SHARING TIME: QUOTES

I meet someone from the net who shared the same passion in finance. He mentioned a quote that I'm also familiar with, I hope ito yon. Whoever you are kosa, I guess this is what you're looking:

I took this from the book " Ang Pera na Hindi Bitin". Thanks to Mr. Ardy, the author.

READING TIME: ANG PERA NA HINDI BITIN

I recommend this book to anyone who, just like me, passed through that hard time of financial debt. I do still have debts, but with the help of this book, I am able to manage them carefully.

I have learned so much from this book. In fact, this motivates me to start with this saving program.
I hope you will enjoy reading this book, as i did.

I bought this book at Philippine Christian Bookstore for only P50 pesos. I tell you, you won't regret it.

ADDITIONAL STATUS UPDATE: MONTH 7

Hello guys,
What have you noticed from my last post?
I withdrew 10k from my savings.
Did you wonder why, isn't it against our rules?

Well, relax. I just transferred it to another account.
This is my first time to have a time deposit.
Yes, I invested my first 10k in a time deposit
Which will mature in 1 year.
Here's the proof:

TO GOD BE THE GLORY

STATUS UPDATE: MONTH 7

Hello guys, I waited for this moment to update you what we have accomplished since my last post. I referred it as "we" since I consider all these as "our journey" because I could not make it this far without you. 

While I was at the bank depositing my savings that month, a thought came to my mind why am I doing all this. At times I was hesitant to bring my coins to the lady teller. I know this is nothing to others, just a waste of time going to the bank depositing a meager saving. But this is no ordinary saving scheme. This is not just about putting our coins in our piggy banks. This is a personal challenge that I took on to prove that everyone is capable to save, whatever your stature in life and how small our income maybe. I have something to prove to myself, something to achieve and a challenge to accomplish. And this is a journey that we have to go through. 

Here's our bank account:

My thanks to Rhea from Green Bank for her understanding every time I handover a bag full of coins. She already know what to do, no questions ask, just a smile.

goal setting

My long-term goal is to save Php1,000,000.00 using my piggy bank, Alkan. Quite ambitious, but I really wanted a shot to this. You are my partner on this journey. I don't know where it may bring us, lets just make this first step,  this very single step toward that goal.
Using a savings goal calculator from +young money, this is how we will achieve our goal. Forget the dollar sign, we will be able to save our first 1M pesos in 30 years after saving at least Php1,007.00 a month. We will put our money in a time deposit account to earn bigger interest, assuming that we will not withdraw any dime during this period.   This is our goal. Lets continue praying the the Lord is always be with us in this journey. 

Savings Goals

Saving $1,007 monthly may total $1,000,000 in 30 years.

You need to make a few changes in your plan. Based on the information you supplied your current savings plan may be able to reach savings goal of $1,000,000 in 30.1 years. Adjusted for 3.10% inflation, $1,000,000 would be worth $400,166 after 30 years in today's dollars.

To reach target savings in 30 years:

• Change monthly contributions to $1,007.
• Receive an annual rate of return of 6.04%

Your Input Values

Input Values Savings goal $1,000,000 Years to save 30 Amount currently saved $2,421 Monthly savings $1,000 Expected rate of return 6.00% Inflation rate 3.10%

Savings Results by Year

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Year	Contribute $1,000 Monthly	Contribute $1,007 Monthly
	$2,421 Starting Balance	$2,421 Starting Balance
1	$14,953	$15,039
2	$28,236	$28,415
3	$42,317	$42,593
4	$57,243	$57,621
5	$73,064	$73,551
6	$89,834	$90,438
7	$107,611	$108,337
8	$126,454	$127,310
9	$146,428	$147,422
10	$167,600	$168,740
11	$190,042	$191,337
12	$213,832	$215,291
13	$239,048	$240,681
14	$265,777	$267,595
15	$294,111	$296,124
16	$324,144	$326,364
17	$355,979	$358,419
18	$389,724	$392,397
19	$425,494	$428,414
20	$463,410	$466,592
21	$503,601	$507,061
22	$546,204	$549,957
23	$591,363	$595,428
24	$639,231	$643,627
25	$689,971	$694,717
26	$743,756	$748,873
27	$800,768	$806,279
28	$861,201	$867,128
29	$925,259	$931,629
30	$993,161	$1,000,000

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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

© 2009, Young Money, LLC 10950 Gilroy Road, Suite D Hunt Valley, MD 21031. All rights reserved

my passbook account

 

I purposely opened this passbook in 2008 as my depository account for my coin bank savings. I made few deposits but immediately withdrew them after sometime. You can see from the transactions. 

Lack of vision/goal and consistency were the reasons why it did not materialize. It remained empty even after  4 years from opening. 

With the new vision that I have today, I pray that I can make my deposit consistent and may God bless this endeavor.

the mechanics

1. I will use a piggy bank (of course).

this is ALKAN

2. Every coin that's left in my pocket after the day's over will be put in the bank.
3. It is not compulsory to deposit/ how much, just any coin left in my pocket for that day will do, if none, ok lang.
4. Every end of the month, ALKAN will be emptied.
5. And the whole amount will be deposited in a bank.
6. Withdrawal from the bank is only allowed if it will be used for emergency.
7. However, as much as possible, wala sanang withdrawal.

from where it started

How many of you do have sufficient savings in your bank accounts?
For my case, I opened several ATM accounts from different banks,
And most of them are now closed.
Except for my payroll account which doesn't require maintaining balance.
It's been a struggle to save.

But I love to save.
I remember when i was a child,
Our father made us a piggy bank out of bamboo,
And he fixed it in a corner,
It was accessible for us to put our money.
Every December, we opened the bank
And we used the money to buy our clothes,
Things that we needed.

Why not use the same strategy in saving today.
I used to set aside part of my salary in a bank
But I end up empty handed.
Maybe there are some reasons for it,
But somehow, we sometimes thought that
SAVING is a burden, a struggle.

This time, I will make it more fun
I will use a piggy bank in saving.
This is just a personal test,
Let's see how it will end up.