The Best Ipon Challenges in 2023

The Philippine term “Ipon” means “Saving for the future.”

Everyone has different financial goals at various life stages, such as college tuition fees, owning a car, or spending a foreign country vacation. The majority of the Filipinos live on a shoestring budget with a small amount left for saving. So the conventional pattern of savings through a bank account will not work here.

The saving system should be simple, goal-oriented, time-bound, and workable for the population. In that sense, Ipon Challenges 2022 and then Ipon Challenges 2023 keep on scoring brownie points and has become the most popular saving option for the Filipinos.

What is the IPON Challenge?

The Ipon Challenges are different from conventional saving schemes due to their simplicity and efficiency. To start an Ipon Challenge, all you need is a goal, container or piggy bank and an Ipon Challenge calendar to track the progress.

In Ipon Challenges, the user breaks down the goal amount to achievable savings at regular intervals. For each contribution, the owner will make a corresponding mark on the template. The customer can tabulate the entries anytime and can have a clear idea of his or her current savings.

Once the period is over, you will have the money to fulfill your goals.

The completion of the first challenge is a life-changing experience for the participants. They become achievers on a beautiful morning. It makes them confident to dream big and in taking up new challenges with higher financial goals.

Slowly, taking new Ipon Challenges becomes part of their life and enables them to achieve financial discipline in a time-bound way.

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The 52-Week Ipon Challenge

The 52-Week Ipon Challenge is a systemic saving scheme with a one-year time frame.

It’s quite simple. You earmark a particular amount as saving for each week. As time progresses, you increase the savings as multiples of the weeks since the start of the challenge.

For instance, if you set PHP 50 as your saving amount, you will put PHP 50 as your savings for the first week. Your saving will be PHP 100 (first-week saving + basic saving) in the second week. For the third week, you need to save Php 150, i.e., PHP 100 + PHP 50.  The significant advantage is that you can decide on the basic saving amount depending on your financial status. You can even start saving money as low as PHP 20, 10, or PHP 2.
Tracking the investments for the 52-week duration is a hectic affair. Custom-made templates for each denomination are readily available for sale, or one can develop his or her custom template for efficient tracking of the savings.

Even though the 52-week Ipon Challenge is a great option to achieve your financial goals, some find it challenging to stay motivated throughout the entire year. Also, a miscalculation in setting the basic saving amount can be disastrous. By the end of the challenge, you have to save a substantial amount as your weekly savings. Getting money during festival months such as December might not be easy for many Filipinos.

Download 52-week Ipon Challenge chart free printable PDF template here.

Still, the 52-week Ipon Challenge is an excellent new year resolution for achieving financial independence. You can save up to 60,000 PHP a year, which is why some participants call it the 60k Ipon Challenge.

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365 Days Ipon Challenge Total

The 365 days ipon challenge is a simple budgeting activity with having extra money after a certain period as the end goal. Compared to simple saving, the ipon challenge is not only saving money within a set period of time but saving deliberately and strategically. If you are someone who wants to do challenges to encourage you to reach your objectives, then 365 days ipon may be for you.

Decide How Much You Want To Save

How much can you afford to set aside per day? The amount can be as little as Php 10 to Php 20 per day or as much as you are able to afford or want to challenge yourself. You must also consider your income or where you get the ipon challenge money, especially if the amount is a bit bigger. 

Who or What is the Ipon Money To Be Used For?

The amount you want to save per day also depends on what it is used for. If it is for a gift, know the amount of the item and divide it into 365 days, and give allowance in case of the price increases at the time of purchase. Likewise, with bigger projects, do an estimate so you will be aware if you can afford it or not and adjust your saving challenge accordingly.

The 365 days ipon challenge money total is Php 3,650 for a Php 10 money challenge, while a Php 20 will yield Php 7,300. If you are one who does not want to bother tracking or computing to save money, this 365 days ipon challenge fits you well. Just set a reminder on your phone to make sure you don’t forget, or mark it on your physical calendar on the wall if you have one.

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50 Pesos Ipon Challenge

The 50 pesos ipon challenge is one of the more interesting ways of saving money. You save each and every 50 peso bill that you receive. Every time you receive a 50 peso bill as a change, you keep it and place it in your alkansiya or other safe containers in your house and forget about it. There may be times when you don’t receive any 50 peso bill change, like when you stay at home on the weekends. At the most, you can save several pieces of 50 peso bill each week. At any time you can deposit in your bank account and when the specific time frame arrives, you can use it to fund whatever you want. On the other hand, why not leave it in your account or invest it, then start another 50 pesos ipon challenge?

Make the 50 Pesos Ipon Challenge Fun

Saving money should not be a chore or burden to you. Look forward to the rewards you are getting out of this challenge. You might even use it for a loved one. Whenever you are expecting change for your money, ask the cashier to give you 50 peso bill/s in newer and crispier bills. It does feel nice counting new money, unlike the overused ones.

If you commit to at least saving five 50 peso bills per week, you can save up to  Php 6,000 for six months or Php 12,000 for one year. You will be amazed that you saved something without struggling. Now, you can start another ipon challenge with a higher amount. 

Couple Ipon Challenge

If you tried to save on your own and faltered along the way, maybe it’s time to do a couple ipon challenge. You could feel more challenged to save if you partner with somebody who shares the same goals as you. It can also be enjoyable as well. You can make it a friendly competition as long as you are supportive of each other thereby strengthening your relationship. For the ipon challenge to be successful, couples must have a single savings goal. That is to save money together for a specific period of time. 

Plan how you go about the ipon challenge. Discuss the following: How much will each of you contribute, what is the timeframe, the purpose of the savings, where to place the money (deposit it in an account or place it in a piggy bank), put money daily or weekly, and other rules you want to include like reminders. 

