2021 is finally here. We can only hope it is better than 2020, right?
We are growing the 20 in 2020 challenge for 2021…slightly… by 5%
The goal is simple, but not easy: save $21,000 this year.
- If saving $21,000 of your salary isn’t practical - or if you make less than, say, $80,000 - consider the alternative [21 in 2021 Challenge: Save 21% in 2021]. Both get the same sticker, but the threads will have people at similar income/challenge levels.
- The goal is to save $21,000 in 2021. If you make $60,000 per year, that’s 33% of your overall income.
- If your income is not in USD, you can choose to save 21K in your currency (i.e. $16,344.51 USD for Canadians or $15,967.14 USD for Aussies) OR save the equivalent to $21,000 USD (i.e. currently $26,980 CAD or $27,620 AUD). Just state the path and exchange rate you’re choosing (feel free to choose based on what makes sense for you.)
- 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 1/1/2021 and 12/31/2021 count
- If you are already retired, you can count savings that you made after distributions (like pulling from a pension, etc).
- 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 $10,500 goal - for the year
- A forum badge when you complete your $21,000 goal for the year
- A sticker mailed to you for completing your $21,000 goal for the year
- A shoutout on the podcast for reaching your goal!