52 Weeks Savings Challenge (2024 Edition)

[tay1]

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

 

[tay1]

Here's a website if you want to do a custom challenge and need a printable chart

52 Week Money Challenge Printable Chart - 2024 (customizable)

Customize and print a 52-week money challenge chart for 2024|2025

www.money-challenge.com

 

[6 Rings G.O.A.T.]

 

[kvsm23vs24]

Good luck y’all. I saved a good amount this year. Hopefully 20 will be way better.

 

[johnnyredstorm]

That 10k challenge looks ideal right now. Wanna load up an investment account with mutual funds. Gonna try the 7-10k ones see if I can afford to live lol

 

[f sharp005]

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

 

[tay1]

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

Savings account or throw it in mutual funds

 

[moderndarwin]

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.

 

[tay1]

Going from $8 increase a week to $600 every Monday is a big jump

I’m gonna try to save 10k, but do it in reverse so I can have more money around the holidays

 

[isyouserious]

Good luck to everyone here! I'm in for 10,000. Gonna hit the OT harder this year.

 

[wallyhopp]

Are y'all putting this into proper savings accounts? I need to find one with solid 10-15 yr numbers. Any suggestions.

 

[6 Rings G.O.A.T.]

Are y'all putting this into proper savings accounts? I need to find one with solid 10-15 yr numbers. Any suggestions.

 

[tay1]

Are y'all putting this into proper savings accounts? I need to find one with solid 10-15 yr numbers. Any suggestions.

What do you mean by proper?

 

[cs02132]

What do you mean by proper?

I assume not BS less than 0.5% interest savings accounts

 

[tay1]

I assume not BS less than 0.5% interest savings accounts

Ah got it. Yeah I have a wack savings account with Wells Fargo.

I'm gonna go the investing route with my savings so it will stop me from dipping into the savings near holiday time

 

[Sharpshoeter13]

Tuned in

6 Rings G.O.A.T.

 

[llerraj]

Doing what I did last year. Save one third of my check. Plan on putting an additional 5K into my investment account when I find out who's being impacted by layoffs in Q1.

 

[tay1]

Doing what I did last year. Save one third of my check. Plan on putting an additional 5K into my investment account when I find out who's being impacted by layoffs in Q1.

How much you end up saving last year?

 

[llerraj]

How much you end up saving last year?

Over 15K iirc. I'm trying to make up for years of underemployment and unemployment. Don't feel like I'm going to get there.

 

[Fozz]

Aiming to save atleast $4k in 2020.

 

[cs02132]

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]

Trynna have around 2k 1/1/21
Getting married that year and that’s gon covert extras

 

[tay1]

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

 

[tay1]

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.

 

[moderndarwin]

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.