New Year, new you, new resolutions - and one of the most popular resolutions is saving more or being better with money.
If you’re still in the early stages of your New Year savings resolutions, here are the ipon challenge charts of some of our favorite ipon challenges for the year.
1. Monthly Ipon Challenge
This is actually meant to be a daily challenge where you start with ₱5, and add increments of ₱5 for every succeeding day. While this challenge is a great way to get in the habit of saving daily, some people actually prefer to just save up the 30 days amount and put it away in one go to reduce the risk of “accidentally” spending it.
The way you compute this is based on the number of days in a month. Start with ₱5 and add increments of ₱5 for every succeeding day, and the compounded amount after the total number of days for the month is the amount you save for that month. Reset at the start of the month, and add the month’s compounded sum. Reset and repeat every month until you get a total of ₱28,835 at the end of December.
2. Kinsenas Ipon Challenge
For those who get their salary twice a month, the kinsenas ipon challenge may be better for you. Using the same compounding concept from the Monthly Ipon Challenge, start with ₱100 for the first payout, add ₱100 for the next, and so on and so forth. The idea is to set aside your savings as soon as payday comes so you won’t be tempted to spend on other things. If you do this right, you can save at least ₱30,000 by your last payday! Imagine how much more you can save if you decide to add little extras every payday.
3. Weekly Ipon Challenge
If you prefer saving in smaller increments more often, this may be the best option for you. Take the same compounding sum concept as the previous two challenges but this time you start with ₱60. Each week, increase your savings by ₱20. Then, add last week’s savings to this week’s to get your current savings. At the end of 52 weeks or roughly one year, your total compounded savings should be just a little shy of ₱30,000 if you did it religiously.
When it comes to saving, there’s no such thing as a one size fits all. If you think your income is too little for these specific challenges, you can always adjust the base sum and increments to suit your situation. The important thing is that you start to get in the habit of saving.
