If youre like many people, you probably have a general idea of how much money you make and how much you spend each month. But do you know your net worth? Keeping track of your net worth can be a powerful tool for managing your finances and achieving your financial goals.
Your net worth is the total value of your assets minus your liabilities. In other words, its the difference between what you own and what you owe. This can give you a snapshot of your financial health, and tracking it over time can help you see how your financial situation is changing.
Are you tired of using money management software that requires you to track all your transactions? It is just a lot of work to get a picture of your month-to-month money flow. Use net worth tracking instead.
Why you should be using net worth tracking software:
• It can help you set and achieve financial goals. By knowing your net worth, you can see where you stand financially and set realistic goals for improving your situation. For example, you might want to increase your net worth by a certain amount within a certain time frame. Tracking your net worth can help you see if youre on track to achieve your goals and make adjustments if necessary.
• It can help you make better financial decisions. By knowing your net worth, you can see how your financial situation is changing and make decisions that are in line with your goals. For example, if youre trying to save more money, you might decide to cut back on unnecessary expenses or invest in assets that will increase in value over time.
• It can help you reduce debt. Your net worth can also be a useful tool for managing and reducing debt. By knowing how much you owe and how much you have in assets, you can develop a plan for paying off your debt and increasing your net worth.
• It can give you a sense of control over your finances. Many people feel overwhelmed by their finances and dont know where to start. But tracking your net worth can help you see the big picture and give you a sense of control over your financial situation. By knowing how much you have and what you owe, you can take steps to improve your financial health and achieve your goals.
Tracking your net worth is like giving yourself a grade every month and helps keep your spending/savings for the month accountable.
Determining your net worth is more than coming up with a number. It’s also a benchmark for gauging whether or not your assets are increasing over time. If you’re moving in a positive direction, great. However, if your net worth is only holding steady or declining, you’ll want to identify the causes and take action.
Features:
• Custom asset and liability categories
• Support for categories held in foreign currencies
• Depreciable categories
• Custom, colored category tags
• Quick and simple data entry
• Pre-populated values from the previous months entry
• Track individual asset or liability categories
• Multiple charts: net worth, total assets/liabilities, individual asset/liability category, tags
• Pie charts showing a distribution of your asset/liability categories (% or amount)
• Tap on any chart point to see its information and/or edit that record
• Compare net worth records from different periods
• Compare your net worth to mean and median net worth in other countries
• Compare your net worth to US mean and median net worth depending on income, age, and education
• Display bar chart of your annual net worth and estimated net worth for future years based on the trend from previous ones
• Set your net worth goal and see it in your charts
• Multiple reports: net worth statement, assets, liabilities, tag-based reports
• Copy any chart as an image to your clipboard or print it
• Backup/Restore of your data
• Export your data to a CSV (Comma Separated Values) file that lets you import it to MS Excel or Numbers
• Setup monthly reminders so you dont forget to log your next months net worth
