Lista, a free bookkeeping app for small and mid-sized businesses, has launched itsIpon Challenge, which encourages Filipinos to set savings goals through the app’s new Savings and Sales Target features. The former allows users to track their savings, whereas the latter allows them to set business profit targets.
“Lista wants to encourage every Filipino to set a savings goal for the things they dream of – whether they start with a small amount or go big with a car down payment,” shared Khriz T. Lim, co-founder of Lista, in a press statement. “Through the help of our partners, we look forward to seeing everyone complete theiripon [savings] challenge and help them move towards the goal of understanding their finances and empowering them to make better purchase decisions.”
An emergency fund, tuition fees, and a home are the top three dream items of Lista’s current 10,000-strong user base, Ms. Lim told BusinessWorld.
“The average target savings is about P90,000 for non-business owners,” she added in an e-mail. Meanwhile, “the average sales target for business owners is P60,000.”
Individuals interested in joining the challenge will need to install the Lista app, register using their mobile number, and then create a savings challenge through the Savings icon. Savings must be recorded in the app at least twice a week, following their daily or weekly savings amount.
There is no minimum savings goal. The deadline to reach one is before May 30.
Participants that join the challenge also get a chance to win prizes from Lista’s partners, including a P10,000 Kabuhayan (Livelihood) Package from SariSuki, a community-selling platform that deliveries fresh deliveries, and Life Armor Insurance coverage for one year from Sun Life Philippines, a financial services organization.
To be eligible for the various prizes, participants will need to share a screenshot of their savings badge on Facebook with the hashtag #IponChallenge and tag Lista.
A June 2021 survey conducted by Hong Kong-based AIA Group Limited found that uncertainties driven by COVID-19 have led people to retain as much cash as they can. As many as 77% of Filipinos 25 years and above agree that they now plan to put more money aside for savings. – Patricia Mirasol