2020 - a new decade - is almost here.
It’s time to get ambitious about savings goals. So I present the 20 in 2020 challenge. It’s simple but not easy: save 20% of your income in 2020.
If saving 20% of your income is easy for you (or if your income is over 100K) - please use the alternative 20 in 2020 Challenge: Save $20,000 in 2020. Both get the same sticker, but the threads will have people at similar income/challenge levels.
Here’s all the 20 in 2020 Challenges:
- 20 in 2020 Challenge: Save 20% of your income in 2020 (this one)
- 20 in 2020 Challenge: Save $20,000 in 2020.
- 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!
- The goal is to save 20% of your pre-tax income in 2020. If you make $40,000 per year, that’s $8,000 or $666 per month.
- 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 salary, whichever your prefer.
- Debt repayment counts towards your savings rate!
- 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 savings percentage, but you then must count that windfall towards your overall income.
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% goal - for the year
- A forum badge when you complete your 20% goal for the year
- A sticker mailed to you when you complete your 20% goal for the year
- A shoutout on the podcast when you reach your goal