Income low, not as low as January, but still have another month before I start working a job again.
| Income | January | Feb | YTD |
|---|---|---|---|
| Day Job | $0 | $0 | $0 |
| Net income from OMD | $507.50 | $1,980.38 | $2,393.89 |
| Bank Interest and Misc | $.66 | $.27 | $0.93 |
| — | ---- | — | — |
| SEP- IRA Savings | $400 | $100 | $500 |
| Percentage Saved | 78.72% | 5.05% | 20.88% |
March:
Pre tax income $7249 (I got both tax refunds totaling $4159)
Total saved $4625
63.8%
YTD:
Income $12,193
Saved $5625
46.1%
I am still hoping for some commission checks this year. March was better than Jan or Feb for sales, so fingers crossed it is picking up.
I accept the challenge to save $20,220 in 2022. I have $6,060 saved so far. It’s gonna be tight! My investment policy / plan I recently made said my savings goal would be $21,000 per year, so yeah this is gonna be a real challenge for myself! I save over half my Social Security disability check each month.
This is amazing! You’re doing fantastic for it only being april and having $6,060 saved!
Thank you so much. It helps with my guy living with me here. As he pays half of the utils, groceries and shelter expenses. We have a very modest home in a cheap state. Almost have it paid off, $40k more.
April
Pre tax income $2472
Total saved $500
20.2%
April was a really excellent sales month. YAY! I am still hoping for a nice commission check so I can join the save $20,220 thread, but I won’t know that for a few months yet. I let my commission sit in my “work bank” until I know I won’t need to rely on that money to cover my base pay during slow months when I don’t sell enough to cover it. It is usually July before I know what the year is really going to do and I feel comfortable taking anything extra out.
I’m going to join very late in the game! Going to make it an extra challenge and go for post tax income since I do all my budgeting that way. Will have to look back at Jan through April to figure out where I am so far.
Ok, I ran the numbers and here’s what I have. Again, income is post tax cause that’s just how I budget. My paychecks seem to be set up pretty ideally in terms of withholding for both jobs.
January:
Income $3055.80
Savings $2120
Percent 69.38%
(January and December tend to be high earning months. I got a big pet sitting check and came into the month riding high from December income I hadn’t distributed yet).
February:
Income $2186.82
Savings $570
Percent 26.07
March:
Income $2711.45
Savings $930
Percent 34.3%
April:
Income $2846.57
Savings $803.78
Percent 28.24%
Jan through April the huge portion of my “savings” was paying off a personal loan. I think only $50 went to my Roth IRA and a few hundred went into sinking funds. Personal loan is paid now so going forward savings will be mainly toward retirement and my baby down payment fund.
I haven’t done a month by month count, but I notice Quicken says we’ve set aside $4000 in our car & house savings account since the beginning of the year. Plus I added $3000 in GICs in my TFSA from my personal accounts. But that was mostly an inheritance. That’s for January to April. So that’s $7000. That’s almost 22% of of our annual net income there. We earn a very low income.
May:
Pre tax income $2472
Total saved $500
20.2%
Another excellent sales month, and I think June will be also so that is great. I am still holding it all in my work “bank” but I should get nice commission pay this year if the market for new kitchens doesn’t dry up in the next few months.
hello it looks like this year’s income will be about $12,500, not counting scholarships, so 22% will be $3800!
(I have to be really careful this fall semester because I can’t make over $16000 so I can keep Medicaid).
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OMD Net | $355.51 | $1,755.49 | $568.29 | $476.93 | $583.18 | $455.46 | $4,194.86 | ||||||
| Interest + Misc | $0.66 | $0.27 | $87.00 | $0.12 | $0.11 | $15.55 | $103.71 | ||||||
| Stimulus/Tax | $0.00 | ||||||||||||
| Total | $356.17 | $1,755.76 | $655.29 | $477.05 | $583.29 | $471.01 | $4,298.57 | ||||||
| OMD SEP-IRA | $400.00 | $100.00 | $300.00 | $800.00 | |||||||||
| Percentage Saved | 78.72% | 5.05% | 0% | 0% | 63.39% | 18.61% |
Nearly halfway through the year and still don’t have a day job income and therefore am not saving nearly as much, but The!Job!Is!Finally! starting.
