Savings

Since I talked about my credit card debt, let us now move on to the savings part. Do you have a savings accounts or planning to get one? How much was the highest amount that you have had in your account? When did you start to have your own savings account? How much do you deposit in it? Was it monthly, quarterly, semi-annually or annually.  Not sure if it's ok to deposit annually as your account may deem dormant. 

I think I had my first savings account when I was probably in high school. I used to put all my Christmas cash in there but I will use it whenever my brother would want something. Until such time that I had to close it because I kept on withdrawing my money. I'm not really the saving type of person don't you think? LOL. 

After few years, I opened another account in two different banks. The initial deposit were from my dad. I asked him that I wanted to have a savings account again because I was planning to have it as my show money in case I wanted to apply in other countries that requires a visa. A total bum yet has plans of travelling. I was a complete joke right? As far as I can remember I had Php10000 initial deposit in one bank with atm and passbook and Php5000 initial deposit for atm savings in another bank. There was no movement until finally I started working. I was able to deposit small amounts of money in both of my savings account just so it would have movement. I bet you all know what happened after. No, I didn't close my account but they are both in maintaining balance as ofthe moment. LOL. I forgot if I have mentioned this in my previous article but with the atm and passbook, I downgraded it into an atm savings.

My plan of having my savings as a proof of income in applying to visa countries has vanished. Do you think they would still approve me of a visa if I show them my bank statements? It was always deposit-withdraw-deposit-withdraw. The highest amount that one of my savings account reached was 100k but it wasn't really my money. It was my cousin's money for his wedding. He lives abroad but they planned to have their wedding here before and the money that he sent me were for the payment to their suppliers. Instead of me holding or carrying it with me or keeping it on our safe, my mom decided that I put it inside my savings account. We would only withdraw when we needed the money. How I wish that my savings would be really in hundreds of thousands or even millions or billions, trillions, quadrillion, quintillion, sextillion and so forth. LOL. I only found out about the quadrillion up to sextillion from my godson when he was 4 years old. When I saw my savings account in 100k, I was very ecstatic. It was my first time to see it with that amount. I wasn't really sure if it was also a good move that I deposited it in my account because I know that it will be reflected once I ask for a bank statement for travel purposes don't you think? But let's not worry about that because we are still under pandemic. 

Then there was a time when I saw an atm receipt with an amount of 700k+. It was from one of my bosses. He hands me a crumbled receipt when he visited our store. Out of curiosity, I check it out and I saw his balance was 700k+. Again when I saw that amount, I kept wishing and hoping that my atm would also have an amount like that. I know I kept that receipt to keep me motivated but I might have misplaced it. Plus the details would have been erased by now because of the thermal receipt. For a moment it did motivated me but I was only able to save Php5000 during my stay with that company. At least I was able to save right? 

They say that we have to work until our savings account number is like our mobile number. So how much would that be? In between a billion and a trillion. Are you up for that goal? The first person that we know that came into my mind with a big savings is @Eirolfeam2. She is our inspiration with regards to saving. 

This year I am planning to deposit Php200 each every month in my savings account. I have 1 in 2 different banks plus a GCash/CIMB savings account. That would be a total of Php600. I am also planning to get an account in ING, influenced by @Firenze. LOL. I haven't decided yet since I don't know if I will be able to sustain all those 4. You can include the fact that I still have a $1 challenge, emergency fund and my Club1BCH goal. Don't forget Judith (due date) and AnnaBILL. LOL. And also my porky (coin bank) and I even have Mr. Owl (coin bank). Lots right? I am overwhelmed with all of them but I really hope I can pull it off. How about you? How do you plan to start your savings? I hope by the end of this year, we will be able to save a lot and we will do it again next year and the year after until our savings look like our mobile number.