worth is an important thing to keep track of, how exactly do you make that green line go up?
- 1 Set your goals: You need to know what you're aiming at to hit the target. Is early retirement what you’re after, or is living luxuriously in your older years more important? Create a plan of what you want from your worth, before anything else. Start with a net worth calculator.
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2
Stick to your budget: Woo-hoo, budgeting right? It may not be sexy, but setting and sticking to a budget is arguably the most critical decision you can make to grow your net worth. It will help you identify areas of overspending and give you goalposts to stay within so your wealth grows at a predictable rate.
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3
Pay off debt: My father-in-law has a line: “Debt is an emergency.” And he’s (for the most part) right – the interest you have to pay on credit card debt and lines of credit will basically always exceed the amount of money you earn from your savings and investments. Prioritize paying it off and watch how much quicker your net worth advances.
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Invest diligently: Compound interest is a beautiful thing, and if you’re not investing regularly, you’re missing out on the most effective way to grow your assets. Apps like Wealthsimple can automatically diversify your investments with robo-advising, and help you assess your risk preferences.
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Consider a side hustle: Who says you can only have one income stream? Explore your passions and talents to find ways to make extra cash. Whether it's freelancing, consulting or selling your crafts online, a side hustle can significantly boost your net worth.
FAQs
Cameron Smonk
Freelance Writer
Cam is a content marketer with a passion for saving, financial independence, and pulling off elaborate credit card point schemes. He has worked in Fintech and Finserve (specifically Group Retirement) and loves researching and writing about finance.
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