While creating a financial plan, your budget is the ultimate key to success. It allows you to take control of your financial future and be confident about your spending and investments.
However, another key factor to successfully managing your financial progress is to track net worth. By keeping track of your net worth, you can measure your financial progress to determine current debt and investment status.
Preparing a net worth statement is not just about tracking your finances but has more than one use. For example, it can help you with the loan application, stay focused and motivated to achieve your financial goals and of course know when you are ready to take retirement.
Your net worth plan consists of assets and liabilities. For assets, it is recommended to include cash, and assets that will appreciate over time like such as real estate property. Make sure you avoid adding assets that depreciate such as truck or car etc.
When it comes to liabilities, include everything from your student loan to credit card debt in the liability tab.
Tools to Track Net worth in 2019
A good number of people use Excel spreadsheet to keep track of their net worth by creating liability and assets column. While it works, it is not the most efficient way of tracking net worth.
There are a good number of finance tracking tools that not only allows to track net worth but also manage the budget, investment and more.
In this article, we take a look at the best software to track net worth to make your personal finance management process simple and efficient.
What software should I use to track net worth?
- Price – Free tools
With over $8 Billion assets under management and 1.9+ Million user base, Personal Capital is a one-stop destination to keep a tab on your finances and manage them.
Personal Capital offers a free finance management dashboard to the user that tracks your investments and automatically updates your net worth periodically. You can also download the app on your Android and iOS device for easier access.
Personal Capital has two plans on offer. The free plan is for everyone who wants to track their net worth and acts as an investment aggregator. If you want Personal Capital to manage your finances and investment, you can opt for the premium plan.
The dashboard gives you access to all your linked accounts in one place and gets a real-time view to manage your entire financial life.
Fee Analyzer feature can save you from the hidden mutual fund fees to save money. You can compare your portfolio allocation to the ideal target location using the Investment Checkup tool.
Last but not the least, the Retirement Planner makes it easy to build, manage and predict your retirement all from one place.
- Price – Free trial / $6.99 a month (charged annually)
YNAB ( You Need a Budget) is a finance management software to track your spendings and budget management. However, you can also use it to track your net worth.
YNAB is a premium service that costs $6.99 a month which is charged annually. However, there is a 34-days free trial that will give you enough time to asses and evaluate the software to figure out the needs and use.
The app offers tools for monitoring income, expenses and also instructional support to deal with the issues causing financial mismanagement.
You can use YNAB web-based dashboard or download the app on Android or iOS device to access the YNAB accounts.
YNAB is not as sophisticated as Personal Capital or even Mint for that matter, but for what’s it worth, it gets the job done and well.
Notable features offered by YNAB include budgeting, investment tracking, bill management, reconcile transaction, QFX and QIF file format support and online synchronisation across your devices.
You can connect all of your bank accounts to YNAB to keep things up to date. You can access all the information related to your accounts from anywhere and also share the finance plans with your partner seamlessly.
YNAB does not have a whole lot of features. Then again it does not try to be the jack of all trade but master of one.
- Price – Free
Mint is among the popular net worth tracking app. However, it is a full finance management suite which is on par with Capital Control.
Mint is free to use and can be accessed from the website on a desktop or through mobile apps for Android and iOS. Mint displays advertisements related to finance and credit cards to keep the service free.
This personal finance program allows you to add new accounts ranging from credit card to banking and loan quickly and the app downloads all the financial data in no time.
Mint automatically updates and shows the real-time data on the dashboard. The user interface is simple and easy to use with pretty graphs giving it a modern look.
Mint comes equipped with tools to create budgets, defining goals and of course financial account aggregation.
Mint really shines when it comes to tracking your expenses and creating a budget. The software auto categorizes the transaction into pre-defined categories. While it works, the software does take some time to learn from your transaction types and put them in right sections.
You can also use the software to track goals for your investment, debt settlement and savings. The credit card score tracking feature offers a sneak preview of your credit score along with payment history and credit accounts.
Mint is an excellent personal finance tool with essential features to track net worth and manage finance on offer.
- Price – Free / Plus version $99 a year
Every Dollar is one of the well-known software in the personal finance space. It is a freemium app which means while you can use it for free, some features require a premium account.
The major difference between the free and plus version of Every Dollar is that in the free version you need to add the transaction manually while the premium version automates the same process.
Apart from tracking net worth, Every Dollar emphases on budgeting to help you with your spending plan and track your expenses to every last dollar.
It is easy to use and offers a detailed dashboard with all the options made easily accessible to the users.
To start using Every Dollar you need to signup for a free account. It has around eight different spending categories along with an option to create your own. For each category, you can add details, make notes, track transaction and favorite it in case you are planning to use it on a regular basis.
There is a Funds account feature which is nothing but your saving accounts that you can set up on the software.
On the flip side, the software feels expensive at $99 a year knowing Mint is completely free and offers a lot more feature. However, Every Dollar just like YNAB, it excels at the features it offers without cluttering your dashboard with too many options.
- Price – Starts at $34.99 a year.
If you want something more sophisticated and a personal finance management app that allows you to manage your expenses, track your bills as well as investment, Quicken offers the tools that cater to the needs of starter to advanced users.
You can link all of your bank accounts, credit card, assets, retirement plans, liability and investment to the software.
Quicken is available for both Windows and Mac users which means it is an offline software. The software covers the essential features of a financial management tool including budgeting, bill payment and investment tracking functionalities.
The latest version of Quicken comes with a Bill Alert feature that notifies of any pending due and make a payment as well.
The dashboard provides a quick preview of your financial status. You can see what’s coming in and what’s going out. Check balance and receive alerts on the same.
Other features in Quicken include the ability to review your portfolio, monitor performance, create a budget, manage spending and manage your property.
Quicken unlike other personal finance tool offers multiple plans starting at $34 and goes up to $90 for all the features so that you don’t have to pay for the feature you don’t use.
Quicken may not sound attractive to an average user looking for a personal finance software, but for someone requiring tools to fix their complex finance routines will appreciate the depth and feature it has on offer.
Life is always good when your expenses are in your control. And these best software to track net worth help you effortlessly manage your finance and all the other miscellaneous expenses at one place.
To put in simple terms, your Net worth = assets – liabilities. The net worth is bound to change over time, but tracking net worth allows you to monitor your financial health and keep it healthy.
Our recommended software to track net worth includes multi-purpose software that allows you to monitor your monitory status so that you stop living paycheck to paycheck and save more money while paying off your debt.
Do you use any of these software to track your net worth? Do let us know the personal finance software that has helped you to keep your finances on track in the comments.
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