22 in 2022 Challenge: Save 22% of your income in 2022

[anomalily]

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 - by 1%!

It’s simple but not easy: save 22% of your income in 2022.

**If saving 22% of your income is easy for you (or if your income is over 100K) - please use the alternative 22 in 2022 Challenge: Save $20,220 . Both get the same sticker, but the threads will have people at similar income/challenge levels.

Basic rules:

• The goal is to save 22% of your pre-tax income in 2022. If you make $40,000 per year, that’s $8,800 or $733 per month.
• You can combine any type of savings: emergency fund, 401K, Super, IRA, ISA, taxable investments, buffer, house down payment fund, student loan payments - to reach your goal.
• You can choose household or individual salary, whichever you prefer.

What Counts

• Debt repayment counts towards your savings rate!
• Mortgage principal (but not interest or escrow) counts.
• Only savings that occurs between 1/1/2022 and 12/31/2022 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.
• You can choose to count your income and savings jointly with a partner or separately - up to you!

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 22% goal for the year
• A sticker mailed to you for the 22% goal for the year
• A shoutout on the podcast or livestream for reaching your goal

Here’s 2021 and 2022’s slightly unhinged stickers:

Please Tag @anomalily when you hit any goals so we can get you your badge!

Here’s all the 22 in 2022 Challenges:

• 2022 BINGO! A Choose-Your-Own-Goals challenge.
• 22 in 2022 Challenge: Save $20,220
• 22 in 2022 Challenge: Save 22% of your income in 2022
• 22 in 2022 Challenge: Save $22 Per Week/Month

[turtlegirl]

I am definitely in for this, but hope to be able to switch to the $20,220 once I see how my sales go this year. My boss paid me my total commission amount for last years sales a week or so ago, even for things that will not come in/be paid for for a few months yet. I didn’t expect to be paid in advance, so while it made for great pay last year, I now have no carryover like I expected from those jobs. Fingers crossed for another busy year!

[anomalily]

I am also in for this one but hoping to earn enough to be able to do the $20,222 one!

[timeforustogo]

Count me in for this one. If I don’t find a lower paying nonprofit position and quit my current soul sucking job this year I will likely move to the $20,220 challenge, but it’s new years and I’m feeling optimistic.

[anomalily]

I’m optimistic enough I want you to quit your job and find a higher paying fulfilling job.

[MagnoliaKnight]

I’m on board for this one!

[mirepoix]

I’m in but I already know I win because with student loan bills at $719/mo x12 and $35,000 salary puts me at 24.65%. Things might change if I find a new job like I want, but highly unlikely to see the kind of income increase that would change this equation.

[frogger]

I’m in, and if the expanded child tax credit happens to get extended, I might make a play for the $20,220 challenge at the same time!

[haypug16]

I’m in. I would love to do the $20,220 one but I’ll be out of work for half the year and only getting a small amount of maternity leave pay so 22% is much more likely.

[Rhubarbsoda]

I’m in. Lets gooooooo!

[Stormbrise]

I would also like to join the 22% of my income this year. I am still a broke student, so I will do my best. If I can save 1000 Danish Krone (Crowns) then that will put me over the amount. If and when I complete my degree I will have a higher unemployment check, then my current allowance from my husband.

[anomalily]

@Stormbrise

I would also like to join the 22% of my income this year. I am still a broke student, so I will do my best

That reminds me to add this for anyone - if you try for 22% and it isn’t viable, the 22 in 2022 Challenge: Save $22 Per Week/Month will welcome you with open arms at any time.

[CalBal]

I’m in tentatively. I’m still waiting on 2021 results (won’t know the final % until I get paid this Friday for last pay period (well, I’ll be able to see the numbers on Thursday afternoon), but it will likely be around 28 or 29% (though I got that mini bonus so it might be a tad lower)). I may try to save less aggressively this year though, to help with feelings, so we’ll see.

[anomalily]

Well, because my income was so low this month (no day job income for next two months and lots of “checks in the mail” for OMD), I’m doing great from a percentage standpoint. I saved 78.72% of my income. Not doing great from an income perspective yet, but this was the plan.

Income	January	YTD
Day Job	$0	$0
Net income from OMD	$507.50	$507.50
Bank Interest and Misc	$.66	$.66
—	----	—
SEP- IRA Savings	$400	$400
Percentage Saved	78.72%	78.72%

[frogger]

January is somehow both already over and finally over. There is suddenly still daylight at daycare pickup, so the worst of the darkness is also over! So, the numbers (hard mode, because it’s simpler):

January Income Total: $5,210
January Savings Total: $1,881
January Percent Savings: 36%

2022 Savings Total: $1,881
2022 Percent Savings: 36%

I got my W2 and finished my tax return last night, so hopefully will see the refund(s) next month.

[PinkTutu]

I’m in. With my individual allowance I already save 25%. It’s set up to go in automatically.

We should be able to do 22% with our joint money. We’ll see. It depends how much gets sucked up by house and yard repairs and renovations.

[Rhubarbsoda]

January Income Total: $9401.04 (includes $5000 gift)
January Savings Total: $6348.75
January Percent Savings: 67.5%

2022 Savings Total: $6348.75
2022 Percent Savings: 67.5%
Using post-tax income because I’m too lazy to look up the pay stubs from all my jobs, but including my vested 401k match.

[turtlegirl]

January

Pre tax income $2472
Total saved $500

20.2%

This will be my base savings every month, but once I put my tax refund and (hopefully) some commission checks in, it will be a higher number. I thought I was going to sell some jobs that I ended up not getting, so commissions are starting slow this year. But supposedly housing/remodeling is going to be up again, so we will see…

[turtlegirl]

February same as January…

Pre tax income $2472
Total saved $500

20.2%

[frogger]

This month includes federal tax refund, maybe state next month? Then after that the savings percentage will drop.

February Income Total: $7,577
February Savings Total: $3,844
February Percent Savings: 51%

2022 Savings Total: $5,725
2022 Percent Savings: 45%