Not proud of how you spend your money during the holidays? It is easy to lose control of your finance and go over your budget during the holidays. And this can be worse if you go into the holiday without plans or a budget.

January provides a good window for taking control of your finances for many reasons. These money-saving challenges will help have money during the next December holiday.

Join a money-saving challenge

A money-saving challenge can be a helpful way to save money and develop positive financial habits. It can provide motivation and accountability to help you cut expenses to meet your saving goals. A money-saving challenge is important for people who dug into their savings during the holidays. It offers them a chance to get back on track.

Money-saving challenges can provide a structured and organized approach to saving money. This can be particularly helpful for individuals who struggle with saving disciple or are just getting started. This challenge makes the process fun and fulfilling, helping you plan for the future, get your finances in shape and build a safety net without breaking a sweat.

Some money-saving challenges you can take on in January and use to save for your goals include;

1. The 52-week challenge; this challenge involves saving a specific amount of money each week, starting with a small amount and gradually increasing it over the year. For example, you might begin by saving Ksh 100 in the first week, then Ksh 200 in the second week, and so on, and by the end of the year, you will have saved Ksh 5200.
2. The 30-Day Challenge; this challenge involves choosing a specific area of your spending, such as dining out or entertainment, and reducing or eliminating it for 30 days. This will free up money in your budget to save for specific goals.
3. The saving jar challenge; this challenge involves setting a specific saving goal and putting aside a certain amount of money each day or week to reach it. For examples. You might set a goal of saving Ksh 10,000 in six months to buy a TV and put aside Ksh 1500 per week to achieve it.
4. The saving sprint challenge; this challenge involves setting a saving goal and trying to reach it quickly, such as in a month or a quarter. You can have a specific goal, such as saving Ksh 15,000 in three months, and use various methods to reach it.

Try this and you’ll have some coins to spend over the year.