Personal Capital revolutionized the free online financial dashboard. In one place you can now automatically track all of your investments, including retirement accounts. It shows your asset allocation and investing costs, and does so with amazing charts and graphs. All for free. Now the dashboard is available on the Apple Watch.
The Personal Capital Apple Watch App enables you to monitor your spending and your investments from your wrist. I have my Apple Watch ordered, and the Personal Capital App will be the first one I upload. Here are the details.
The Personal Capital Apple Watch App
The Personal Capital Apple Watch App works with an iPhone, and provides the following features:
- Ability to set a budget on the go and track as you spend
- Monitor your spending and saving progress by day, week, month or year
- See how much you’ve spent relative to your established budget
- Show how much you can save over the course of a year if you stick to a
Michael Ruderman, Personal Capital Head of Customer Engagement, told me in an email that the following are some of the “bullet points” about the new Apple Watch app:
- One of our top requested features, from all users, is the ability to set a budget. We think that it is most important that you spend less than you make, not where you spend your money from month to month. We don’t make judgments on spending.
- Our app allows a user to set a monthly spending goal based on their historical spending in Personal Capital. Through both the watch and the iPhone app they can track their progress through the week, month, year against this goal. The app also shows you how much you would save over the course of a year by sticking with this spending goal.
- Our spending dial represents the current time period (week, month, or year) and fills with your spending, so you can see how much of your budget you’ve spent relative to how much time is left. You can drill down to see a detailed daily or monthly spending graph.
- On the Watch there are three views: Weekly view takes your monthly goal, breaks it into weeks and then shows you where you are relative to the day of the week it is. Monthly is this month at a glance with how much of your goal is left. Yearly view shows you where your spending is relative to the current month.
Of course, the app for the Apple Watch is just one part of Personal Capital. There is also the app for smartphones, tablets, and of course the online dashboard.
Personal Capital Benefits and Features
Personal Capital has a number of attractive benefits that enable it to stand out when compared to many of its web-based competitors. There are a large number of benefits and features, so I’ll include a brief summary of the ones that I think are the most important.
401(k) Fee Analyzer – A lot of 401(k) plan investors have very little idea how much they’re paying in fees to the plans each year. But those fees can add up and take a serious toll on your investment performance. Personal Capital shows you how much you are paying in fees, and it also make recommendations on how you can reallocate your plan to minimize those fees.
Mutual Fund Analyzer – Who couldn’t use a tool like this? It will show you the tax cost ratio of mutual funds, which will determine how much of the fund’s annual return is likely to be taxable.
The Investment Checkup – The tool evaluates your investments to calculate the projected growth rate and risk of your portfolio. It then makes recommendations on how to increase your growth, reduce your risk, or both. It then recommends a target allocation.
Monitor Your Net Worth – It’s not just how much money you have, but how much money you have after deducting liabilities that is the true barometer of your financial position. Personal Capital tracks your net worth automatically based on the accounts you’ve linked to its financial dashboard. You can even link your home and Personal Capital will automatically provide a value based on Zillow’s estimate.
360 Degree View of Your Financial Life – This provides the big picture view of your entire financial life. It includes all of your financial accounts, but it also measures the impact that each has in your overall financial life. This is part of what they consider to be a holistic view of your finances.
To sign up for Personal Capital’s free financial dashboard and to get the new Apple Watch App, visit Personal Capital’s website.