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.


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!


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



Ok I just saw this challenge. I will save as much as I can and hopefully reach the 24% :slight_smile: 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.


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!


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:

May was a 3 paycheck month, normally I get a little over 4000$ a month.


This is through June

Total income $19,080
Total saved $6,650


As always, I am hoping to move to the $20,240 challenge once commission checks are received.


Here are my June stats! It was a very spendy month, summer fever got me :sweat_smile:

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!


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.