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The 5 Best Wealth Tracker Apps and Websites for Parents

The 5 Best Wealth Tracker Apps and Websites for Parents

 

Do you know how much you’re really worth? Tracking your net worth is crucial for getting a handle on your financial future. As a parent, having visibility into your financial accounts gives you the insight to make informed financial decisions that will allow you to achieve your family’s financial goals.

There are many great net worth tracking apps available to help you monitor all your assets and liabilities in one place. We’ve rounded up the top 5 wealth trackers specifically tailored for parents wanting the full picture of their financial life. Whether you need to wrangle multiple bank accounts, investment accounts, retirement accounts, and more, these platforms make tracking net worth a breeze.

Why You Should Track Your Net Worth

Net Worth

Knowing your net worth gives you a high-level view of your financial health and is key to financial planning for yourself and your child. Your net worth is calculated by adding up all your assets, such as your home value, retirement accounts, savings accounts, and investment portfolios, and subtracting your liabilities, such as mortgages, credit card balances, student loans, and other debt. It reveals your overall financial picture and is more important than simply tracking income or expenses.

Here’s why tracking your net worth as a parent is so important:

  • Gives a big-picture view of your family’s financial accounts in one dashboard

  • Helps set realistic financial goals

  • Allows you to track your investment performance over time

  • Motivates better savings and debt repayment habits

  • Identifies gaps or weaknesses in your financial future

  • Enables informed decisions about major purchases or life changes

  • Provides peace of mind that you’re headed in the right direction

financial advisors

Many financial advisors emphasize that net worth matters far more than income. Two families can earn the same salaries but have vastly different net worths based on their spending and saving habits. Tracking this metric keeps you focused on growing your wealth rather than just maintaining your lifestyle.

As American writer and business theorist Thomas J. Stanley notes:

Getting a clear handle on your net worth is the first step towards taking control of your financial future. The easiest way to monitor this critical number, along with all your financial accounts in one secure place, is through a net worth tracker app.

Net Worth Trackers: The Best Apps and Tracking Services

Monarch Money

Monarch Money

Monarch Money is one of the most popular net worth trackers designed specifically for visualizing your big picture financial situation.

This powerful app links all your financial accounts, such as bank accounts, loans, credit cards, investment accounts, and more, in a simple consolidated view. You’ll get an at-a-glance perspective of your cash flow, asset allocations, spending habits, and more.

Key features include:

  • Syncing all bank accounts, investment accounts, mortgages, and loans in one dashboard

  • Automatic bank connections and updates from over 16,000 financial institutions

  • Easy manual adding of any outside accounts

  • Full net worth tracking and cash flow insights

  • Ability to set financial goals and track them over time

  • Secure encrypted platform to protect sensitive financial information

  • $14.99/month plan includes linking unlimited collaborators

Paired with Monarch’s budgeting and planning tools, you’ll have unprecedented visibility into your savings, debt, income streams, portfolio, and overall financial standing. This helps uncover waste, optimize spending, and make strategic money decisions.

Monarch Money Dashboard

With advanced net worth features, budgeting capabilities, and easy tracking, Monarch Money makes it simple for parents to monitor their big-picture financial accounts.

Tiller Money

Tiller Money

Tiller Money takes a user-centric approach to tracking all your financial information automatically. They are pro-spreadsheets, because they allow you to visualize your data any way you want, completely customized to your needs.

With direct syncs to over 18,000 financial institutions, Tiller automatically pulls all your latest transactions into Google Sheets or Microsoft Excel. This gives you a dynamic, real-time view of your spending, account balances, cash flow, investments,, and full net worth.

Tiller Money Synced Spreadsheets

Some top features include:

  • Automatic syncing and updates of all your various bank accounts and investment accounts

  • Choose custom categories and tags for deeper insights into your money flow

  • Flexible tools to budget, forecast, analyze, and report on your finances

  • Over 350 ways to visualize your financial transactions in dynamic spreadsheets

  • Net worth tracking lets you see the full scope of your financial life

  • Security processes like bank-level encryption and authentication

Tiller is a spreadsheet-based budgeting and financial planning tool priced at $79 per year, equivalent to $6.58 per month. The service offers a 30-day free trial with no ads or hidden fees, and users can cancel anytime during the trial period. Tiller also offers a money-back guarantee if customers are not satisfied.

