Effective Ways to Save Money? Hear it From Those Who Won the 2020 ‘Ipon Challenge’

The ‘Ipon Challenge’ became a trend amongst Pinoys in the last few years, especially to the young ones who are hoping to save money, whether in case of emergency or not.

The challenge is not a competition between individuals where only one will come out triumphant. It is more of an intrapersonal battle wherein one has to fight against any urge of making unnecessary spending.

Two inspiration Pinoys won the challenge in 2021 and their stories are worth emulating.

Iriz Lintag Cruz, 40, is an events host and online seller and she made sure the fruits of her labor will be rewarded and so, she challenged herself to save. She also upped the ante by joining the “Ipon Challenge.”

She admitted that unlike others during the pandemic, she got lucky that she was able to keep her job. Still, that was not a reason for her to become complacent especially because of the threats of health crisis.

Her main strategy is simple – save certain amounts she can get her hands on. By doing this, she can make sure that she can pull out some amount whenever a financial emergency arises.

“Pag nakahawak ako ng bagong malulutong, save ko siya. Then [auto]matic, 50 to 200s, di ko na ginagasta (When I get my hands on crisp bills, I save them. Then automatic, the 50 to 200 bills, I don’t spend),” she told Philippine News Agency.

Cruz was able to save about half a million pesos since 2018 and was also able to buy a Toyota Wigo, thanks to her frugal attitude. Next goal for her is to save money for house renovation.

Another inspiring “Ipon Challenge” victory is from Aila, an OFW from Singapore. In her Youtube video, she shared that she was able to collect PHP85,680 in just six months. She did despite her earning only an average salary. On top of that, she was sponsoring the education of her relatives.

She also has a monthly payment in the bank back in the Philippines for her personal savings.

First, she set a goal. She wanted to save one hundred dollars per month, which she surpassed. To do that, she promised that she will put in her thrift bank all five Singaporean dollar bills.

How did she do it? The first thing one must do according to her is to set a goal. It is alright if the goal is modest. Just like her who only set a six-month goal. She added that it will be helpful to put your expenses in writing. Once you see your list, you will be able to compare what is needed and what is not.

She also advised those who want to engage in Ipon Challenge to not overstretch themselves and always follow the plan.

As for the money she was able to save in Singapore? She said she will transfer them to her local bank to make sure that she will not be forced to spend them.

The Ipon Challenge is a 52-week challenge wherein one attempts to put money in their thrift banks weekly. One can adjust his/her goal by determining the amount of money they want to put in the thrift bank or by lessening/lengthening the number of weeks they want to save.

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