Financial advice for a married couple

[fakerandi]

The best account to save money is BOC Ran Ulpatha, it has 2% higher interest rate than other savings account and also give the 10% bonus but this account does not give ATM or Debit card, you will have only the passbook. Since your wife has BOC account, you can connect this account to her internet banking accounts, then do followings


1. When you both get the salary, transfer some fixed amount to this account
2. Then install 'Expense tracker' apps in your and wife's phones
3. Enter all the expenses to this app and review monthly, then you can review all your expenses and you can cutoff unnecessary expenses in next month.
4. Do not get money from the BOC Ranulpatha saving account unless it is a critical requirement.
5. When your savings reaches more than 500,000, withdraw 500,000 and open fix deposits (I usually open recurring fix deposits for 6 months)



This way you will be able reduce the unnecessary expenses and build a good fund for your selves. I follow above steps and we were able to build a house and buy two cars for both of us during our 9 years and six month marriage.
When we started this process in 2010, our combined salary was far less than your amount and in 2010 we did not have smart phones to install the apps and Ran ulpatha account so we used a normal saving account and used a notebook to track the expenses.

m not married but thanks for sharing this info. didnt know about this account before. should open one.