Right Capital

Right Capital

Right Capital takes a goals-based approach to holistic financial planning and tracking. This platform allows you to model your full financial life by linking all accounts, visualizing key numbers, and stress-testing various scenarios. Your financial advisor may use this to track your progress. Their “Financial Plan first, Investment Plan second” philosophy optimizes your entire household balance sheet.

The comprehensive dashboard integrates your cash flow, insurance, investments, taxes, liabilities, and full net worth in one place. Advanced analytics, calculators, stress tests, and LifePath modeling empower you to make strategic money decisions and achieve your long-term financial goals.

Some highlighted capabilities:

  • Fully syncs current financial accounts via Plaid: savings accounts, 401(k)s, IRAs, mortgages and more

  • Complete overview of your assets and sector allocations across accounts with one click

  • Sophisticated retirement planning tools using their patent-pending process

  • Illustrates how life changes or events can impact your holistic financial plan

  • Securely view your aggregated financial data on any device

  • Financial advisors have access to Stifel‘s nationally recognized research reports

RightCapital offers flexible pricing options for financial advisors. The Basic plan, priced at $139.95 per advisor per month, includes comprehensive features such as investment, retirement, college, insurance, tax, and estate planning, along with tools like Snapshot™ plan summaries and Blueprint™ visuals.

The Premium plan, priced at $179.95 per advisor per month, adds features like account aggregation, budgeting tools, smart transaction categorization, and RightIntel™ business intelligence. The Platinum plan, available upon inquiry, offers additional benefits such as team collaboration, custom asset classes, enhanced investment return parameters, and firm-level assumptions and models, along with multiple assistant accesses for an additional fee.

Right Capital Retirement Analysis

Parents balancing kids, aging parents and their own retirement needs find Right Capital instrumental for modeling out their multi-generational financial future. The easy-to-use interface makes even complex what-if scenarios intuitive.

Stifel Wealth Tracker

Stifel Wealth Tracker

Parents looking for personalized guidance paired with a comprehensive net worth and cash flow dashboard will love Stifel Wealth Tracker. This free service, designed by a leading wealth management firm, helps you see your big-picture financial accounts clearly.

It securely aggregates financial data from over 300 institutions, including banks, credit cards, investment firms, lenders, crypto, and more. Customizable dashboards and flexible tracking give you visibility into your full financial position.

Key net worth tracking features include:

  • Secure aggregation of financial information from various bank accounts, brokerages and lenders

  • Integrated financial dashboard showing cash flow, asset allocation, goals and net worth changes

  • Custom rule builder for categorizing transactions the way you want

  • Access real-time updates and performance reporting on your investment accounts

  • Planning tools illustrate if you’re on the right track for goals based on your risk tolerance and time horizon

Unlike some net worth apps, Stifel Wealth Tracker also provides access to insights from a financial advisor who can review your financial data and provide personalized advice. With human expertise plus cutting-edge technology, families get the full picture plus a roadmap tailored to their situation.

Stifel Wealth Tracker Dashboard

From aggregating all your key financial information to allowing collaboration with a professional advisor, Stifel Wealth Tracker is a secure, full-service net worth solution.

Overall: Best Net Worth Trackers and Calculators

The best net worth calculator for your family ultimately depends on your needs and preferences around features, connectivity, security, customization and reporting.

Monarch Money shines if you want an easy, at-a-glance view of your cash flow and net worth integrated with budgeting capabilities.

Tiller Money allows you to completely customize your financial dashboards by syncing transactions directly into Excel or Google Sheets.

Right Capital provides goal-based modeling and stress testing your financial plan from a retirement planning perspective.

Stifel Wealth Tracker lets you take advantage of human financial advice paired and aggregated reporting software.

Most services offer free trials so you can experience the features firsthand.

girl, mother, daughter

Average Net Worth by Age and Gender

Net worth can vary substantially based on age, income, family size and even gender.

The Survey of Consumer Finances (SCF) conducted by the Federal Reserve offers insights into net worth based on age and gender, utilizing data aggregated from 1989 to 2022. The provided information shows the median before-tax family income (in thousands of US dollars) across various age groups over this period.

Over the years, there’s a general trend of increasing median income across all age groups, with some fluctuations observed in certain periods. Notably, there’s a decline in median income for individuals aged 75 or older in recent years.

This data is valuable for understanding the financial landscape across different age demographics over the past few decades. By comparing your own financial situation to this reference data, you can assess whether you’re lagging behind or outpacing your peers. If you find yourself significantly behind, it may be necessary to reassess your long-term financial goals and make adjustments to your saving and investing strategy.

