A memory module includes memory devices and a power tracker for monitoring power consumption by the memory devices. The power tracker generates digital power consumption data that can be stored and used to anticipate and/or diagnose of power-related problems. The invention allows accurate monitoring of conditions that could otherwise lead to failure and provides a source of diagnostic data in the event of system failure related to excessive power consumption. Modules that self-monitor power consumption can provide highly accurate data to the user and/or the system, which has significant advantages over error-prone theoretical measurements or estimations.