Keeping track of investments can be a hassle, but luckily there are many ways to store your information conveniently. Here are four ideas for how you can use modern technology to keep organized and efficient about your finances.
1. Use an App & Track It On Your Phone
Keeping track of investments can be a time-consuming hassle, but the good news is you have options for keeping your information organized. The first way to go about this is to use an app on your phone to record transactions, purchases, and other important data. If you invest in stocks or other assets which are traded online, use an app that will connect directly with your stockbroker account and download the latest information to the program. Then you’ll be able to conveniently view all of your holdings at once (shows that graphically represent how much you’ve earned or lost over specific periods of time). This app also lets you keep notes regarding each investment for further clarification. Beyond tracking investments, there are apps available for keeping track of your budget. If you make regular contributions towards savings, retirement, or other accounts, these apps will help you stay on top of how much is deposited and when it’s due to be transferred. It can track your financial returns and keep you up-to-date on how your investments are doing. Once you’ve set up an account with an investment broker or money management service, they may provide their own app which can serve the same purpose, but if not you can find many apps to suit your specific needs.
2. Utilize Automatic Savings Programs
Another way to keep track of your investments is through an automated savings program. This will ensure that each transaction is saved, so you don’t have to manually go in and enter the data every time. There are many automatic savings programs available for services such as 401(k)s, IRAs, and other retirement accounts. By setting up regular contributions to these types of accounts, you can save money without much effort on your part beyond enrolling at the beginning. If you invest in stocks or anything which must be traded online, using a program like this allows the contributions to come directly from your bank account at regular intervals no matter how often you make trades (if they aren’t already set up for auto-deposit). This saves time by cutting out the step of having to input when you’ve made a purchase or sale. You can use an automatic savings program for any type of account, but it’s most helpful with retirement accounts because the money will grow tax-deferred until withdrawal.
3. Keep Track On Your Computer
Another option is to keep track of your investments on your computer. If you invest in stocks or other assets which are traded online, you’re able to set up an investment portfolio through various brokerage firms. Many banks offer this service too, and they may have better deals if that’s where you already do business. Just go into their website and look for their “investment center”. Then you can set up a personalized account and start keeping track of all your investments in one place. You’ll be able to view, record, and monitor which assets are doing well or poorly and how the market as a whole is performing. This saves time by cutting out the step of having to go in and find each company’s website individually. If you use an app on your phone to keep track, this allows you to monitor current information whenever you have access to a computer, even if it’s not yours. It is a good idea to have a program on your computer, even if you also use an app for convenience.
4. Use Tax Software to Maximize Your Return
Another way to keep track of your investments is through tax software. Once you have the information about your holdings, you can type it into an online tax filing program. It saves time by eliminating the need to input all of your data manually for each individual investment. Then when tax season comes around, you’ll be able to see how much you’ve earned overall, so you can accurately report it on your tax forms. If you have investments that are doing well, using this method will give you an idea of where to put money throughout the year in order to take advantage of any changes that may occur before the end of the year (such as possible tax breaks related to retirement accounts). You’ll be able to use software built into your brokerage or bank account if they offer that option too, but it’s more with other types of investments where this method really shines.
No matter which method you use, keeping track of your investments is essential for knowing how much money you have and what kind of return you’re getting on your money. It saves time, allowing you to quickly make trades and buy assets without any of the hassles of filling out forms or finding each investment website individually. So, start today and see the convenience of this option!