2022 is here, and it’s arrived with about as unsettling an entrance as 2021 did. But let’s hope it will be better.
We are continuing the 21 in 2021 challenges but have slightly adjusted the goal post for a new year!
The goal is simple, but not easy: save $20,220 this year.
If saving $20,220 of your salary isn’t practical - or if you make less than, say, $80,000 - consider the alternative 22 in 2022 Challenge: Save 22% of your income in 2022 . Both get the same sticker, but the threads will have people at similar income/challenge levels.
Basic rules:
- The goal is to save $20,220 in 2022. If you make $65,000 per year, that’s 31% of your overall income.
- If your income is not in USD, you can choose to save 20.22K in your currency (i.e $20,220 CAD or $20,220 AUD or €20,220 ) OR save the equivalent to $20.22K USD (i.e. currently €17,783.13, $27,838.62 AUD, or $25,556.36 CAD) 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.
What Counts
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Debt repayment counts towards your savings total!
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Mortgage principal (but not interest or escrow) counts.
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Only savings that occurs between 1/1/2022 and 12/31/2022 count
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If you are already retired, you can count savings that you made after distributions (like pulling from a pension, etc).
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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 complete your $20,220
- A sticker mailed to you for completing your $20,220 goal for the year
- A shoutout on the livestream or podcast reaching your goal!