Can you confidently say what your net worth is—right this second? For many, it is a challenging question that requires time to figure out. However, in this digital age where instant information is paramount, a net worth tracking app combats the manual calculation of traditional wealth tracking methods.
These apps to track net worth streamline the entire process by aggregating financial data, calculating net worth, and visually charting financial progress. Whether one's goal is to determine the net worth needed to retire, budget for a significant purchase, or simply understand their financial standing, these apps are invaluable tools for monitoring wealth.
Net Worth as a Financial Health Indicator
As a crucial indicator of financial health, tools like net worth tracker apps have transformed how individuals perceive their fiscal standing. Farmers State Bank highlights that net worth offers a complete view of one’s financial status beyond income and savings, driving more informed decisions.
Given this enhanced financial literacy, a wide selection of wealth tracker apps has emerged, leading to the question: What is the best app to track net worth? This article delves into the net worth tracking app’s top contenders, exploring their features and how they can help individuals achieve personal financial success by leveraging the app’s functionalities.
- Why Use a Net Worth Tracking App?
- Key Features to Look for in the Best App to Track Net Worth
- 10 Best Net Worth Tracking Apps
- Empower
- MyAssets
- Kubera
- You Need a Budget (YNAB)
- Monarch Money
- Emma
- Simplifi
- PocketSmith
- Boldin
- Betterment
- Make Confident Financial Moves with a Net Worth Calculator App
- Track Net Worth App: Frequently Asked Questions
Why Use a Net Worth Tracking App?
Beyond net worth's primary purpose of revealing the total value of an individual's assets (own - i.e., bank accounts, investments, real estate, art and collectables) and liabilities (owed - i.e., mortgage, loans, credit card), net worth tracking apps unlock several benefits beyond a simple calculation.
Provides a Holistic Financial Snapshot
The inherent challenge of constantly switching between multiple bank accounts to check the total value of financial assets can be inefficient, especially for those who desire instant financial snapshots. Net worth tracker apps solve this by consolidating financial accounts within a single interface, providing a convenient view of the entire financial picture.
Empower Informed Decision-Making
A high income, surprisingly, does not automatically equate to being wealthy. In fact, many individuals earning substantial salaries find themselves in a difficult situation, as they consistently spend all, or even more, than they earn. This often leads to a negative net worth where their liabilities outweigh their assets.
This is where a net worth tracker becomes indispensable. By utilising the app's features, users can pinpoint areas of concern, like excessive debt or insufficient savings, or highlight strengths, like growing investment portfolios and appreciating assets.
See Also: Your Ultimate Guide to Strategic Financial Planning
Key Features to Look for in the Best App to Track Net Worth
Given the extensive list of wealth tracker apps, selecting tools that offer valuable insights into one's financial picture is paramount for personal finance management.
Here are the key features to prioritise when selecting the best net worth tracking apps:
Net Worth Calculation
Whether through manual entry or the seamless syncing of financial data from bank accounts and other institutions, a net worth tracker app aggregates all assets and liabilities, providing an instant and accurate calculation of total financial standing.
Asset Allocation Visual Breakdown
The asset allocation visualisation feature provides a graphical representation of how assets are distributed across different categories, making the complex financial information easily digestible and visually insightful.
Instead of seeing a long list of numbers, this feature utilises pie charts or bar graphs, to show what percentage of total wealth is allocated in different categories: cash, stocks, bonds, real estate, or retirement accounts.
Exporting and Reporting Features
Beyond the data displayed within the app, a net worth tracker app should offer exporting and reporting features to extract and analyse financial information externally.
This functionality typically involves exporting data to CSV or PDF formats, allowing users to conduct deeper offline analysis, maintain personal records, or conveniently share financial insights with advisors and other professionals.
Strong Security Features
Since a net worth tracker app handles highly sensitive personal financial information, strong security features are non-negotiable. This critical aspect ensures that aggregated banking, investment, and debt data stays safe from unauthorised access, cyber threats, and data breaches.
Two-factor authentication (2FA) is a widely adopted and reliable security measure in financial technology. According to the credit card service provider Payhawk, it enhances data security by requiring an additional verification step beyond the standard password.
Typically, these two identity verification methods involve entering a password or PIN first, followed by a code received via an authentication app or text message.
10 Best Net Worth Tracking Apps
Managing wealth involves understanding one’s financial standing. To make the process simpler, explore the best net worth tracking apps that lay out the groundwork for informed decisions.
1. Empower
Empower, formerly known as Personal Capital, is recognised by Forbes as the best net worth tracker app. This application offers a set of savings tools that help individuals build retirement savings and emergency funds, as well as pay down debt.
Pros
- Offers detailed charts and analytics to support financial performance analysis.
