Tracking your goals will make you 33% more likely to achieve them, according to this study at Michigan State University. When I started tracking my net worth in 2019, It completely transformed how I manage my finances and has helped me grow my wealth.
I even created a spreadsheet with a visual dashboard, which I’ll share with you for free and guide you through (Download net worth spreadsheet here).
WHY track your net worth?
Tracking your net worth is like tracking weight loss: small, consistent actions drive big results. Research published in Obesity by UConn and the University of Pennsylvania showed that weight loss participants who tracked their diets regularly saw significant outcomes. Those who tracked around 40% of the time lost 5% of their weight in 6 months, and participants who tracked 70% of the time lost 10%. The key takeaway? Tracking works—even if it’s not perfect.
The same principle applies to your finances. By tracking your net worth monthly or quarterly, you can spot trends, make smarter decisions, and stay on course toward your financial goals. Just like weight loss, it’s about consistency, not perfection. Focusing on broad metrics like total savings, investments, and debts is enough to keep you on track without overcomplicating the process.
“Tracking your net worth is like steering a ship. Without a compass, you won’t know if you’re drifting off course.
Tracking doesn’t have to be difficult. Using tools like the simple Google Sheet I will provide to you makes it easy and rewarding. Setting it up takes just 10–20 minutes, and updating it monthly only takes me about 2 minutes. Let’s walk through the tracker I created—grab the free spreadsheet from my website, and I’ll guide you now through it step-by-step! If you don’t want to use the spreadsheet, stick around until the end and I’ll show some other ways to track your net worth in Canada.
Walk through the net worth tracker
Download net worth tracker here: Link
The best instructions for this net worth tracker are in my tutorial video here, but here are the instructions as well, you can find it on the first tab of the spreadsheet:
1. Go to the Inputs Tab
- This is where you’ll enter your data to get started.
- Action: Add your Start Month and Net Worth Goal in the designated fields.
2. Add Your Current Assets
- Navigate to the Current Assets section.
- Action: List all your current assets (e.g., cash, short-term investments) along with their amounts.
3. Add Your Long-Term Assets
- Go to the Long-Term Assets section.
- Action: Input your long-term assets (e.g., real estate, retirement accounts) and their respective values.
4. Enter Your Current Liabilities
- Head to the Current Liabilities section.
- Action: Enter your short-term liabilities (e.g., credit card debt, bills) and their amounts.
5. Add Your Long-Term Liabilities
- Proceed to the Long-Term Liabilities section.
- Action: List any long-term liabilities (e.g., mortgages, student loans) along with their balances.
6. Go to the Dashboard Tab
- Once you’ve entered all your data, navigate to the Dashboard Tab.
- Action: View your calculated net worth results, including a summary of assets and liabilities.
Alternative Ways to Track Your Net Worth in Canada
There are several tools available for Canadians to track their net worth, but each comes with its own costs or limitations. Here’s a breakdown, and just to note, I’m not affiliated with any of these companies.
1. Wealthica
Wealthica connects to your financial accounts and provides an automatic overview of your net worth. While it’s convenient, certain advanced features are locked behind a paid subscription, which can add up over time.
2. Mint (Replaced by Quicken)
Mint used to be free and popular in Canada, but it has been replaced by Quicken, which requires a paid subscription. While Quicken offers robust financial tracking, its cost may not be worth it when free alternatives exist.
3. PocketGuard
PocketGuard is a budgeting app that helps monitor your spending and manage finances. While it offers a free version, access to premium features comes with a monthly or annual fee. I haven’t used it myself, but it’s another option to consider if you’re comfortable paying for automation.
4. Personal Spreadsheet
This is my favourite method and it’s completely free, gives you full control, and is highly customizable. I find it rewarding to update the spreadsheet monthly, as it keeps me engaged with my finances.
While tools like Wealthica, Quicken, and PocketGuard offer automation, they come with costs. A spreadsheet, on the other hand, is free and puts you fully in charge of your tracking process. Choose what works best for your goals and budget!
As Peter Drucker, considered the father of modern business management once said: “‘What gets measured gets managed.’
Tracking your net worth is a simple step that leads to big financial wins. Grab the free tracker on my website, and if you need customized financial planning, Blueprint Financial is here to guide you. Check out the planning services we offer, and book a free consultation when ready!