Are Online Net Worth Trackers Secure?

Naturally, many parents have concerns about privacy and security when using an online platform.

The good news is that financial technology has advanced dramatically in recent years when it comes to keeping your data safe. Security should be a top consideration as you evaluate wealth-tracking services.

Here are the key factors to look for around safety:

  • Bank-level encryption for transmitting your credentials and data

  • Leading protocols like PKCSAES-256SSL used enterprise-wide

  • Funds insured by the FDIC in certain cases

  • Access limited to you only via strong username/password

  • Regular independent audits of their security framework

  • Public commitment to protecting sensitive information

Top tier platforms invest heavily in security infrastructure and processes. They enable bank-connecting via the trusted Plaid network and isolate aggregated information in private databases. Multi-layer verification ensures your accounts and transactions remain invisible to others.

That said, 100% security doesn’t exist when dealing with online platforms. So, only connect accounts holding non-essential funds in case of a breach. Also enable two-factor authentication for an extra layer of protection on accounts where possible.

ai generated, money, finance

Tips to Increase Your Net Worth

Simply tracking your net worth consistently gives you insights to make better financial decisions. But you likely want to see your number steadily grow over time as a sign of financial health and prosperity.

Here are 5 fundamental ways to actively build your net worth:

1. Reduce Debt

Paying off liabilities like loans, mortgages, and credit cards has a multiplier effect on your net worth. Not only do those balances decrease, but you also avoid accruing costly interest, allowing faster principal paydown. Get motivated by tracking your debt freedom journey in a net worth tracker.

2. Spend Less Than You Earn

Creating consistent positive cash flow via a budget gives you money to allocate towards assets. Use an app like Monarch Money or Tiller Money to monitor your spending patterns and free up funds for investing.

3. Increase Your Income

Bringing in more money directly enables greater savings contributions and discretionary funds to buy appreciating assets. Asking for raises, finding higher paying jobs and starting side hustles accelerates net worth building.

4. Invest Earlier & Regularly

Consistently investing surplus money trains you to live below your means while harnessing market returns. Use payroll deductions on retirement accounts and automatic transfers into investment accounts.

5. Buy Income-Producing Assets

Generating passive income from assets unlocks exponential growth and diversifies beyond labor income. Assets like real estate, dividend stocks, and online businesses create compounding returns.

Committing to these five net worth-boosting strategies will put your number on an upward trajectory. But you need visibility via tracking to ensure consistent progress.

ux, prototyping, design

Apps and Websites to Grow Your Investment Portfolio

Growing your net worth involves optimizing your investment portfolio across retirement accounts, brokerages, alternative assets, and beyond. As a parent investing for multiple goals and time horizons, it’s crucial to allocate your assets appropriately.

Here are another 4 top wealth tracker apps to effectively manage investments:

  • Personal Capital – Frequently touted as one of the best free net worth trackers, Personal Capital seamlessly links investment accounts for consolidated performance reporting. You can analyze returns by account, asset class, sector, and more to optimize your portfolio.

  • Wealthfront – This leading robo-advisor now offers free financial planning tools for managing investments. Their dashboard provides time-weighted and money-weighted returns plus analysis on tax optimization, asset allocation, and portfolio changes over time.

  • SigFig—SigFig provides investment portfolio monitoring and analysis across all your investment accounts. The customizable dashboard reveals hidden fees, performance attribution, risk metrics, and holdings insights that empower optimal decision-making.

  • Sharesight – Specifically targeted at DIY stock market investors, Sharesight tracks your share investments across multiple brokerages and geographies in one place. You can analyze performance, capital gains/losses, dividends, fees, and more to improve returns.

You can even start investing your kids’ money (gifts and job earnings) on their behalf, keeping track in apps like these.

piggy bank, money, finance

Is Your Bank’s Credit Score Tracker Enough?

Almost every bank now offers customers some form of credit score tracker. Some also share research reports and findings that might affect some customers’ credit access.

This gives you continuous access to your personal credit score from TransUnion, Equifax, or Experian. But this snapshot metric does not replace the advice of a financial advisor, nor does it track asset and sector allocations or offer cash flow forecasting.

It really just shows how much debt you’ve accumulated and how regularly you pay it off. Credit card debt information is just a small part of what you need when making informed financial decisions. A wealth tracker is more comprehensive.

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