- Provide personalised advice on topics like budgeting, debt management, investing, retirement spending strategies and more.
Cons
- Their portfolio management service requires a minimum balance of $100,000.
- Manual entry of transactions is not available.
Free Plan: Yes
Subscription Fee: None
2. MyAssets
Designed to help organise and monitor financial assets, MyAssets functions as a net worth tracker app. It allows users to add and track all account types, including cash and banking, traditional investments, other investments, and insurance, and even connect to banks for seamless sharing of account balances.
MyAssets goes beyond net worth tracking by offering tools to organise, monitor and manage all forms of assets–financial, digital and physical assets –delivering a consolidated overview and enhanced control over their entire portfolio.
Pros
- Ideal for diversified investors managing a broad portfolio, including finances, real estate, collectables, and personal belongings.
- Link loans and mortgages with all other assets, ensuring accurate net worth calculations.
Cons
- Although cryptocurrency and other advanced options are not fully rolled out yet, ongoing development signals strong potential ahead.
- Populating the app with accounts and data takes some upfront work, but the benefits of centralised tracking quickly follow.
Free Plan: No, but it offers a 14-day free trial
Subscription Fee: Starts at £20
Read More: MyAssets: The Digital Asset Management App That Get Things Done
3. Kubera
Kubera is a wealth tracker app that provides users with a complete financial picture by allowing them to monitor a diverse range of assets. This includes investments, real estate holdings, and various other asset classes, such as NFTS or cryptocurrencies.
Pros
- Enables monitoring of crypto and DeFi portfolios.
- Supports integration with over 20,000 banks and brokerages.
Cons
- No free plan.
- Trial service is offered at a nominal cost of $1, which is not refundable.
Free Plan: No
Subscription Fee: $249/year
4. You Need a Budget (YNAB)
A widely known budgeting app is You Need a Budget (YNAB), which supports individuals in making intentional spending decisions, prioritising their financial goals, and gaining control over their money. It advocates a proactive, zero-based budgeting method, where every dollar is assigned a specific job, such as rent, groceries, or savings, to align spending with personal priorities.
This now leads to the question: How does YNAB track your net worth? YNAB calculates net worth by monitoring the balances of all the financial accounts linked to the app. By connecting checking, savings and credit cards, YNAB aggregates all assets and subtracts all liabilities to provide a net worth.
Pros
- Connects with over 12,000 banks, allowing for the automatic detection and import of transactions.
- It accommodates up to six users per account.
Cons
- Bill tracking and payment options are not included.
- Their zero-based budgeting method is limiting, which often requires a shift in mindset.
Free Plan: No, but it offers a 34-day free trial
Subscription Fee: $14.99/month
5. Monarch Money
Monarch Money is a budgeting app that links all financial accounts, from bank accounts and credit cards to loans and investments, into a single dashboard. This provides a holistic view of the users' financial picture, making it simple to monitor their net worth.
Pros
- Collaborates alongside family and relatives, ideal for managing joint finances.
- Link accounts from a network of over 13,000 banks.
Cons
- No free version.
- Primarily supports traditional budgeting methods, which may not cater to users with irregular income streams or those seeking more flexible budgeting tools.
Free Plan: No
Subscription Fee: Starts at $14.99/month
6. Emma
Another noteworthy budgeting tool is Emma. The Open Banking Organisation highlights that this application helps users avoid overdrafts, cancel wasteful subscriptions, and track their expenses, thereby promoting significant savings. Indeed, records indicate that Emma facilitates annual savings of up to £600 for its users.
Additionally, this finance app utilises Open Banking to link bank accounts and credit cards, enabling seamless transaction tracking.
Pros
- Introduces a monthly savings reminder that encourages users to set aside a manageable amount each month.
- View cryptocurrency balances together with standard financial accounts.
Cons
- Emma’s most useful features come with a paid subscription.
- Lacks a feature for week-by-week or month-by-month spending comparisons, challenging users to monitor changes in their spending habits.
Free Plan: Yes
Subscription Fee: Starts at £4.99/month
7. Simplifi
Simplifi is a web and mobile-based money-tracking app that focuses on streamlining budgeting, investment account tracking, and goal setting across all financial accounts.
According to Moneywise, Simplifi enables users to track their net worth, analyse their income, keep tabs on their total savings, and even log refunds. Beyond tracking, the platform also provides features for setting and monitoring various financial goals.
Pros
- The app provides crucial information, such as spending plans, upcoming bills, and financial goals, to help users maintain control and stay on track.
- The platform is free from advertisements, presenting only financial data reports and recommendations.
Cons
- The app does not support multiple users, which may be limiting for couples or teams.
- The subscription is billed annually, which can be a drawback for those who prefer monthly payments.
