2025 is almost here, and you know, the world might be a mess but maybe stockpiling a little pile is good.
We are continuing the 24 in 2024 challenges but have slightly adjusted the goal post for a new year!
The goal is simple, but not easy: save $20,250 this year.
If saving $20,250 of your salary isn’t practical - or if you make less than, say, $85,000 - consider the alternative 25 in 2025 Challenge: Save 25% of your income. Both get the same sticker, but the threads will have people at similar income/challenge levels.
Basic rules:
The goal is to save $20,250 in 2025. If you make $65,000 per year, that’s 32% of your overall income. Just state the path and exchange rate you’re choosing (feel free to choose based on what makes sense for you.) You can wiggle the exchange rate around to a historical amount if you like as the USD is quite strong right now.
You can combine any type of savings: emergency fund, 401K, Super, IRA, taxable investments, buffer, house down payment fund, student loan payments - to reach your goal.
You can choose household or individual savings, whichever you prefer.
If your income is not in USD, you can choose to save 20.25K in your currency (i.e. $20,250 CAD or $20,250 AUD or €20,250). OR save the equivalent of $20.25K USD (i.e $29,170 CAD or $32,528 AUD or €19,436)
What Counts
Debt repayment counts towards your savings total!
Mortgage principal (but not interest or escrow) counts.
Only savings that occurs between 1/1/2025 and 12/31/2025 count
If you are already retired, you can count savings you made after distributions (like pulling from a pension, etc).
You can use tax refund or any other windfall money towards your total savings.
you can count student loan forgiveness towards your savings.
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 $20,250
A sticker mailed to you for completing your $20,250 goal for the year
A shoutout on the livestream for reaching your goal!
Please Tag @anomalily when you hit any goals so we can get you your badge!
My goal is to save $20,250 for both of us income earners, so $40,500. We’ll be paying daycare this year, and also we’re in the first year of a 6.5% mortgage, so it’ll be a challenge in a way that it hasn’t been previously.
ETA: oh and my out of network PT. HAHA this is gonna be hard.
I’m in! I’ve always started out in the % challenge and moved over to this one after seeing what my commission checks are in the middle of the year. This year I’m going to think positively and start out here since I’ve been ending up here anyway.
Let’s go! My plan is to stay at my current job for the rest of the year and save at least $20,250, but there is a chance that may change so if it does I’ll probably go to the 25% group if that’s ok?
I’m in! (Optimistically, lol)
I’ll be counting my and my work’s retirement contributions, my individual savings, any tax refunds, and mortgage principal. With all of those I might baaaarely be able to squeeze this out lol
We’re in. Just the $20,250 rather than doubling it to start with, but just maxing two Roth IRAs plus catch up and one family HSA plus catch up is over that amount, so we’re pretty well guaranteed to make it. Might go for doubling it for two people if his business takes back off. It’s been pretty quiet in November and December.
I’m in. We’ll shoot for $20,250 for each adult in the household for a total of $40,500. I’ll count both retirement and college savings. I don’t have a clear path there yet but should be pretty close.
I heard there’s badges and things so, yet again, I’m in
I dont know how much we will save but this is a good prompt to work out how much we will earn in superannuation + mortgage payments etc, all the hidden pockets of money.
If saving $20,250 of your salary isn’t practical - or if you make less than, say, $85,000 - consider the alternative 25 in 2025 Challenge: Save 25% of your income. Both get the same sticker, but the threads will have people at similar income/challenge levels.
