2024 is almost here and we’re continuing the HARD challenge of saving 24% of your income.
We are continuing the 23 in 2023 challenges but have slightly adjusted the goal post for a new year - by 1%!
It’s simple but not easy: save 24% of your income in 2024!
If saving 24% of your income is easy for you (or if your income is over 100K) - please use the alternative 24 in 2024 Challenge: Save $20,240
Both get the same sticker, but the threads will have people at similar income/challenge levels.*
Basic rules:
- The goal is to save 24% of your pre-tax income in 2024. If you make $40,000 per year, that’s $9,600 or $800 per month.
- DEBT REPAYMENT COUNTS
- 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 1/1/2024 and 12/31/2024 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 count your income and savings jointly with a partner or separately - up to you!
- Student loan forgiveness counts (either PSLF or workplace), but only if you also count it in your gross income.
What do you get:
- Support on this thread as you go along - post monthly or quarterly check-ins as appropriate
- A forum badge after you complete your 24% goal for the year
- A sticker mailed to you for free anywhere in the world!
- A shoutout on the livestream for reaching your goal
Here’s all the 24 in 2024 Challenges:
I’m in for this! As usual, I hope to move over to the $20,240 group later in the year once I see how sales go.
2 Likes
Joining (a little bit late). Like last year, I plan on starting here and possibly switching over to the $20,240 group later in the year.
I make $53,000 a year, and 3% of that is currently going to retirement (this may change later). So in order to save 24% ($12,720), I am $11,130 away.
Just did my January end of month recap, and I saved $1,630.17.
$3,220.17 / $12,720; 25% of the way to my goal.
3 Likes
Woah-- I thought I posted for February and am now realizing I definitely did not. Quick update for my February progress, and then I’ll hop back on here for March!
In February I saved $1,664.62.
$4,884.79 / $12,720. 38% of the way to my goal. If I keep this level of progress up, I can see myself heading over to the other challenge!
2 Likes
Numbers through March. This includes my tax refund, so savings will be smaller now. As always I am hoping to move to the other challenge but as always it depends on sales and commission checks. It is too early in the year to have a good grasp on that.
Total income $11,046
Total saved $4700
42.6%
3 Likes
Ok I just saw this challenge. I will save as much as I can and hopefully reach the 24%
My salary is about 52000$ and there is 6% of my gross pay that goes towards retirement. I am currently saving a “jobloss fund” using around 9% of my gross pay and when that will be saved, I will invest that 9%, so that I invest 15% for my retirement. I plan to save also for a downpayment and take advantage of the FHSA tax advantages.
Edit to add: I am also building an emergency fund.
2 Likes
I seem to be averaging a post every 2 months… here’s my numbers for March and April.
In March, I saved $1700.24
In April, I saved $1300.96
I decided instead of counting my tax return towards my savings, I’d use it to refill some of my sinking funds instead, and prepare for some upcoming travel/vacation.
Overall, I’m at $7,885.99 / $12,720. That’s 62% of the way to my goal!
3 Likes
Even though I started the Challenge only at the end of April, I still wanted to make a little report for Jan- April so that I know where I stand.
I need to save: 12480$
Total money saved from January to April : 1028.04 $ (the total amount that is taken directly in my gross pay that goes towards my retirement plan). This is 8% saved in total
It seems low, but I wasn’t buffered until May, and I had some important bills that I had to pay in that period, but this month is the first month that I start to save more - plus it’s a 3 paycheck month!
1 Like
Here’s where I stand for May:
|
Gross |
Pension |
RRSP |
TFSA |
CASH Savings |
total savings |
%savings |
May |
6037.56 |
352.26 |
0 |
0 |
1813.38 |
2165.64 |
35.8694572 |
YTD |
21613.86 |
1262.88 |
0 |
0 |
2437.43 |
3700.31 |
17.12007943 |
Hopefully if I keep saving 35% of my income I will succeed even though I joined late ![:money_mouth_face: :money_mouth_face:](https://cdn.forum.ohmydollar.com/images/emoji/apple/money_mouth_face.png?v=12)
May was a 3 paycheck month, normally I get a little over 4000$ a month.
2 Likes
This is through June
Total income $19,080
Total saved $6,650
34.9%
As always, I am hoping to move to the $20,240 challenge once commission checks are received.
3 Likes
Here are my June stats! It was a very spendy month, summer fever got me ![:sweat_smile: :sweat_smile:](https://cdn.forum.ohmydollar.com/images/emoji/apple/sweat_smile.png?v=12)
|
Gross |
Pension |
RRSP |
TFSA |
CASH Savings |
total savings |
%savings |
June |
4285.38 |
241.97 |
400 |
0 |
310.69 |
952.66 |
22.23046731 |
YTD |
25899.24 |
1504.85 |
400 |
0 |
2730.64 |
4635.49 |
17.89816998 |
I do have a plan for the next months to avoid summer fever, we’ll see!
2 Likes
Oh, I meant to sign up for this!! In non-spendy years, I’m usually closer to a 50% savings rate, but this year I’m spending a big chunk of home repair/improvement. My I’ve gamed it out on my savings rate spreadsheet, and if I stick to my plan, I’ll hit a 25-30% savings rate!! But that does mean not splurging on some other stuff that’s incoming.
3 Likes