52 Weeks Savings Challenge (2024 Edition)

[$tacy]

2k should be a breeze. Just gotta save $100 the first week and decrement it by $2 every week.

Yup! And I been putting $100 a week all last year. That 5k got me debt free . I’m doing that again too.

 

[steebie j]

Did the $2.5k last year

going for the $5k this year. I’m just going to deposit the average weekly amount $5k/52 weeks every Monday for the year. Just do it one time and don’t have to worry a out going in there and editing payments monthly.

 

[llerraj]

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

It's subjective. I hit a financial milestone at the end of the year. It's something I would have expected much earlier than it did had I been working full-time every year since I graduated school. Life can throw curve balls at you that devastate your financial health.

 

[$tacy]

Did the $2.5k last year

going for the $5k this year. I’m just going to deposit the average weekly amount $5k/52 weeks every Monday for the year. Just do it one time and don’t have to worry a out going in there and editing payments monthly.

It was easier than I thought. I get paid weekly so I set it up where it automatically takes $100 every Friday and puts it into another acct. I didn’t even notice or see the money. Paid off my CC and a student loan and the rest was Xmas extras.

 

[mastamind]

In again this year!

 

[jrod54life]

In again for 2020

 

[Fozz]

Let's do it!

 

[the coolness]

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.

Betterment? Can you share some more info. I want this to be the year I get serious with testing the market. What kind of returns have you seen so far?

PM if necessary

 

[Meangene45]

IN

 

[dalilboy]

im going to try this out this year lets see how it goes

 

[paulwest1985]

IN!

 

[friscostylez]

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

What are you gonna invest in my G? PM if you don't want to disclose openly

 

[SupremeBeing5]

Good job y’all. Keep stacking!!!!!!!!!

 

[friscostylez]

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.

Lol bro those are the top management consultants, high finance, SWE, etc, you are talking about.

Think about the kids who normally get those positions.

 

[moderndarwin]

Lol bro those are the top management consultants, high finance, SWE, etc, you are talking about.

Think about the kids who normally get those positions.

Not sure I follow. In my example, a kid that makes $48k starting out of college and lives with his/her parents can follow that. It’s not that hard to save $1k a month on a moderate salary if living at home with parents. And after a few years in the Bay Area of working in the Bay Area most salaries go up quite a bit for 3-5 years of experience in almost every industry.

But yeah you’re right I wouldn’t say that’s the norm. It’s just one manner of measurement. And when a tiny condo costs $1M+ it’s the sort of trajectory that’s needed in this area unfortunately

 

[flossb15]

In again , got to save 2,500 and paid off both credit cards !!! Was happy about those results

 

[mike219]

Aiming to save 7K

 

[アミーゴ]

Lol bro those are the top management consultants, high finance, SWE, etc, you are talking about.

Think about the kids who normally get those positions.

Definitely not the norm but I have multiple friends who make less than 100k with savings 150k plus. Had the luxury of living at home longer.

 

[mplsdunk]

I work with some younger guys and they still live at home. They are saving stupid amounts of money. One just built a pretty dope house at 23 years old.

They are all country kids, I feel like it’s different with them. They all stack and live with their parents where I left ASAP and didn’t care if I had a dollar to my name.

 

[johnnyredstorm]

What are you gonna invest in my G? PM if you don't want to disclose openly

I posted the funds I plan on investing in in the stock market thread.

 

[Canadian Destroyer]

Going to shoot for the 2.5K savings. Wish me luck y’all.

 

[datkidfiasco]

got for 10k this year.

 

[nike4kja05]

Going for 5k and this is my first time doing it so I hope to say on track. Hopefully I can land a new job this year as well and up the amount for next year.

 

[adobecs4]

In, fell off last year.

 

[Brownstone]

20K in 2020 is the goal for me, roughly 800 a check lets get it! Also looking to purchase my first home in August.