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.
- 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.
- 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