I tracked my net worth for the first time three years ago. The number was negative. As in, I owed more than I owned. It was depressing.
But here’s what happened next: I checked again three months later and the number had moved. Not by much — maybe $800 in the right direction. But it had moved. And that tiny positive change was more motivating than any budgeting tip I’d ever read.
If you’re not tracking your net worth, you’re flying blind. Here are three free tools to fix that.
Wait — What Is Net Worth?#
Net Worth = Everything You Own − Everything You Owe
| Assets (What You Own) | Liabilities (What You Owe) |
|---|---|
| Savings accounts | Credit card balances |
| Investment accounts | Student loans |
| Retirement accounts | Car loan |
| Home value (if you own) | Mortgage |
| Car value | Personal loans |
| Total Assets | Total Liabilities |
Net Worth = Total Assets − Total Liabilities
If your assets total $50,000 and your liabilities total $30,000, your net worth is $20,000. If you’re young with student loans and no assets yet, your net worth might be negative. That’s okay — it’s a starting point.
Tool 1: Empower (Formerly Personal Capital) — Best All-In-One#
Cost: Free (they make money by offering paid advisory services, which you can decline)
Empower is the most comprehensive free net worth tracker available. It connects to virtually every financial institution and pulls your balances automatically.
What it does:
- Automatically updates account balances daily
- Tracks investments, bank accounts, credit cards, loans, and mortgages
- Shows your net worth over time with clean charts
- Analyzes investment fees and asset allocation
- Provides a retirement planning calculator
What I like: The investment analysis is genuinely useful. It showed me I was paying 0.85% in weighted expense ratios across my portfolio — way too high. I switched to lower-cost index funds and saved hundreds per year.
What I don’t like: They will try to sell you on their advisory service. Expect a phone call or two. Just politely decline — the free tools remain free regardless.
Best for: People who want automatic tracking and investment analysis in one place.
Tool 2: Monarch Money — Best for Couples and Budgeters#
Cost: Free 30-day trial, then $14.99/month (but you can track net worth manually for free)
Wait — I said free tools. Here’s the thing: Monarch’s free trial gives you full access for a month, which is enough to decide if you like it. And their net worth tracking is excellent.
What it does:
- Full net worth dashboard with trend lines
- Budgeting and expense tracking
- Shared access for couples
- Goal tracking (save for a house, pay off debt, etc.)
- Cash flow projections
What I like: The interface is beautiful and intuitive. If Empower feels like a financial dashboard, Monarch feels like a personal finance app designed for normal humans.
Best for: People who want net worth tracking + budgeting in one app, especially couples managing finances together.
Tool 3: Google Sheets — Best for Control Freaks (Like Me)#
Cost: Free forever
This is what I actually use. No app, no account connections, just a spreadsheet that I update on the 1st of every month.
The setup:
Create a simple sheet with columns for:
| Date | Checking | Savings | Investments | Retirement | Credit Cards | Loans | Net Worth |
|---|---|---|---|---|---|---|---|
| 2026-01-01 | $2,400 | $5,200 | $3,100 | $8,500 | -$3,200 | -$12,000 | $4,000 |
| 2026-02-01 | $2,100 | $5,400 | $3,250 | $8,800 | -$2,800 | -$11,600 | $5,150 |
| 2026-03-01 | $2,500 | $5,600 | $3,400 | $9,100 | -$2,400 | -$11,200 | $7,000 |
What I like:
- I control exactly what’s tracked and how
- No security concerns about linking bank accounts
- I can add notes for context (“car repair month”, “bonus month”)
- The manual process forces me to look at every account monthly
- It takes about 10 minutes once a month
What I don’t like: It’s manual. If you have 15+ accounts, logging into each one monthly is tedious.
Want my template? Here’s a simple formula: In the Net Worth column, use =SUM(positive_accounts)-SUM(ABS(negative_accounts)). Add a chart for the Net Worth column over time. That’s it.
Best for: People who want full control, don’t trust third-party apps with their credentials, or have simple finances.
Why Tracking Net Worth Matters#
Your net worth is the single most important number in personal finance. Here’s why:
It’s the scorecard — Income and spending are inputs. Net worth is the output. If your income is going up but your net worth isn’t, you’re spinning your wheels.
It keeps you honest — You can lie to yourself about spending, but you can’t lie to a net worth calculation.
It shows progress — Monthly swings can be discouraging, but looking at a 12-month trend almost always shows improvement if you’re working at it.
It motivates — Watching a number go from negative to positive, or from $10K to $50K, is genuinely exciting. It makes the daily discipline feel worth it.
The Bottom Line#
Pick one tool and start tracking. Don’t spend a month researching — spend 30 minutes setting one up and check it monthly. The tool matters less than the habit.
My recommendation: Start with Empower for automatic tracking. If you find you prefer manual control, switch to a spreadsheet. The best tool is the one you’ll actually use consistently.