If the couple sticks to the challenge and saves every week, they can save as much as Php 10,400 at the end of the year if they contribute a set amount of Php 100 each week. It might be small for some, but it’s just the start. They can start to do the 52-week ipon challenge with Php 100 each on the first week and then increase by Php 100 (Php 50 each) on each of the consecutive weeks. By the time they arrive at the end of the year, they have saved a whopping amount of Php 107,800.

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12-Month Saving Challenge

Even with regular income, unexpected financial expenses can topple our saving scheme for the particular month. When we follow a scheme like the 52-Week Ipon Challenge, the increasing monthly saving towards the end creates a significant roadblock for its successful completion.

Since the fixed saving schemes do not consider the fund availability for the month, sticking to the challenge becomes practically impossible for people with low or irregular income.

As an alternative, personal finance coach Alvin Tabañag has introduced an income-based money-saving challenge known as the 12-Month Saving Challenge.
Instead of fixed saving patterns, the system tries to save a portion of your income every month along with a basic fixed saving amount. If you cannot save money for every month, you can mark your base amount as zero. Then add a percentage of your monthly income to the base amount, beginning with 1% on the starting month and reaching 12% at the final month.

The formula to calculate your monthly saving is the following:

Monthly Savings= Base Saving + [Monthly % * Monthly Income]

Let’s assume that Mr. A. earns PHP 20,000 per month. He starts a 12-Month Ipon Challenge in January, and his base saving is 0.

Now his savings on each month will be as follows:

January = 0+(1% x 20,000) = 0+200 = PHP 200.

February = 0 +(2% x 20,000) = 0+400 = PHP 400.

By the time it reaches December, the monthly saving will be PHP 2,400.

The primary advantage here is that you can be flexible about your base saving. Since the saving amount depends on your monthly income, it won’t affect your financial freedom. You can also improve base saving when you have additional income as well. This challenge is becoming popular with its flexibility and efficiency in achieving long-term goals without imposing too much strain on your financial liberties.

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Peso Sense Ipon Challenge

Not everyone can stick to a saving challenge that demands continuous involvement. For such people, a saving challenge that gives flexibility while not compromising its saving aspects can be a blessing.

The Peso Sense Ipon Challenge is such a challenge. It’s gaining overwhelming acceptance among Filipinos due to its flexibility and saving potential. Here, you prepare or purchase a template according to your financial goal. There will be bubbles against each denomination of Peso. Whenever you put a bill or currency into the box, you shade one of the corresponding bubbles.

There is no strict regime to follow. You can put money in the box whenever you have it, making this challenge the most suitable option to save money for students or people with irregular income. However, this flexibility is a bane as well. Unless you are super disciplined and have a strong desire, sticking with the Peso Sense Ipon Challenge is an arduous task. So it is always better to club Peso Sense Ipon Challenge with any other challenges so that you continue with the saving spree without any compromises.

No Spend Day Challenge

For many working people, the weekend blast is the most anticipating event during the workdays. Naturally, people prefer spending their weekends in a fun-filled way to unwind the stress of a week’s work and rejuvenate their spirit. But the impulsive spending significantly damages their financial stability.

No Spend Day Challenge aims at the participant to avoid out-of-the pocket expenditure on a particular day. On workdays, not all can avoid spending. So weekends are the best choice for observing the No Spend Day Challenge.

Instead of hanging out with friends or shopping, you spend your time at your home with your family. It improves your quality time with your dearest ones and makes the atmosphere in the family charming. The primary drawback of this type of challenge is that there is no guarantee about the returns. But it gives excellent returns by improving relationships.

The Best Free Ipon Challenge Apps

There are various mobile apps available to make Ipon Saving Challenges a comfortable experience. Some of the popular apps are the following:

My Ipon Challenge: Piggy Bank & Savings App

In this app, you only need to specify your target amount. The app will list the possible challenges, and you can set your preferences accordingly.
It enables you to have different challenges for your varying financial needs and track them efficiently. The app gives a pictorial representation of the challenges. It helps the user make proper allocation of his or her resources in the most efficient way.

Ipon: 52-Weeks Money Challenge App

There are multiple apps available for the 52-Week Ipon Challenge. The most striking feature of this app is the visual representation of your current savings using various stats and ipon challenge charts.
It keeps the motivation levels high and helps you continue with the process. It also gives you timely notifications about your payments and enables you to design various challenges for different purposes.

My Money Challenge: Money Saving App & Piggy Bank

The significant difference between this app from other apps is that it splits your money into dollar denominations. It helps the OFWs make saving much more efficiently than checking the exchange rates every morning.
Many Ipon apps are available on the Internet, and you can choose one that suits your requirements.But whatever be the Ipon challenge formats, the participants financial discipline and determination to complete the challenge alone can make it a success.

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Why are Ipon Challenges so Popular in the Philippines?

The Philippines is a growing economy. We have people living across the globe, and their exposure has significantly changed the perceptions of money and wealth. The improvements in education levels have dramatically enhanced job opportunities and future growth possibilities of the younger generation.
People try to give their kids better opportunities through proper education, and for that systematic saving is essential. Besides, Ipon Challenges go in hand with the life of the Filipinos. So they can quickly adopt them without the fear of losing money or reputation.

Where to Get Money Urgently if You Have No Savings?

Many Filipinos realize the requirement for savings only when they are in urgent need for money. Naturally, you can’t start saving and get the emergency funds required at the same time.
Getting a loan either from banks or private lenders is the only possible option during emergencies. Bank’s red-tapism makes them unsuitable for emergency financial support, and the private lenders can be expensive.

However, legit lenders like Digido that operate with state licenses can be a great help here.

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