How to automate your finance?

[Santhosh]

Any one help here
How to automate your finance once you got the salary?
How to use different bank accounts effectively for automation?

 

[helloworld]

I believe finance should be maintained manually not automatically..

automation will make unnecessary and not so much controllable spends.

manual makes you analyze and reduce unnecessary spends.

this is my approach, ignore if not on same page..

anycase,

you need 3 accounts..

Post in thread 'How many bank accounts do you have and for what purposes?' https://www.technofino.in/community...u-have-and-for-what-purposes.6543/post-445957

Once done.. use expense account as you like and controllable.

 

[simplegarv]

Any one help here
How to automate your finance once you got the salary?
How to use different bank accounts effectively for automation?

Firstly, you will require multiple bank accounts i.e one for Daily spends aka UPI, one for Investments, one for needs, one for wants.

Then you need a salary account in which you can set reccuring transactions like HDFC Bank.

Then it's pretty much automated.

Video Reference Link:


P.S: Mark this as a Solution!

 

[Santhosh]

Firstly, you will require multiple bank accounts i.e one for Daily spends aka UPI, one for Investments, one for needs, one for wants.

Then you need a salary account in which you can set reccuring transactions like HDFC Bank.

Then it's pretty much automated.

Video Reference Link:


P.S: Mark this as a Solution!

I have a salary account in HDFC and have personal loan in hdfc and paying monthly emi using same account and I have SIP and i am using HDFC for this also.
As of now used HDFC for daily upi also.
Planning to take new bank account for upi any suggestions
One for needs
One for wants
Can you please elaborate these two ?

Thank you

 

[simplegarv]

I have a salary account in HDFC and have personal loan in hdfc and paying monthly emi using same account and I have SIP and i am using HDFC for this also.
As of now used HDFC for daily upi also.
Planning to take new bank account for upi any suggestions
One for needs
One for wants
Can you please elaborate these two ?

Thank you

For Daily UPI Transactions either use the UPI Credit Card like TATA Neu Infinity Credit Card or ccording to me use and PSU bank which is ready to issue you the Rupay Select DC for freebies and your UPI will also be sorted.

For Needs & Wants you can use the bank account which gives you high interest rates, like IDFC First Bank or RBL Bank or Any other bank which you trust and have good branch peps out there...

Kindly mark it as solution if you're satisfied with my response.