How to track your net worth easily?
Updated: Mar 30
Tracking net worth is probably one of the most significant financial metrics everyone must perform from time to time. It represents the total sum of your entire financial life. It summarises all of the assets and liabilities you have acquired and accrued over your lifetime and the difference between the two is your net worth.
For long-term financial planning, it is imperative that you start formulating your financial goals and retirement early. Although it may not be relevant for some people, it is important to start tracking your progress towards your goals and one way to ensure that you are staying accountable to your financial plan is by tracking your net worth.
Why track your net worth with vaultbox?
vaultbox can do more than just tracking your net worth over time, it also shows your day to day and month to month progress systematically. Tracking your net worth with vaultbox is an easy step to improve your finances. vaultbox allows you to organise and protect all your financial information in one place - from keeping track of your net worth to storing key documents and contact information.
vaultbox also provides excellent tools for evaluating investments and managing your budget - standard reports include balance sheet reports, graphic representations of net worth positioning over time, and pie charts showing the allocation of your net worth across different asset classes and currencies are some of vaultbox’s many features.
Organising your assets
Select from the pre-defined asset classes. Simply input the necessary fields (varies across the different asset classes). Mandatory fields are marked with an asterisk (*). For each asset class, you are able to add references, upload related documents such as bank statement for cash in a bank account or insurance policy document for the insurance asset class, and input relevant contact persons associated to that particular asset. For example, you can input your bank relationship manager’s contact details and tag them to your cash asset. To easily locate documents and contacts stored in vaultbox, simply use the “+” button on the right bottom corner to locate them.
Keeping proper records of your liabilities
Inputting your liability details is equally easy as inputting your assets. Similar for assets, you can add relevant references, upload documents and contact details related to your liabilities and tag them together so they can be easily retrieved. One interesting feature of vaultbox is that you can link assets and liabilities together. This is particularly useful when you want to link a property with a mortgage loan, a car with a car loan or a brokerage account with a credit facility.
What's your net worth?
Once you have entered all your assets and liabilities onto vaultbox, your net worth is calculated instantly. Just click on the “Balance Sheet” on the top right-hand corner and vaultbox will list out all your assets and liabilities that you have entered onto the system and calculate your total net worth.
There you go, you have successfully captured all your assets and liabilities and finally got to know your actual net worth, the only way to measure your financial success or decline!
Having a safe and easily accessible platform for all your important information has never been more important and vaultbox can solve some of your issues, if not all!
vaultbox provides a digital solution for financial and legacy planning. We strive to help you manage and protect everything that matters in one place. vaultbox also ensures that your data is secure and private, so private that even we do not have access to the data you have stored on your vaultbox. However, if you want, you can choose your family members, friends or appoint selected professional deputies to have access to your vaultbox account.
Try vaultbox now for free with a 30-day trial.