Spreadsheets vs. Apps: What Is the Best Way to Track Your Net Worth?
Spreadsheets vs. Apps: What Is the Best Way to Track Your Net Worth?
You have decided to track your net worth. Now the tooling question: spreadsheet, finance app, or something else?
Each has real trade-offs. Here they are, honestly.
Option 1: the spreadsheet
Google Sheets, Excel, a Notion table. The default starting point for most people, for good reason.
What works
You own every formula, every column, every calculation, and nothing is hidden. It costs nothing. You can track exactly what you want, with extra columns for notes, categories, or custom metrics. And your data does not depend on a company staying in business.
As FinancialAha points out, spreadsheets are excellent at forward-looking projections and "what-if" scenarios, which most apps handle badly.
What does not
Building a good net worth tracker from scratch takes real time in formatting, formulas, and charts. Nothing is automated, so you type every number every month, and a missed month leaves a gap. The charts in Google Sheets are functional and uninspiring, and building allocation breakdowns or clean trend lines takes spreadsheet skill. One wrong formula or a deleted row can break months of tracking. And editing a spreadsheet on your phone while flipping to your brokerage app is miserable.
Who it is for
DIY types who enjoy building systems and want maximum flexibility. If you had a 47-tab spreadsheet for your wedding budget, this is your lane.
Option 2: bank-connected apps
Empower (formerly Personal Capital), Monarch Money, and other popular Mint alternatives promise automatic net worth tracking by connecting to your bank and brokerage accounts.
What works
Balances sync automatically, so no manual entry. The dashboards are polished, with professional charts, allocation views, and performance metrics. Set it up once and check in when you feel like it.
What does not
Connections break. Anyone who has used a Plaid-powered app knows the routine: accounts stop syncing, MFA prompts force constant re-linking. Burton Wealth lists it among the most common complaints about finance apps.
Then there is privacy. These apps need your bank credentials or access tokens. A major privacy case against Plaid alleged the company collected more financial data than authorized, through interfaces designed to look like bank login screens.
Asset coverage is narrow. Most apps handle stocks and bank accounts well and struggle with real estate, crypto across several wallets, private equity, collectibles, or international accounts. Quality apps run $5-15 a month, which adds up. And if the company shuts down or hikes prices, your history may go with it.
Who it is for
People who want convenience above all and are comfortable sharing credentials with third parties. Best if your finances are straightforward: domestic bank accounts and a standard brokerage.
Option 3: manual-first tracking apps
The newer category. Apps designed for manual input with the polish and features of a dedicated tool. No bank connections.
What works
No credentials shared, no aggregators involved, nothing to breach. Nothing syncs, so nothing breaks, and the data is accurate because you entered it. You can track anything, from a stock portfolio to a vintage car collection to private business equity. Compared to a spreadsheet you get a purpose-built interface, automatic charts, goal tracking, and allocation analysis without formula gymnastics. Updates take five minutes or less.
What does not
It is not automated. You check your accounts and enter numbers yourself, and monthly consistency is on you, though good apps send reminders.
Who it is for
People who want the control and privacy of a spreadsheet with the polish of a dedicated app. Especially useful with assets spread across many platforms, international or alternative holdings, or a firm preference against sharing bank credentials.
The comparison
| Factor | Spreadsheet | Bank-Connected App | Manual Tracker App |
|---|---|---|---|
| Privacy | High | Low | High |
| Automation | None | High | None |
| Reliability | High | Low (broken syncs) | High |
| Asset types | Unlimited | Limited | Unlimited |
| Visualization | Basic | Professional | Professional |
| Setup effort | High | Low | Low |
| Monthly effort | ~10 min | ~0 min | ~5 min |
| Cost | Free | $5-15/mo | Free-Low |
Our take
We built MyMoneyViz because we kept landing in the gap between spreadsheets and bank-connected apps, a gap you can explore further in our roundup of the best net worth trackers. We wanted proper charts, goal tracking, and multi-asset support without sharing bank credentials or fighting broken connections.
The 5-minute monthly update is a feature. That brief check-in is when the insights happen: you notice your allocation drifted, your emergency fund grew faster than expected, or you are ahead of schedule on a goal.
If automation is your top priority, a bank-connected app is probably right. If you love building systems, a spreadsheet is hard to beat. If you want control, privacy, and a good interface at once, try a manual-first tracker.
Getting started
Whatever you choose, the best tool is the one you will actually use. Start simple.
- Pick your tool
- Enter your current balances
- Set a monthly reminder
- Review your trend after 3 months
Three months of data shows a trend. Six months changes your behavior. A year changes your financial trajectory.
