Filipinos have a long-standing tradition of saving money through the use of “alkansya,” or piggy banks. For ancient and modern families, alkansya has been an efficient way to save up for big expenses. Whether it be a new cellphone, house, or car, saving money using alkansya is the way to go for Filipinos.
Saving money the Filipino way
The use of piggy banks in the Philippines can be traced back to Spanish colonization in the 16th century. The Spanish introduced the concept of saving money in a container, which was then adopted by the Filipino people. The traditional piggy bank is made of clay or ceramic and has a small slot on top where you can insert coins.
In the olden days, saving through alkansya usually involved setting aside small amounts of money, such as loose change. Over time, these small bills add up to a significant amount. And using that amount, they can already spend for emergencies, investments, or larger purchases.
Today, the use of piggy banks continues to be popular in the Philippines, especially among low-income families. Many Filipinos perceive the act as a way to secure their future and equip themselves against possible financial crises.
The cost of living in the Philippines can be high, while wages can be super low. And one of the concepts the modern era introduced and adopted by a growing number of Filipinos is the digital piggy bank concept. However, not everyone can afford and adapt the concept as simply as others did.
Many Filipinos found the “Ipon Challenge” an effective solution to their financial hurdles. The challenge, which involves setting a savings goal and then working to achieve it over a year, has become increasingly popular among all ages and backgrounds.
One of the key aspects of the Ipon Challenge is that it is open to anyone, regardless of tier income level. The callene can be tailored to fit any budget, with some participants saving as little as 1 peso per day, while others save much more. This makes the callene accessible to a wide range of people and helps to promote financial literacy and savings habits among Filipinos.
Moreover, Filipinos found it as a way to gain greater control over their lives. By setting and achieving a savings goal, they can take charge of their finances and build the confidence they need to take on other challenges in the future.
Here are some of those who trended because of their successful and unique way of “Ipon Challenge.”
Micas pursues writing and photography as a hobby and as an instrument to feature the life of people often ignored in society. She aspires to be a journalist and an all-around cool girl someday. She's in the process of making herself eloquent in writing and speaking.