Have you ever wondered how financially successful people measure their financial status? Well, you might have heard about the term “Net Worth.”
Net worth is an essential aspect of financial health that provides a clear and concise snapshot of your current financial standing.
By having a clear understanding of your net worth and cash flow, you can have a better handle on your finances and plan your financial goals.
So here are the financial apps I’ve used with a net worth tracker.
- Understanding your net worth is key to financial health.
- I compared 11 of the best net worth tracking apps, with Empower coming out on top.
- Track your net worth to monitor your financial well-being and make smart decisions about budgeting, saving & investing for a better future.
- You can determine your net worth by hand, but the best budgeting apps make it all instantaneously by linking with your accounts.
Understanding Net Worth: The Key to Financial Health
Your net worth is the difference between your total assets and your total liabilities (AKA Net worth = Assets – Liabilities).
It’s a snapshot of your financial health at a given moment and can help you identify areas of your life that need improvement.
To calculate your net worth by hand:
- List all your assets, such as money, investments, real estate, and other valuable possessions.
- Compile a list of your debt and liabilities, including credit card debt, car loans, medical bills, and mortgages.
- Subtract your total liabilities from your total assets to calculate net worth.
11 Best Apps For A Net Worth Tracker
Empower (previously called Personal Capital) is your all-in-one solution for getting a crystal-clear picture of your finances with the best net worth tracker!
This free tool brings all your accounts under one roof, giving you a bird’s-eye view of your financial landscape to track your net worth.
Whether it’s your credit cards, mortgage, loans, investment accounts, bank, or retirement accounts, Empower’s got you covered.
The tools can uncover hidden fees with the fee analyzer, help you budget your funds, and make suggestions for saving more money.
Just link financial accounts and let Empower’s net worth tracker and other features work magic.
You can track your progress over time. This means you can fine-tune your budget and retirement planner to focus on your goals and boost your net worth.
Read more about why Empower is my #1 pick for budgeting and finances with my in-depth Empower Review.
Looking for a user-friendly investment platform? Betterment might be just what you need. It’s available as a smartphone app or on your desktop, making it super convenient.
Betterment is like having your own personal financial advisor, but it’s automated! It works its magic based on your personal finance goals.
First, it identifies how much risk you’re comfortable with through easy questions. Then, it suggests a portfolio of exchange-traded funds (ETFs) tailored to you.
Now, here’s the cool part of tracking your net worth.
Betterment allows you to link your bank accounts to its platform. That means you can monitor your assets and debts from one central dashboard.
Plus, it gives you a risk score for your retirement accounts and can uncover sneaky fees that might be eating into your earnings.
And if you like setting goals, Betterment’s got your back. It helps you track your net worth as you work towards those milestones.
Betterment charges a management fee for your investment accounts, but there’s no fee for your checking and cash reserve accounts.
To read more about this helpful Robo-advisor, read my honest Betterment Review.
Quicken is one of the best budgeting tools that simplifies figuring out your net worth easily. And it’s affordable, with plans starting at $2.50 a month for all their money management tools.
Picture it as your financial advisor dashboard for your monthly budgets, displaying your bank balance, credit card debt, and more—a quick and convenient financial snapshot.
The impressive aspect of Quicken lies in its ability to keep you informed about your assets and liabilities in real-time, providing a comprehensive overview of your financial landscape.
For example, if your home’s value increases or your car loan decreases, Quicken automatically updates these changes, giving you instant changes on your money.
What sets Quicken apart is its knack for eliminating guesswork from money management.
Whether you’re saving for a dream vacation or striving to gain control over your spending, Quicken effortlessly paints the full picture of your finances.
To learn, check out my full Quicken Review.
4. Monarch Money
Monarch Money is your ultimate financial tracking tool. Imagine this: all your financial accounts are neatly organized in a single, user-friendly dashboard.
We’re talking bank accounts, loans, credit cards, real estate, investments, and more.
But here’s the kicker – Monarch Money also lets you manually add and track unique assets, like that precious artwork or other valuable collectibles you own.
But that’s not all! Monarch’s dashboards are fully customizable. You can tailor them to focus on how much you spend or the net worth aspects that matter most to you.
Price-wise, Monarch Money offers 7 days free to try out Monarch Money. After the free trial, you can pay $14.99 monthly or $99.99 annually.
Read more about managing your money with my Monarch Money Review.
Simplifi by Quicken streamlines net worth tracking in a financial command center, seamlessly linking with a vast network of financial institutions.
Simplifi by Quicken is a wizard at suggesting budgets based on your spending history, but the best part is you can tweak it to match your unique preferences.
Simplifi doesn’t stop at bank accounts; it can also link up with your loans, savings, and investment accounts. This means you get a full view of your financial landscape at a glance.
