Knowing your net worth is important especially if you are trying to keep track of your stocks or how much debt you have. Simply having an idea of what your net worth is may not be enough, so it’s better to know exactly what your finances look like.
There are a lot of apps these days that can help you keep an eye on your money. One of them is Sumio, a net worth tracking app that helps you to understand your finances.
Calculate finances accurately
Your net worth does not only pertain to what is currently in your bank account. This is the amount after you exclude all of your liabilities like your credit card bill, mortgage, or the like. It also includes any asset you have such as the value of your real estate or the stocks you own. Sumio can help you keep a record of both your assets and liabilities, so you know exactly what your net worth is.
Sumio allows you to create your balance sheet of what assets and liabilities you want to keep track of. This will help you calculate your net worth and even give you a percentage of what makes up the total of your assets. I tested the app by putting in dummy amounts, and it gives you a visual of what you inputted, including your liabilities.
If you want to keep track of the latest market value of your assets such as stocks and crypto, the Sumio app can automatically update your portfolio. It can also convert the value of your assets according to what currency you set your portfolio.
If you’re worried about your privacy, Sumio ensures that your inputted data will only be saved on your device. Since the app doesn’t require any logins, you won’t need to connect the app to any of your banking accounts. While it might be a hassle to input all of your assets manually on the app, the record stays only on your phone and allows you to customize it to your liking.
You can use Sumio for free, but to access all its features, you’ll need to pay a premium. If you want to try it out and start keeping track of your net worth, the app is available for Android and iOS devices.
YouTube: Introducing Sumio: Net Worth Tracker App
Photo credit: The feature image is symbolic and has been done by Goodluz. The screenshots in the body of the article are taken by the author for TechAcute
Source: Investopedia
