It’s critical to understand what’s going on with all of your assets on a regular basis, not just once a year when you get your tax forms. Fortunately, there are investment management applications available to assist. They keep an eye on and manage your portfolio for any changes that may have an impact on you. Another option is to hire a wealth management consultant to look over your finances and manage them for you.
Stocks, bonds, mutual funds, ETFs, 401(k)s, and IRAs might all be part of your portfolio. Keeping track of all of these assets may be a difficult, if not impossible, undertaking.
Consider yourself sitting in your favourite recliner, able to control your financial portfolio across all accounts. With personal financial tools and applications, you can view your net worth each month, week, day, and even second.
Our list of the finest personal finance tools and applications for wealth management includes both paid and free options for achieving a variety of financial goals. Check these out to arrange your funds today.
1. Google Spreadsheets
Google Sheets is a powerful spreadsheet application. Sheets makes it simple to track expenditures, and there are free budget templates available. Sheets is where I keep track of my investments and net worth.
Google Finance provides finance capabilities that make it simple to import stock, ETF, and mutual fund data. Most ETFs and mutual funds allow you to watch their price, name, and even fee ratio. I created a free investment monitoring spreadsheet using these Google financial features.
The spreadsheet keeps track of the values of stocks, ETFs, and mutual funds. It also keeps track of my asset allocation and alerts me when it’s time to rebalance.
2. Personal Capital
Personal Capital is perhaps the greatest overall money app. You may use this free application to keep track of your spending, income, bank accounts, credit cards, house worth, cryptocurrency, and both retirement and taxable investment accounts. Its most appealing elements revolve around investment.
Personal Capital provides a plethora of data on your portfolio after linking your retirement and investing accounts. You can assess your asset allocation, investment expenses, and progress toward retirement. Its Fee Analyzer displays the weighted average cost of your assets as well as the impact these expenses have on your wealth over time. Furthermore, its Investment Analyzer examines your portfolio and gives suggestions based on your risk tolerance.
Personal Capital can also track your dividends and interest on investments. It keeps track of when bills are due. It also provides a savings planner to assist you in meeting your savings objectives. Personal Capital, in addition to a website, provides apps for smartphones and tablets.
Mint is one of the first internet budgeting tools. Mint, like Personal Capital, allows users to connect their accounts to manage anything from budgeting to investing accounts. Mint also provides bill and subscription monitors, as well as credit monitoring tools.
Whereas Personal Capital is geared at investors, Mint is geared toward budgeters. You may set savings goals, cost categories, and keep track of your payments, as well as aPay Stubs Now check stub maker. Mint generates income through an advertising approach, so expect to see targeted offers of credit cards, bank accounts, and other financial items.
4. Portfolio Visualizer
Portfolio Visualizer is not intended to be a budgeting tool. Instead, it provides tools that allow customers to assess their investments. Portfolio Visualise gives statistics on performance and risk, among other things, when you enter your investments. You may also compare your portfolio to other lazily constructed portfolios, such as the 3-Fund Portfolio.
The tool includes a slew of other functions. A portfolio can be subjected to Monte Carlo simulations. It allows you to simulate lump sum investing, recurring contributions, or frequent withdrawals, making it beneficial regardless of your level of investing. You can manage your own financial selections with a self-directed investing account. Additionally, it provides factor analysis, portfolio optimization, and timing models (e.g., momentum).
Morningstar is another good portfolio monitor. While it does have a monthly fee, you may track your portfolio for free (minus some of the premium features like X-Ray). The worst thing is that users must enter and manage their portfolios manually. On the plus side, Morningstar provides some of the most comprehensive data, ETFs, and mutual funds available to individual investors.
Goodbudget is a budgeting program that uses the envelope concept. Goodbudget, which has both a free and premium edition, provides options for paying down debt and setting savings goals. The software is available for mobile devices and allows users to sync and manage their money across devices.
Goodbudget also provides a bootcamp for people who are new to budgeting and money management. The bootcamp covers everything from setting aside an emergency fund to budgeting as a couple to purchasing a property.
Finally, Trim assists people in saving money. Trim analyzes your expenditure when you link your accounts to see where you may save money. Trim will negotiate on your behalf to reduce your monthly expenditures on anything from your phone bill to medical bills after you consent. It also detects previous subscriptions that you may choose to cancel.
Creating an account is completely free. Trim charges a fee equivalent to 15% of the amount saved during the first year if you authorise Trim to negotiate on your behalf and it saves you money. Trim consumers save an average of $620, according to the company.