How can I set achievable savings goals for a savings challenge?

To set achievable savings goals for a savings challenge, you should start by analyzing your current financial situation and determining how much you can realistically save each month. You can use a budgeting tool to track your expenses and identify areas where you can cut back on spending to free up more money for saving.

Once you have a clear idea of your monthly savings capacity, you can set a specific savings goal that is challenging but attainable. For example, you may decide to save 10% of your monthly income, or a specific amount such as Rs. 10,000 per month.

It's important to also consider the timeline for your savings goal. If you want to save a specific amount by the end of the year, you can break it down into smaller monthly goals to help you stay on track.

When setting your savings goals, it's also important to be realistic about any unexpected expenses that may come up, such as medical emergencies or home repairs. Make sure to factor in a cushion for these types of expenses to avoid falling behind on your savings goals.