24 in 2024 Challenge: Save 24% of your income

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!

:memo: 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.
  • 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.


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.