Free Plan: No
Subscription Fee: Starts at $3.99/month
8. PocketSmith
PocketSmith is a personal finance platform empowering users with money management tools. It offers flexible budgeting and long-term financial forecasting, connecting to a wide array of bank and financial accounts to centralise data. This allows users to effortlessly track spending, monitor net worth, and create highly customised budgets.
Pros
- It can project daily account balances as far as 30 years ahead.
- It connects to multiple bank accounts, even those from different countries.
Cons
- Excessive details that can be difficult to process.
- To access all of PocketSmith's features, a paid subscription is required.
Free Plan: Yes
Subscription Fee: Starts at $9.99/month
9. Boldin
Boldin is a retirement planning tool that helps individuals plan and manage their finances, with a core emphasis on retirement. Beyond simply tracking current financial standing, Boldin's true power as a net worth tracker lies in its ability to project users' net worth into the future.
By integrating their income, expenses, and savings goals with various "what-if" scenarios (i.e., adjusting retirement age, anticipating different investment returns, or planning major purchases), users can visualise how their net worth will evolve. This enables them to assess their financial trajectory across various life stages, ensuring a well-planned path to and through retirement.
Pros
- Includes free-to-use retirement calculators.
- Those looking for more in-depth guidance can access Zoom support calls and financial advisory services for an additional fee.
Cons
- The free version does not support account linking.
- Another item to demonstrate rounded bullets.
- Supports US-based banks only.
Free Plan: Yes
Subscription Fee: Starts at $10/month with a 14-day free trial
10. Betterment
Betterment operates as an investment portfolio app that streamlines investing and money management for its users. As a prominent robo-advisor, it employs automated investing principles, where algorithms intelligently construct and oversee diversified investment portfolios. These portfolios are tailored to individual users based on their specific financial goals, investment time horizons, and risk tolerance.
The pertinent question here now is: How does Betterment track net worth? This application aggregates balances from all linked financial accounts. This includes their investment and cash accounts, bank accounts, credit cards and other investments. By combining all assets and liabilities, it provides a bird's-eye view of finances.
Pros
- Cryptocurrency portfolio is supported.
- Provides goal-based financial planning and tax-efficient strategies.
Cons
- Access to human advisors is only available with a Premium plan.
- Using only algorithms might miss unique personal situations and subtle market details.
Free Plan: No
Subscription Fee: Starts at $4/month
Make Confident Financial Moves with a Net Worth Calculator App
Today's complex financial landscape has given rise to net worth tracking apps that have become an essential tool for wealth management. These platforms offer a snapshot of overall financial health, helping users identify opportunities, address gaps, and take proactive steps toward long-term financial goals.
The market boasts a diverse solution, catering to every individual’s needs and requirements. For net worth tracker apps, options like Empower, MyAssets and Kubera stand out. Those seeking specialised budgeting tools can turn to YNAB, Monarch Money, Emma and Simplifi. Furthermore, PocketSmith, Boldin and Betterment offer additional financial functionalities, from detailed forecasting to automated investing.
Nonetheless, while a well-chosen app can support financial objectives, it still requires regular input and attention to deliver results. Therefore, successful financial management ultimately remains a partnership between the user and their chosen tool.
Track Net Worth App: Frequently Asked Questions
1. What’s the difference between a net worth tracker and a budgeting app?
A net worth tracker calculates the difference between total assets and liabilities to gain an overview of an individual's financial standing. In contrast, a budgeting app manages day-to-day finances by monitoring income and expenses.
Today, many apps such as YNAB, Monarch Money and Kubera integrate both functions, enabling users to oversee their spending habits while also tracking their net worth on one platform.
2. How do net worth tracking apps work?
A net worth tracking app consolidates financial information from multiple sources, including bank accounts, investment portfolios, real estate holdings, and outstanding debts such as loans.
As a net worth calculator, it automatically determines an individual's net worth by calculating the difference between total assets and total liabilities.
3. How often should I update my net worth?
Research suggests that reviewing net worth once or twice a year offers a reliable foundation for tracking progress and making informed financial decisions.
MyAssets: The All-in-One Net Worth Tracker for Everything You Own and Owe
When financial data is scattered across different accounts, individuals may struggle to form an accurate financial overview. But with a net worth tracking app like MyAssets, users can gain a consolidated view of their assets and liabilities.
With a few taps, users see their cash and bank accounts, investments, and even the value of their home, all neatly organised in one dashboard. Overwhelming data information? MyAssets provides easy, digestible graphs and charts to visualise financial progress.
This net worth calculator app also allows users to add credit card balances, loans and mortgages, ensuring that liabilities reflect their overall financial picture. Even better, MyAssets links each debt to the corresponding asset, making it easy to see what is still owed.
Stop guessing, start growing. Explore MyAssets with a 14-day free trial.