But pretty rad that even though I have earned less than $5,000 in the past 6 months and I’ve still been able to pay for my living expenses and put money in my SEP-IRA. This is largely because of all the savings I did in 2020 and 2021 thanks to these challenges. So, very grateful for that.
Can’t wait to get more money in the door so I can save more though!
Nice challenge. I guess it would be tricky if we every year enhance the stake. Btw, I wonder why did you choose that high percentage. I’m asking because, as I know, whiz folks in finances recommend 10% from salary.
10% is considered pretty low for retirement savings - usual benchmark is 15%. But 22% won’t make sense for everyone at every stage.
If 22% doesn’t work for you (as it is hard for a lot of folks), we have another challenge - 22 in 2022 Challenge: Save $22 Per Week/Month ! remember debt repayment counts as well!
How is the year half over???
June:
Pre tax income $3090
Total saved $625
20.2%
YTD
Pre tax income $20,227
Total saved $7250
35.9%
I should be getting a nice commission check soonish which will help. Still hoping to switch over to the $20,222 club!
July:
Pre tax income $17,472
Total saved $10,500
60.1%
YTD:
Pre tax income $37,749
Total saved $17,750
47.1%
I am going to switch over to the $20,222 challenge. 
I got a $15,000 commission check! I also still have enough left in my work “bank” to pay my base salary for the rest of the year, so all sales now will go straight to a commission check at the end of the year. I am hoping for at least another $10,000 but more would certainly be better. It has been a very good sales year, comparing July 21 sales to July 22 sales, I am about 10% over. Last year was my highest sales to date, so there is a chance this year will end up as the highest but I am not counting on it…
It’s been a minute since I’ve been by, so I’ll just do a YTD update.
2022 Income, all sources: $50,956
2022 Savings, all sinks: $17,111
2022 Percent Savings: 34%
The percentage will drop a bit more as some of the early months were major outliers. I’m also within striking distance of the 20K and something-something challenge, but it will be a buzzer-beater if so.
Though does it count as savings if the money that went into those accounts was eaten up in the stock market downturns this year? There is actually less in that pot than there was at the beginning of the year.
Still counts! This is about your action towards saving, not the market ups and downs!
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OMD Net | $355.51 | $1,755.49 | $568.29 | $476.93 | $583.18 | $455.46 | $142.40 | $1249.42 | $2311.58 | *$7,934.30 | |||
| Interest + Misc | $0.66 | $0.27 | $87.00 | $0.12 | $0.11 | $15.55 | $12 | $.10 | $.51 | $104.44 | |||
| Other Jobs | $2,665.50 | $5,111.50 | $8,027 | ||||||||||
| Stimulus/Tax | $0.00 | ||||||||||||
| Total | $356.17 | $1,755.76 | $655.29 | $477.05 | $583.29 | $507.05 | $142.52 | $1,499.52 | $4,977.59 | $5,111.50 | $16,065,74 | ||
| SEP-IRA | $400.00 | $100.00 | $300.00 | $208.00 | $433.19 | $1151.03 | $2,592.22 | ||||||
| Cash | $2160.06 | $2,160.06 | |||||||||||
| Percentage Saved | 78.72% | 5.05% | 0% | 0% | 63.39% | 13.87% | 52.10% | 22.52% | 29.58% |
Things are picking back up now that I have three jobs again.
How’s everyone doing with this challenge?
I’m actually still saving in my allowance, but spending the last of the inheritance. At some point those two cross (when I run out of inheritance) and I will no longer be able to save 22% of my allowance. They go into the same pot of money. To make up for that I have actually been saving 25% of my allowance.
We are not doing well for joint savings. A lot of unexpected expenses came up this year. I will be happy if we stay in the black.
