Thallo vs a spreadsheet
A spreadsheet works well for tracking your net worth. It's free, it stays on your own computer, and you can shape it into anything you like.
Thallo starts from the same idea of one balance per account, and then does the analysis for you. It works out what changed your total and why, and breaks the total down by category and by currency. It also shows your liquid net worth and two ratios, and keeps track of how up to date each number is. You could build all of that in a sheet, but it takes a fair amount of setup and upkeep.
Side by side
| Thallo | A spreadsheet | |
|---|---|---|
| Multi-currency net worth | Yes, with daily rates from central banks and official sources | Yes, if you add rates yourself or use a function like GOOGLEFINANCE |
| Handles property, cars, art | Yes, as your own estimate | Yes, anything you can type |
| Explains currency vs balance change | Yes, in What moved | Only if you build the formulas |
| Tracks individual holdings | No | Yes, if you build it |
| Budgeting | No | Yes, if you build it |
| Works without bank logins | Yes. Thallo never connects to banks | Yes |
| Price (5 November 2026) | Free during early access | Free with Google Sheets, or part of a Microsoft 365 plan |
Reasons to keep the spreadsheet
A spreadsheet is free and will stay free, while Thallo is free during early access and will become a paid service. Your spreadsheet can also stay on your own laptop. Thallo keeps your balances in a database, encrypted at rest, where only you can read your rows, but that's still a database on someone else's server.
A sheet can do things Thallo doesn't, such as a holdings list, a budget, a mortgage amortisation table or a FIRE projection. It doesn't depend on a company staying in business, and if yours already works, there's nothing new to learn. If everything you have is in one currency and you like your sheet, there's no need to switch.
What Thallo adds
What changed and why
Here's an example with DKK as the display currency, a DKK savings account, a USD 10,000 brokerage account and a loan in THB. Between two dates the total rises by DKK 3,664. What moved shows that the weaker dollar took DKK 1,256 off the brokerage account and the weaker baht shrank the loan by DKK 1,007. What you saved and paid down added DKK 3,913. What moved gives you the currency effect per currency and the balance changes per account, for any two dates you pick.
You can build this in a spreadsheet, but it takes two formulas per account and a rate for every date. Thallo fetches rates daily from a free public service, Frankfurter, which publishes rates from central banks and official sources, and keeps them, so the total for any past date can be worked out again. The full worked example is in Why your net worth changed when you didn't do anything.
Breakdowns, liquid net worth and ratios
The overview splits your net worth into four categories (Liquid; Illiquid, trackable; Illiquid, estimated; and Debt) and by currency, with a 12-month line underneath. Liquid net worth is your liquid accounts minus all your debt, which roughly means the money you could reach within weeks once what you owe is taken off. Next to it are two ratios, the liquid share of your assets and debt to assets, so you can see over the months whether that cushion is growing.
How up to date your total is
Each account has an update rhythm, weekly, monthly, quarterly or yearly, and is marked as out of date once it's past it. The overview puts a percentage on how much of your total is current, for example 88%, and your own estimates, like the car, are marked with ≈.
Signals
Once a week, Signals lists three to five things in your numbers that are worth a look. One might be two accounts that moved in opposite directions, which could mean you moved money between them. Thallo's own code finds and calculates each one, an AI model writes the sentences. Signals are on by default, and you can switch them off in Settings.
Bringing your history across
The free net worth spreadsheet template has a Balances sheet (Account, Category, Type, Currency, Notes, then one column per month-end), an FX Rates sheet and a Setup sheet. Copy your history into Balances in each account's own currency, then import it when you sign up. The file is read in your browser, so it stays on your computer and only the accounts and balances you confirm are saved. You can export everything from Thallo as CSV at any time.
Questions
Is the template useful without Thallo?
Yes. It works as a standalone spreadsheet, with categories and a rates sheet already set up.
Can I go back to a spreadsheet later?
Yes. Export gives you CSV files of everything, on every plan.
Is my data safer in a spreadsheet?
A file that never leaves your laptop is more private than any online service. Thallo never asks for bank logins, can't move money, and reads imports in your browser. The details are on the security page.
If you'd like to try it, import your existing sheet and look at the two side by side.