Is Quicken The Best Net Worth Tracker?

Jeremy BiberdorfBy: Jeremy Biberdorf

October 7, 2023October 7, 2023

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Quicken lets you see your net worth at a glance. By connecting all your financial accounts and financial tools in one place, Quicken provides a complete picture of your assets and liabilities, so you know where you stand financially.

Your net worth is calculated by subtracting the total value of your liabilities from your assets (things you own that have monetary value). Quicken automatically imports all your account balances from personal capital, bank accounts, credit cards, investment firms, and lenders, so you have an up-to-date net worth amount whenever needed.

With a few clicks, you can see your net worth broken down by account types like cash, investments, property, and more. You’ll also get graphs and reports to see how your net worth has changed. Are you gaining or losing ground?

Quicken makes it easy to spot trends so you can make adjustments to meet your financial goals. Here is a detailed Quicken review to determine if it is the best net worth tracker.

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What Does Quicken Bring to the Table?

Quicken brings a lot to the table if you’re looking to track your net worth seriously.

Innovative Budgeting

Quicken’s powerful budgeting tools allow you to create customized budgets, monitor your spending in real time frame using real-time data, and compare your actual spending against your planned budget. You’ll get alerts if you’re overspending so you can make adjustments.

Expense Tracking

With Quicken, you can monitor your expenses across various categories, helping you identify trends, spot areas of excess spending, and make informed decisions to cut costs. See where your money is really going each month.

Investment Tracking

Quicken’s investment management features provide a complete view of your investment accounts, performance metrics, and market trends, simplifying the complex world of investing. Easily see how your investments are performing and make changes.

Debt Reduction

Quicken’s debt reduction planner provides an effective roadmap for reducing debt. You can create a customized debt payoff plan and spending tracker and monitor your progress. Pay off debt faster by focusing your payments on high-interest debts first.

Retirement Planning

With Quicken, you can protect your retirement income and expenses, compare them against your current savings and investments, and adjust your financial plans to meet your retirement goals. Make sure you’re saving enough to live comfortably in retirement.

Quicken Key Net Worth Tracking Features

Quicken provides several useful key features for accurately tracking your net worth.

  • Income Tracking: Quicken allows you to record all your income sources in one place, whether it’s your salary, interest income, rental income, dividends, or other earnings. You can categorize each income transaction to get reports showing where your money is coming from.
  • Expense Tracking” Keeping tabs on what you spend is essential for managing your net worth. Quicken makes it simple to log all your expenses and categorize them. You can track everything from rent and utility payments to dining out and entertainment costs.
  • Investment Monitoring: Quicken gives you the tools to monitor your investment and retirement accounts, like brokerage accounts, IRAs, and 401(k)s. You can see balances, transactions, gains, and losses to optimize your investment returns. Quicken automatically updates the values of many accounts, but you can also enter the details of other accounts manually.
  • Budgeting: By integrating your income, expenses, savings, and investments, Quicken provides a complete financial picture to help you create a realistic budget. You can set spending limits, save for both short- and long-term goals, and make sure you’re staying on track each month.

Pros and Cons of Using Quicken as a Net Worth Tracker

Quicken is a popular personal finance software, but is it the best tool for tracking your net worth? Here are some pros and cons to consider:

Pros

  • All-inclusive personal finance tool addressing a broad spectrum of financial management tools and requirements.
  • Unified handling of rental property management, banking, and credit card accounts.
  • Superior tools for meticulous monitoring of expenditure categories for the desktop version and mobile companion app.
  • Simplifies the process of establishing and monitoring financial and savings objectives.
  • Ensures protected links with numerous financial entities for seamless account management.
  • The Quicken Deluxe edition offers additional functionalities for a more comprehensive financial management experience.

Cons

  • First-time setup can be daunting for novices.
  • Some of the more sophisticated features are exclusive to the Deluxe or premium tiers.
  • The cost of the Deluxe edition might be steep for some users.
  • Potential synchronization challenges with certain financial institutions.

Is Quicken the Best Net Worth Tracker for You?

So, is Quicken the best net worth tracker or even the best budgeting app for you? Quicken Deluxe provides robust tools for gaining insight into your financial health, spending and setting financial goals. The easy-to-use interface allows you to seamlessly track your income, upcoming bills, expenses, investment portfolio, and net worth in one place.

With useful features, including a budgeting feature, monthly bill reminders, investment performance tracking, and retirement planners, Quicken gives you a holistic view of your business finances so you can optimize your money management. The choice of desktop or mobile app means you have flexibility and convenience.

If you want to get serious about understanding your spending habits, reducing debt, and working towards future goals like buying a home or saving for college, Quicken is a great choice. The 30-day money-back guarantee means you can try it risk-free. Click here to start your financial adventure with Quicken.
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Jeremy Biberdorf
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He's a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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