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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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.