Life is all about habits, and if we don’t get into the habit of saving and investing, we could be financially impaired for a lifetime. The prime reason behind why people don’t start online investing is the feel that they don’t have enough money to invest. Investing online even a small amount can also reap big reward. In fact, start investing online with little money, is all that’s needed to kick start your way to bigger investing later.
Saving and investing money are closely connected to each other. Before investing online, first you have to save some up and you can do it in very small steps although it take a lot less than you think. By following ways you can learn how to save and invest money online in order to pursue your financial goals. These ways can upgrade you from being a consumer to an investor.
1. Keep Record of Earnings as well as Expenses
The main thing in saving money is to know how much you are earning and spending. Keep a record of everything you earn and spend. It means every coffee, every newspaper every snack, everything you purchase for a specific duration. Once you have your data, organize this by category and get the total amount for each.
2. Decide on your priorities
Everyone have different priorities when it comes to saving money. Priorities make sense to decide which savings goals are most important to you. Setting priorities is actually making choices. If you want to invest online, some other goals might have to take a back seat while you make sure you’re hitting your top targets.
3. Prefer to Make A Budge
Once, you have an idea of what you spend in a month you can make a budget to plan your spending. Make sure that you put some money away in an emergency savings fund. While making budget don’t forget to include expenses that happen regularly, but not every month, like car maintenance check-ups.
4. Watch your savings grow
On monthly basis check your progress. It will not only help you to stick to your personal savings plan, but it also helps you identify and fix problems quickly.
5. Set Saving Goals
Setting savings goals makes this saving process much easier to get started. Begin by deciding how long it will take to reach each goal.
6. Best Investment Portfolio Management Software
When your investments spread out in lots of places and have trading and savings accounts located at different institutions you will get separate updates for each on the status of the accounts. It could not only confuse you but also difficult to know exactly where you stand in regards to net worth.
Best investment portfolio management software’s are a solution for managing of your entire investment portfolio, accounting, reporting, and client-related tasks within one powerful investment management platform. There are free tools and best to track your investments from calculating investment performance to keeping an eye on fees and asset allocation.
Quicken software is best suited for those people working on a desktop computer. Following are the Key features for Quicken Premier
- Multiple Portfolio Views: asset allocations, geographic regions, sectors, performance comparisons
- Insights for improvement
- Import transaction capability from banks and brokerage accounts
- Cost basis tracking
- Capital gains estimates
- Performance vs. market
- Mutual fund comparisons
- Helps make buy/sell decisions
- Check account balances
- Track budget
- Updates and alerts
- Snap and store receipts
Quant IX Software’s
Quant IX software has been used by investors since 1985. It is designed by professional money managers and users say it’s the ultimate tool for easy consolidation. Its Portfolio Setup Wizard allows you to import your transaction history and balances within minutes. You will also receive transaction accounting for:
- Stock purchases
- Stock sales
- Short sales
Owl Software’s (Personal Portfolio Manager)
Owl software’s come with a free 30-day trial. You can uninstall prior to 30 days to avoid being charged if you don’t like the program. Fundamental Features of the software’s are:
- Can track up to 999 portfolios
- Retirement planning
- Brokerage accounts
- College funds
- “What if” analysis
- Capital gains and loss calculations
- Technical analysis like stochastic, RSI, trend analysis, moving averages
It enables an investor to link virtually any investment account, including retirement and taxable accounts. Once linked, Personal Capital
- Tracks performance,
- Asset allocation
- Fees allocation
- Graphs make it easy to compare returns to an index or understand a portfolio’s asset allocation
It is one of the most robust investment tracking tools available today. When you entered your portfolio, Morningstar makes its industry leading tools available to evaluate the investments. Morningstar include the basics, such as
- Investment costs,
- Comparison to various indexes
It also makes available more advanced tools, like its star ratings and X-Ray feature. The X-Ray tool enables an investor to see details of a portfolio of mutual funds or ETFs. Although some tools require a premium membership but this tool is available with a free membership.