Find the Home for you


  • February 4, 2020
  • News

Happy 2020!

As if the ringing bells are not enough reminder that you are not getting any younger, then it hits you—you have to find a house you can proudly call your own.

Owning a house is a financial hurdle that you need to win over time and time again.

In the initial stages of homeownership, you need to get through paying for the down payment. It is usually 10 to 35% of the total contract price payable for up to 18 months. The terms depend generally on the developer.

Thus, if you are eyeing a Php500,000 house and lot on your desired location, you need to pay between Php50,000 to Php175,000.

Good thing, the Filipinos are no stranger to ipon challenges.

You may use any of these ipon challenges to save for the down payment this 2020.

Ipon challenges 2020 to save for down payment

1) 52-Week Money Challenge

This is the most famous money challenge today, with distinct variations.

The simplest challenge involves a certain amount of money that you need to save for 52 weeks. 

Let’s say you plan on saving Php2,000 every week. That’s Php104,000 at the end of the year (Php2,000 x 52).

Another variation involves increments that you need to choose from the start, although you can always add more if you can.

For example, let’s start with Php50 on week 1, Php100 on week 2 (Php50 x 2), Php150 on week 3 (Php50 x 3) and so on. You can save up Php68,900 at the end of the year.

That’s Php137,800 if you’ll do the Php100 weekly increment.

2) 12-Month Money Challenge

This challenge also has its fixed and incremental versions.

First is the fixed one. You may decide for a percentage of your monthly income that you can take out. Make it manageable so you can fully commit.

For instance, if you are earning Php20,000 per month and commit 30% of it on savings, you will have Php72,000 at the end of the year (Php20,000 x 30% x 12). 

Second is the incremental. You may start with saving 2% of your monthly income in January, 4% in February, 6% in March, and so on. At the end of the year, you would have Php31,200 that is if you are earning Php20,000 monthly. 

Not much, but enough to cover at least four months of monthly down payment.

3) 15-30 Money Challenge

Sweldo day should be a savings day.

The good thing about this is if you are hitting a certain amount or percentage, you can divide it into two. In this way, it won’t be too much of a burden to you.

Let’s say you want to save 10% of your salary every month, take 5% on the 15th and the other half on the 30th. You know the deal!

4) 50-Peso Money Challenge

This challenge is pretty straightforward. Whenever you will have a Php50 bill, you’ll save it. That’s it.

The Php50 bill becomes invisible, as they say.

If you can save Php50 every day, your total at the end of the year would be Php18,250. What if you save more than one Php50 bill per day?

Yes, that’s the catch!

5) Loose Change Money Challenge

Coins are heavy on the pockets but can be easily stashed on a container.

Have you seen how a car owner does it? He gets rid of the coins by putting them in the beverage holder. You can do that also.

If you want to maximize your savings, consider putting in only Php5 or Php10 coins, especially the silver ones that are confusing to look at.

You may have at least Php1,825 at the end of the year. The more you save, the higher your earnings, of course!

It all boils down to saving, saving, saving so you can finally complete your down payment.

Then again, you can actually pay it on a monthly basis.

Let’s say you were able to save Php104,000 and the down payment Php175,000. You only have to pay Php71,000 in the coming months. 

In 12 months, you only need to pay Php5,916 or Php2,958 for 24 months.

The faster you pay the down payment, the faster the equity buildup, or that part of the house that you actually own essentially.

That means starting your ipon challenge now so that you will have enough money at the end of the year to devote to the down payment of your dream home.

Good luck!