Pag-iipon, better known as ipon challenges, has gone viral across Philippine social media. It’s an interactive way to turn saving money into a healthy financial habit and reach your budget goals.
Top ipon challenge ideas
- Loose change challenge. The simplest way to start saving is to put all your coins into a jar or a cute piggy bank at the end of each day. Small amounts add up faster than you’d expect.
- No-spend challenge. Once you get used to the first challenge, you can pick one day per week when you spend zero on non-essentials. Redirect what you would’ve spent into savings.
- Envelope method. If you’re not into alkanyas, use envelopes for different savings goals. Define your financial goals for an emergency fund, health, vacation, or a new phone and allocate cash weekly.
- 52-week challenge. Set aside ₱50 at the beginning of week one, then increase by ₱50 each week. By week 52, you’ll save ₱2,600 that week alone, with a total of ₱68,900 for the year. This method is flexible — you can start with as little as ₱10 or any other amount you’re comfortable with.
How to start and track your progress
- First, plan for the future and choose a clear goal. If you don’t have a purpose behind your savings, you’ll find it difficult to follow the routine.
- Next, pick a challenge that matches your income. Remember that all ipon challenges are adjustable — if ₱50 per day feels too high, start with ₱20 or even ₱10. The point is to create a new habit through consistency.
- After that, decide where you’ll keep the money. Physical envelopes or piggy banks work well for cash, but digital tracking may be more convenient — consider opening a savings account with no initial deposit requirement.
- Set up automatic transfers. Some apps let you round up purchases to the nearest peso and automatically save the difference.
Boost savings with interest
Once you reach your ipon goals, like finishing a 52-week challenge, deposit the funds in a bank and sleep easy, as the money will be insured by PDIC and grow over time with interest rates reaching up to 8%. A reliable option is Salmon Bank Philippines, which has been serving Filipinos since 1963.
Practical tips to accelerate the progress
- Strive to become a financially savvy person and educate yourself on how finance works. Start with bestsellers like The Psychology of Money or Think and Grow Rich. You can also subscribe to YouTube channels that share budgeting and investment advice.
- Track your expenses, taxes, paychecks, and side hustles in a specialized app or a detailed Excel budget template. Download the templates for free or buy one on Etsy for a dollar or two.
- Pay off debts and don’t take on new ones. It’s easier to save when you’re not carrying a heavy financial burden.
Lastly, don’t get discouraged if you miss a day or a week due to urgent spending or other reasons. Just keep going — ipon challenges are all about breaking financial goals into small steps and building a strong habit of saving money for the future.
