Fi Money/Jupiter just for tracking expenses. Will it work or I’ll have to pay something/ have issues?

[ukuladypdx]

Basically I’m on iOS and there’s no automated expense tracking from SMS like walnut/axio on android

Doing it manually is tough and I tried it for a month and eventually stopped tracking my expenses itself. I’ve just started college and I want to maintain this habit

Now I’ve come across Fi and Jupiter which also have expense trackers. I’m not sure how they work which is why I’m asking here

From what I read Is it okay if I open those accounts just to track my expenses from my HDFC account, I have no interest in any other features and honestly I’d like to stay away from these neobanks/fintech startups.

So is it okay to give my PAN and open these federal bank accounts in Fi/Jupiter and just link my HDFC to track expenses

 

[pamelapp]

@ukuladypdx I use a separate salary account and Fi as my “spending account”. As soon as my salary credits I transfer x amount to FI and use it. I do all my spends through FI and make all bill payments through there also. It helps a lot in tracking expenses.
Then what ever cash is left I transfer to another savings account end of the month.

Don’t know if having 3 accounts makes sense but works for me.

 

[harlex]

@pamelapp I do the same with jupiter.

 

[rmacfarland]

@harlex Yep i do exactly the same with Fi. Works like a charm as the user experience is really good with these new neobanks

 

[fabpeter]

@pamelapp Which salary acc do you use?

 

[jobar]

@ukuladypdx I use FiMoney (as my secondary account) and HDFC as my primary.

Once I do all my investments at the beginning of the month, I transfer a set amount to my fi account for all expenses and route all my expenditure through Fi. Fi automatically categorises each transaction once its complete (food, groceries, entertainment, sports & games, education & so on..). At the end of the month, they generate a neat report saying how much you've spent totally, how much on each category and so on..

 

[jobar]

Other points:

- I only have 2 transactions from my HDFC account every month - Investments & Adding funds to Fi.

- Fi is free.

 

[learning_christianity]

@jobar Hey does Fi offer a 0 forex markup debit card?

 

[jobar]

@learning_christianity In some plans, yes.

 

[cado]

@ukuladypdx It is better than HDFC, I have been using Jupiter for the last 2 years now. All their features and products are better than traditional banks.

I recently had an issue at an ATM where cash got withdrawn by machine. The Jupiter team took time but they resolved the issue without even me stepping outside my home.

 

[cado]

I also started passively investing in digital gold (based on rewards) and spare change, goal-based investing & direct mutual fund.

I have accrued a lot of rewards over time.

Jupiter's card works decently on rewards if you are not looking for discount etc. then look for something else. The are the only provided to have an integrated expense tool for credit & debit & multiple bank transactions

 

[anonymousln]

@ukuladypdx Be careful with Fi money. I wanted to change the address of my Fi account and wrote to them (because there is no option to do that on app) and on email they just responded, we're sorry you cant do that right now. I'm like wtf, I don't live at the place, here is my aadhar, pan card all docs, just update my address. Again they responded, sorry cant do that and funnily they don't have a reason why I cannot update the address. I closed my FD, took out all the money and closed the account later. If these neo banks cant handle a simple thing as address change, imagine what a nightmare it would be in case of some real issue.

 

[goldsmith129]

@anonymousln You can try contacting the bank or visiting their branch as the accounts originally belong to Federal Bank.

 

[nickmanwithaplanb]

@ukuladypdx Try getting into Fold app (currently under beta and invite only), its similar to now dead Perfios, it links to your banks directly and fetches transactions.

 

[gagerrtroup]

@ukuladypdx Use a Google Form to enter expenses on the go. All your entries will go into a spreadsheet that you can later use for analysis.

This will let you own the data and customise it in future to fit your needs better.

Apps will come and go. Some bank may tomorrow acquire Jupiter and kill off the entire app (while moving the customers to their own bank). What will you do then?

 

[seawolf1957]

@ukuladypdx Since you are an HDFC bank customer, download PayZapp app. Use that for UPI transactions. It has very neat UI and expense categorisation. I opened Fi account as day-to-day expense account but that doesn’t work for me. Now I pay from Fi account linking it with PayZapp. I’ve lost the eagerness to explain Fi’s uselessness for me so can’t say more.

 

[weather]

@ukuladypdx It doesn't track credit card expenses tho. But if you don't use one then it should be fine.

 

[thea3]

@ukuladypdx i have opened a jupiter account just for tracking expenses but havent used it till. now

is FI account better than it?

 

[foreigner77]

@ukuladypdx Maybe I'm old school but I'll not recommend linking such services to your bank account or using SMS to enter expenses. Don't forget Cred.

It's a good habit to track expenses. Personally I'm using the Money Manager app. Which is fully offline and you need to enter expenses manually.

On the other hand if you don't want to enter things manually. I'll suggest not to track till rupee. Export your statement monthly to spread
sheet. And mark all withdrawals as expenses and UPI or card payments as respective expenses.

 

[7bjoern7]

@ukuladypdx I've tried using Jupiter & Fi Money for keeping track of my expenses, didn't have a satisfactory experience in terms of transactions categorisation or graphs also alot of transactions were missing. You can try using Surplus, I've been using Surplus to auto track my expenses. It categorises all transactions quite accurately, also unlike most apps it fetches your expenses data from your bank account hence zero chances of duplicate or missing transactions. loving it so far.