Heard Of The “Budol” Ipon Challenge For Couples? You Can Save 15K In Two Months
Your bank account will thank you, for sure!
There is no better time to save money than the present. While it may be confusing to know where to start, having a plan is key to establishing a disciplined money-saving technique. If you need inspiration to finally save money, we interviewed five women who found an ipon hack that worked for them. Read on to find out!
Ipon hack #1: No-spend weekend
The no-spend weekend ipon challenge is pretty simple. All you have to do is set one weekend every month where you will not be spending even a single peso. Bai, 24, has been doing this since she turned 18 years old.
“I’m not the most disciplined when it comes to money, but I still find this ipon hack easier than other challenges,” she shares. “Before the pandemic, mas madalas tayo pumunta sa mall, mag-shopping, mag-dine out, and that’s when the no-spend weekend hack came in handy.”
On a usual weekend out, Bai would spend at least Php 5,000 on food, shopping, and dates with her friends. When she started doing the no-spend weekend hack, she was able to save an extra Php 5,000 every month, which totals to Php 60,000 each year.
“Instead of going out and spending more money, I allot one weekend each month to go to the park, walk my dogs, or stay home.” Bai says this made her appreciate the value of money. “It’s not anything crazy, it doesn’t make me feel like I’m suppressing myself [from] buying the things I want, but it does the job. I get to save money and I get to do it in such a simple way.”
Ipon hack #2: The 50-peso challenge
You may have heard of this challenge multiple times, which is how you’ll know it’s super effective and doable! In fact, 28-year-old Ally vouches for it.
“Basically the fifty-peso challenge’s goal is that you should save all of your 50-peso bills, no matter how much the total is or how many they are,” she says. “Kung lahat ng sinukli sa ‘yo ay puro fifty pesos, wala kang choice kundi ipunin lahat ng ‘yun at hindi gastusin.”
However, the only struggle Ally has with this challenge is that it’s more difficult to track your savings every month. “Dahil walang specific amount of savings -- kasi s’yempre hindi mo alam ilang fifty pesos ‘yung meron ka, mas mahirap i-track ‘yung growth ng savings mo,” she says.
Ipon hack #3: Barya / piggy bank challenge
This ipon challenge is highly encouraged for your little ones to try! If you want to teach them the basics of money and the importance of having savings, you can let them try this simple money hack.
The piggy bank challenge requires you to drop all your barya or coins into your piggy bank without opening them until the end of the year. Rene, a mother of two, encourages her two kids to save money this way.
“The first thing I did was teach them the corresponding values of each coin. This helped them understand that when you accumulate a lot of coins, they add to an even bigger value. They also know that money can buy toys and snacks, which makes them motivated to save,” she explains. “The best thing about this challenge is that it does not impose strict rules. Maganda talaga siya para sa mga bata kasi mabilis nila naiintindihan.”
At the end of 2020, both of Rene’s kids opened their piggy banks and found out that they accumulated over Php 10,000 worth of coins. “It was so good to see them surprised! When they found out that they saved so much money, they spent a portion of it on a new toy. Mas naging motivated sila mag-ipon.”
Ipon hack #4: Twice-a-month challenge
This money challenge is perfect for all the young professionals out there, especially those who receive their salaries twice a month. Ellaine, 24, has been practicing this ipon hack for two years now.
“I think karamihan naman sa ating mga employees ay nakakatanggap ng salary every 15th and 30th of the month, so twice a month,” shares Ellaine. “What I do is every payday, may certain amount ako na non-negotiable at kailangan mapunta agad sa savings account ko. No exceptions pagdating dito.”
Ellaine saves Php 20,000 per month by following this challenge. However, your savings would highly depend on your salary. “My advice is to learn how to budget. Know your priorities, s’yempre, pero matuto din tayo mag-establish ng amount na ise-save without feeling na sobrang limitado yung spending capabilities natin,” she says.
Ipon hack #5: Budol challenge for couples
Lily and her partner Jolo are both shopaholics. They participate in online double-digit sales almost every month, and would often give in when they see items on big discounts. Two months ago, however, they made an agreement to start this ipon habit to achieve their common financial goals.
“For every budol purchase, we need to deposit the same amount to our joint account,” says Lily. “We read this challenge somewhere before and we got inspired, since we’re trying to save for our post-pandemic travels also.”
For example, if Lily buys a Php 300 top, she will need to deposit another Php 300 to their fund, and the same goes for Jolo. “So far we have Php 15,000, [and] we only started two months ago. But we’re so excited to put these savings to good use after the pandemic!”
So, which ipon challenge are you going to try this year?