But wait, there’s more! You can set financial goals and track your progress as you work towards them.
Plus, it offers the handy feature of generating reports, giving you a detailed breakdown of your spending – talk about an eye-opener!
Check out my Simplifi Review for more info.
YNAB, short for You Need A Budget, is one of the best budgeting apps that goes beyond budgeting—it excels at net worth tracking, acting as your central financial hub.
With YNAB, you effortlessly monitor all aspects of your net worth: cash on hand, credit cards, bank saving accounts, investments, retirement funds, real estate, vehicles, and more.
What makes YNAB stand out are its four fundamental principles that point you in the right direction:
- Assign every dollar a purpose: YNAB ensures that every dollar you earn is allocated to a specific goal or true expenses, prioritizing saving and conscious buying.
- Embrace your future expenses: YNAB encourages you to plan for occasional expenses (like annual insurance premiums or car repairs) by setting aside funds gradually with a savings planner so you’re ready when these expenses arise.
- Adapt to life’s changes: YNAB acknowledges that life is unpredictable. It teaches you to be flexible with your budget and adjust to unexpected circumstances gracefully.
- Age your money: YNAB guides you in breaking free from living paycheck to paycheck. It helps you use last month’s income to cover this month’s expenses, giving you financial peace of mind.
Albert is your ultimate financial companion, streamlining all your accounts to provide a comprehensive view of your money- your savings, spending, and even cash back earnings, all in one convenient spot.
What makes Albert stand out is its role as a pocket-sized financial advisor. It monitors your spending, tracks expenses, and enhances your saving habits.
Albert truly shines in the net worth arena. Linking your bank, credit cards, and investments offers a complete financial overview.
It has personal net worth tracking that updates in real-time as your finances evolve. This feature not only lets you track your financial growth over time.
It also empowers you to make informed money decisions based on your holistic financial picture.
Tiller Money is like a super-smart spreadsheet for your finances. It’s not one of your typical budgeting apps; it’s a simple spreadsheet system that works similarly to Microsoft Excel or Google Sheets.
It automatically pulls transactions from all your financial accounts, so you don’t have to manually punch in numbers, making tracking your finances, loans, investment accounting, and bills easier.
Tiller cleverly sorts your connected accounts into assets and liabilities and updates them. Plus, you can create custom rules to categorize your expenses and income differently.
Tiller is just $79 a year but does offer a 30-day free trial.
PocketSmith is an incredibly user-friendly app that’s perfect for keeping a close watch on your finances.
Its standout feature is its seamless bank connections, giving you a unified view of all your financial information in one place.
But it’s not just about tracking your spending; PocketSmith also provides insights into how your current choices might affect your future financial health.
What sets PocketSmith apart is its ability to simplify net worth tracking. It makes monitoring your savings, debts, and investments easy for clearer cash flow forecasting.
PocketSmith has three different plans ranging from $9.99 to $26.99 a month (billed annually). It does offer a free plan, but the features are quite limited.
Kubera is a modern net worth tracker that helps you keep an eye on your financial world.
With Kubera, you can connect your investments with online brokers, cryptocurrencies, real estate, or vehicles.
It offers a secure platform to track your other assets and safely store important documents. Your financial information is well-protected here.
Kubera offers two plans – The Personal Plan is $150, and the Family Plan is $225.
11. New Retirement
New Retirement is a comprehensive net worth calculator that also helps with retirement planning.
It offers a free plan and a $120 per year option, providing tools and resources to create a financial plan tailored to your needs.
With New Retirement, you can track your current net worth and project future changes, helping you manage your finances and plan for retirement.
What makes up my net worth?
Your net worth is like a financial scorecard, showing the difference between your assets and liabilities.
By keeping track of these, you can easily calculate your net worth and get a clear picture of your financial health.
What is the average net worth per person today?
The average net worth per person in the U.S. in 2023 is quite an eye-opener. The average household net worth is around $1.06 million.
A more down-to-earth number is the median net worth, which is about $192,000, according to NerdWallet.
How much should my net worth be by age?
Let’s talk about where your net worth “should” be as you age:
- Under 35: $39,000, but some are rocking it at about $183,500
- 35 to 44: $135,600 is solid, but some folks have bumped it to around $549,600
- 45 to 54: $247,200, but it’s near $975,800 on the higher end
Understanding and knowing your net worth is crucial in maintaining financial health and achieving your financial goals.
With a plethora of net worth tracking apps available, finding the right fit for your needs is essential to manage your money.
Whether you prefer a comprehensive platform like Empower or want to track your finances yourself, you have the ability to track your worth and manage your money better.
Start tracking your net worth today and pave the way to a brighter financial future.