Having a diverse portfolio is essential for any investing strategy, but tracking the performance of all your investments on your own can be overwhelming. Fortunately, there are many tools and strategies you can use to keep an eye on everything from stocks and bonds to real estate investments. Use the following guide to get a better handle on your investments so you can stay fully informed of your strategy and its performance.
Investment Tracking Apps
Investment tracking apps can help you create a centralized location to track stocks, bonds, mutual funds, and other investments. They let you keep tabs on your account balances, asset allocation, and performance over time through easy-to-use dashboards. Some apps also include news articles and other important information for investors, while others provide investment strategy advice and even price alerts for stocks. Having all this information available on your phone or tablet for quick access when you need it, even if you’re away from home. The functionality of each app is different, so you may want to do a little bit of research before loading all your information in a single appl. For example, free apps may have lots of ad support and reduced functionality.
You may also find that not all apps let you integrate all your different investments. Real estate investments, cryptocurrency, and even some EFTs might be more difficult to track on these apps, but remember you can still use the apps for your REITs and cryptocurrency to monitor their performance. DiversyFund’s app lets you easily track your portfolio’s performance and add funds to your account with just a couple taps.
Investment Software
While apps offer mobile convenience, traditional investment software still has its place with investors of all experience and risk levels. More comprehensive dashboards and intuitive functionality for tracking performance make desktop software a solid choice for keeping an eye on your portfolio. You might even be using one of these software programs without even knowing it. Some personal finance programs let you input your investments in addition to managing your monthly budget, paying monthly bills, and preparing your annual tax forms.
When comparing programs, look for the availability of customizable reports, account sync, and cash flow analysis to help you stay informed about every aspect of your personal finances. Live chat or phone support can be helpful for beginning investors who may have questions about setting up their accounts or reading detailed reports, so if you’re unsure about how to use an investment tracking software program, be sure to look for this functionality.
Traditional Spreadsheets
Some investors prefer to use traditional spreadsheets for tracking financial progress. While apps and software provide real-time data and other intuitive functionalities, spreadsheets let you create a fully customized view of your portfolio. You can set up different tabs for each type of investment vehicle, including stocks, bonds, retirement accounts, and real estate investments, to keep your entire portfolio organized in one place. Excel and Google both make creating your own spreadsheets simple, but if building a sheet from scratch is too much, there are plenty of free templates available online to help you get started.
One downside of using spreadsheets is that you’ll need to keep up with entering data to keep them current. Consider setting aside time on the same day each week to update your investments and track your performance. You might even want to create highly specialized sheets for each type of investment to make it easier to focus on each type of investment. For example, set aside time each Monday to track stock investments and spend your time on Tuesdays updating your cryptocurrency holdings. You can then export all the information once each week to a centralized spreadsheet that provides a snapshot of your overall investment health.
Before you begin to implement a new strategy to track your investments, take a closer look at all companies you hold accounts with. There may be options available to export your information into a spreadsheet. Some financial institutions work with tracking apps and software to let you sync your information automatically. Both of these options make it easier to set up your own personalized way to keep an eye on your investments. To learn more about how to track your investments with DiversyFund, click here.