Lesson Things novice traders should know

Automating your finances

Learn about a few ways you can automate your finances.

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Whether it's for budgeting or investing, automating your finances is an efficient way to manage your money. Not only does it save you time and energy, it can also help you set your finances up for a successful future. There are many different ways you can automate your finances - below are a few options available at Questrade to get you started.

Pre-authorized deposits (PADs)

Pre-authorized deposits are a handy tool that can simplify your income management. They allow you to make a recurring payment to your account at whatever frequency works best for you. This can help you “set it and forget it” so you can create a stable budget. 

PADs can help contribute to better financial planning as you can confidently gauge how much money you’re saving and how much you’ll have available for expenses. Once you determine how much you would like to put aside, you can set up automatic deposits at your preferred frequency and dollar amount (e.g. $50 every two weeks). By automating these deposits you gain invaluable time, peace of mind, and control over your finances.

Dividend Reinvestment Plan (DRIP)

Another valuable tool to help you automate your finances is the Dividend Reinvestment Plan (DRIP). 

Dividends earned from your investments with a DRIP can be automatically used to purchase more shares of the same investment. This strategy not only compounds your returns over time, but also ensures a consistent and hands-free approach to building your investment portfolio. 

Passiv

Passiv is a tool designed to help you manage your investment portfolio. Passiv notifies you when your portfolio is outside its target allocations or when there’s cash or dividends in your account. To keep your goals on track, Passiv will help direct you to the trades you can place to keep your portfolio balanced to your liking. 

This automation can help you save time as well as help keep your portfolio in line with your long-term financial objectives.

As a Questrade customer, you have free access to Passiv Elite. With Passiv Elite, you can execute one-click trades and automate calculations to rebalance your portfolio quickly and easily.

To further explore how you can use Passiv with your Questrade account, we invite you to view the webinar we hosted with Passiv on our on demand webinar page.

Questwealth Portfolios

Questwealth Portfolios are investment portfolios that are managed by experts and tailored to your financial objectives and risk tolerance. Opting for a Questwealth Portfolio gives you a way to invest in the market effortlessly, freeing up your time and alleviating the stress of active portfolio management.

With Questrade's automated financial solutions, managing your money can become a lower stress and more efficient process, allowing you to focus on achieving your financial objectives with ease.

Note: The information in this blog is for educational purposes only and should not be used or construed as financial or investment advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied, is made by Questrade, Inc., its affiliates or any other person to its accuracy.

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