Memory is a priority - RAM
If that is a single drive partioned...get extra drives
In addition to what shooternz stated, you may need a new laptop, for the following reasons:
1) The CPU in that laptop is only a dual-core - and it is an Arrandale CPU, at that. That CPU is now more than six generations old, and is missing many of the modern features that newer CPUs support. And as time progresses, it (or more specifically, the motherboard core-logic chipset that it uses) is becoming less and less supported by newer software and newer OSes.
2) The GPU. It is not only a really lousy GPU to begin with, but it has only 512 MB of VRAM total. That alone permanently locks Premiere Pro to the MPE software-only mode (no GPU acceleration at all whatsoever). Plus, it is now too old to be supported in newer versions of Premiere even if it had a sufficient amount of VRAM because it has been EOSL'd (End Of Support Life'd) by Nvidia in April of last year. The 310M is a now-obsolete Tesla-architecture GPU with only 16 CUDA cores - far too few to provide much if any acceleration. And if Nvidia has ended support for that GPU, it will no longer be further supported in future software or even future OSes.
3) That laptop is now well over six years old! Many software developers flag everything (hardware-wise) over three years old as "obsolete", and thus such hardware will no longer be further supported in newer versions of the software.
Hi, thank you for your insightful reply. Would there be any laptops that you would recommend? I am looking at a mid-range laptop and which won't cost too much. Thanks!