52 Weeks Savings Challenge (2020 Edition)

Which challenge will you do?

  • $1378

    Votes: 5 8.8%
  • $2500

    Votes: 10 17.5%
  • $5000

    Votes: 16 28.1%
  • $7000

    Votes: 3 5.3%
  • $10,000

    Votes: 15 26.3%
  • Custom Challenge

    Votes: 8 14.0%

  • Total voters
    57
41,176
32,812
Joined Aug 6, 2012
Congratulations to everyone who made their 2019 savings goals. Here we are with a new thread for the New Year, with new savings


This is the classic 52 week challenge. At the end of the year, with this you will have saved $1378




$2500 Challenge




$5000 Challenge




$7000 Challenge



$10,000 Challenge
 
595
201
Joined Jan 25, 2001
Hi NTer's,

Not new to the forum, but new to this thread. I'll tweak the 2.5k challenge a few weeks by increasing the saving. I should end up with ca. 3k saved.

How do you all set aside the weekly savings? Cash in a shoe box? Open an account?

Peace
F Sharp005
 
1,753
1,743
Joined Apr 5, 2012
Im in!

Successfully completed last year’s challenge. It started at $8 and added $8 every week so the last week was $416. Saved $11,024.

Gonna up it this year i’m going to try and do $600 every Monday. Have an alarm set for Monday’s at 9 pm so it’s just a matter of keeping spending down enough to have the funds in there.

As for people asking questions about investing. I use betterment and highly suggest it. It’s great. 5 second transfer from bank to betterment investment account every Monday and the robo advisor invests it into a broad range of stocks.
 

cs02132

Supporter
7,203
3,742
Joined Nov 1, 2007
I know it’s really subjective and situational but what do you guys think a good amount to have saved is ?

at 25?
at 30?

I don’t have the best job but I have been saving good for about 4-5 years now. At first I was confident I was doing good compared to others my age (27, started when I was 22 or 23) but now I feel others are catching up, or have already surpassed me

I saw on IG the top 1% of either 28 or 30 year olds (i forget) have 80k saved
 

$tacy

formerly willchamberlain
23,247
16,017
Joined Nov 24, 2012
Trynna have around 2k 1/1/21
Getting married that year and that’s gon covert extras
 
41,176
32,812
Joined Aug 6, 2012
I know it’s really subjective and situational but what do you guys think a good amount to have saved is ?

at 25?
at 30?

I don’t have the best job but I have been saving good for about 4-5 years now. At first I was confident I was doing good compared to others my age (27, started when I was 22 or 23) but now I feel others are catching up, or have already surpassed me

I saw on IG the top 1% of either 28 or 30 year olds (i forget) have 80k saved
My belief is that it depends on your lifestyle and that you should have at least enough saved to last 3-4 months in case some **** pop off.

Something like you just got laid off or you have to move out on a short notice. Having a reserve like that should last long enough to where you can get back going
 
Last edited:
41,176
32,812
Joined Aug 6, 2012
Trynna have around 2k 1/1/21
Getting married that year and that’s gon covert extras
2k should be a breeze. Just gotta save $100 the first week and decrement it by $2 every week.
 
1,753
1,743
Joined Apr 5, 2012
I know it’s really subjective and situational but what do you guys think a good amount to have saved is ?

at 25?
at 30?

I don’t have the best job but I have been saving good for about 4-5 years now. At first I was confident I was doing good compared to others my age (27, started when I was 22 or 23) but now I feel others are catching up, or have already surpassed me

I saw on IG the top 1% of either 28 or 30 year olds (i forget) have 80k saved
80k seems low to be honest. But that’s probably just my area of California. I was thinking by 30 a reasonable expectation for frugal minded college graduates is:

-Worked 21 to 30
-Saved $1k a month
-6% returns

That’s $167k.

I’m nowhere near that myself and i’m in my 30s. A lot of people I know around here are way ahead of that since they had a few years of being able to live with their parents and also have a high paying job.

At the end of the day it’s not all about money but consistency and context matters in terms of how much you are able to save. It’s never gonna be an even playing field and you gotta just make the best out of your own situation and not compare with others. I chose to use my 20s as a time to explore life and don’t regret it one bit. In my 30s now i’m going full stop financial security and putting all efforts toward that.
 
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