2020 - a new decade - is almost here.
It’s time to get ambitious about savings goals. So I present the 20 in 2020 challenge. The goal is simple, but not easy: save $20,000 this year.
*If saving $20,000 of your salary isn’t practical - or if you make less than, say, $80,000 - consider the alternative 20 in 2020 Challenge: Save 20% in 2020. Both get the same sticker, but the threads will have people at similar income/challenge levels.
- The goal is to save $20,000 of your pre-tax income in 2020. If you make $60,000 per year, that’s 30% of your overall income.
- If your income is not in USD, you can choose to save 20K in your currency (i.e. $15,042 USD for Canadians or $13,593 USD for Aussies) OR save the equivalent to $20,000 USD (i.e. currently $26,591 CAD or $29,425 AUD). Just state the path and exchange rate you’re choosing.
- You can combine any type of savings: emergency fund, 401K, Super, IRA, taxable investments, buffer, house down payment fund, student loan payments - to reach your goal.
- You can choose household or individual savings, whichever you prefer.
- Debt repayment counts towards your savings total!
- Mortgage principal (but not interest or escrow) counts.
- Only savings that occurs between 1/1/2020 and 12/31/2020 count.
- You can use tax refund or any other windfall money towards your total savings.
What do you get:
- Support on this thread as you go along - post monthly or quarterly check-ins as appropriate
- A forum badge when you are halfway - at your $10,000 goal - for the year
- A forum badge when you complete your $20,000 goal for the year
- A sticker mailed to you when you complete your $20,000 goal for the year
- A shoutout on the podcast when you reach your goal
Here’s all the 20 in 2020 Challenges:
- 20 in 2020 Challenge: Save 20% of your income in 2020
- 20 in 2020 Challenge: Save $20,000 in 2020. (this one)
- 2020 Challenge: Race to the max! - max out your accounts
- 2020 BINGO – A choose-your-own-goals challenge
- $20 2020 challenge - save $20 per week or per month!