Married or family people need help in deciding which account to open for Home expenses

[tattiman]

So the idea is I will be crediting 55k a month in that account and my wife will be crediting 25k in that account to maintain and keep track of our house expenditure and whatever we save would be latter used towards the travel plan.
I was looking for a zero MAB account just in worse case when we withdraw or use all the money from the account, something which gives higher interest rate.

 

[avishj]

So the idea is I will be crediting 55k a month in that account and my wife will be crediting 25k in that account to maintain and keep track of our house expenditure and whatever we save would be latter used towards the travel plan.
I was looking for a zero MAB account just in worse case when we withdraw or use all the money from the account, something which gives higher interest rate.

Why don't you rather take that amount and put it in a liquid fund / 12% club / short term FD, put all spending on CC's and liquidate the portion you need to pay the CC bill before the due date? You end up earning more in interest and the amount not withdrawn will compound with time and can be used for your traveling plans.

 

[tattiman]

All the spending will be on credit card. the card payments will happen though this account. The reason I want a separate account is because I want to instill saving habit in my wife. It started with SIP, I told her whatever she invest I will put twice of that amount, so that got her to start with 25k. now that she started seeing money grow, there is a tingling that lets withdraw and go travel. So I have said you get to travel from any and all the money you can save from the house expenditure account + the tata Digital SIP where I add 15k and she adds 7.5k a month.
BC paisa saving samjhana to a grill is difficult thing.

 

[Batmanbaba]

Money is never safe from wives......... So try something in which liquidity is hard like long term fd, sip.... And for account... I would suggest either au digital account..... Rupay platinum card by default

Till last month indusind was giving premium account with zero mab with just some initial deposits.... Like 2lakh/4 lakh....

Or
U can try bank of baroda advantage savings account... It will mostly have 500-2000 mab depending on rural /urban area... It will also guve rupay platinum cards which u will get lot of benefits...

 

[tattiman]

Money is never safe from wives......... So try something in which liquidity is hard like long term fd, sip.... And for account... I would suggest either au digital account..... Rupay platinum card by default

Till last month indusind was giving premium account with zero mab with just some initial deposits.... Like 2lakh/4 lakh....

Or
U can try bank of baroda advantage savings account... It will mostly have 500-2000 mab depending on rural /urban area... It will also guve rupay platinum cards which u will get lot of benefits...

Are rupay card good? I don’t have any.
Also do you suggest going joint account vs individual account

 

[TheTrickySid]

Are rupay card good? I don’t have any.
Also do you suggest going joint account vs individual account

Rupay cards are good
Open a joint account.
For savings perspective if you want a good discipline start with some good elss find where there is a lockin of 3yr that will automatically help build some discipline.

 

[yolofino]

Are rupay card good? I don’t have any.
Also do you suggest going joint account vs individual account

I suggest individual account for simplicity and control.

 

[Batmanbaba]

Are rupay card good? I don’t have any.
Also do you suggest going joint account vs individual account

Yes.. Rupay platinum cards are full of offers especially of au bank

 

[Wealth is my birth right!]

All the spending will be on credit card. the card payments will happen though this account. The reason I want a separate account is because I want to instill saving habit in my wife. It started with SIP, I told her whatever she invest I will put twice of that amount, so that got her to start with 25k. now that she started seeing money grow, there is a tingling that lets withdraw and go travel. So I have said you get to travel from any and all the money you can save from the house expenditure account + the tata Digital SIP where I add 15k and she adds 7.5k a month.
BC paisa saving samjhana to a grill is difficult thing.

Bhai but if a girl once started to save money it will create a fortune
U took the first step it’s great 👍

 

[avishj]

All the spending will be on credit card. the card payments will happen though this account. The reason I want a separate account is because I want to instill saving habit in my wife. It started with SIP, I told her whatever she invest I will put twice of that amount, so that got her to start with 25k. now that she started seeing money grow, there is a tingling that lets withdraw and go travel. So I have said you get to travel from any and all the money you can save from the house expenditure account + the tata Digital SIP where I add 15k and she adds 7.5k a month.
BC paisa saving samjhana to a grill is difficult thing.

Take that money, keep it in liquid fund, withdraw a few days before CC bill due date and let autopay do it's job. This way your interest will keep on increasing and it will be less liquid so less chances of your wife spending that amount.

If you're opening a bank account, open ICICI Wealth, requires one time check, after that you're all set no charges for anything.

 

[avishj]

With all these online platforms like Meesho / Myntra and all, girls be spending even more, completely out of control ngl 😭

 

[tattiman]

Take that money, keep it in liquid fund, withdraw a few days before CC bill due date and let autopay do it's job. This way your interest will keep on increasing and it will be less liquid so less chances of your wife spending that amount.

If you're opening a bank account, open ICICI Wealth, requires one time check, after that you're all set no charges for anything.

I already have ICICI wealth account. I got the titanium card because the apartment I live in had ICICI account and they gave us that account for free, post which the rep asked me if I wanted to upgrade the account as I had more than 5 lakh in the account to which I said ok and they upgraded it.

 

[tattiman]

With all these online platforms like Meesho / Myntra and all, girls be spending even more, completely out of control ngl 😭

I force my wife to buy 1 stock of ITC for every 500 she spends on these platform. ITC is like my fixed deposit.

 

[tattiman]

I buy 1 stock of ITC for every 20 cigg I smoke, back in 2013 when I started earning I was doing 1 stock per 50 cigg but now that money is decent I have increased it.
ITC maybe a meme stonk but it has given me a good monies and acts better than FD. I have more than 7 lakh just in ITC.

 

[TheTrickySid]

I buy 1 stock of ITC for every 20 cigg I smoke, back in 2013 when I started earning I was doing 1 stock per 50 cigg but now that money is decent I have increased it.
ITC maybe a meme stonk but it has given me a good monies and acts better than FD. I have more than 7 lakh just in ITC.

What's your profit percentage in ITC?

 

[tattiman]

What's your profit percentage in ITC?

74% in gayrodha and 34% in ICICI direct.
Though the star of my portfolio is RIL which I bought for 297.

 

[deep@vie]

74% in gayrodha and 34% in ICICI direct.
Though the star of my portfolio is RIL which I bought for 297.

going great 👍

 

[avishj]

I buy 1 stock of ITC for every 20 cigg I smoke, back in 2013 when I started earning I was doing 1 stock per 50 cigg but now that money is decent I have increased it.
ITC maybe a meme stonk but it has given me a good monies and acts better than FD. I have more than 7 lakh just in ITC.

Diversification is also important btw

 

[avishj]

74% in gayrodha and 34% in ICICI direct.
Though the star of my portfolio is RIL which I bought for 297.

That's pretty damn good, hope rest of the portfolio is diversified!