2020: The Official YNAB Savings Challenge
New year, new goals! Welcome to the official YNAB savings challenge of 2020!
Everyone is welcome to join in on this challenge, regardless of the size of your goal or the date you get started.
Claim your line on the spreadsheet below, and share a summary of your savings goals in the thread. There's also a spot for your forum journal link in the spreadsheet if you'd like to share! Bookmark the spreadsheet and come back to update your progress every month throughout 2020.
The 2019 savings challenge resulted in over $1,565,000 saved and we're still seeing updates added in! That's incredible progress in just 12 months.
Let's set our sights high to start out this decade! Here's to your overwhelming success in 2020!
Line Claimed 🍷
This year I'm setting the bar a bit lower *shakes fist at car loan*. I do have stretch goals in mind if I do reach some things early. My car fund has been replaced by my next home fund instead since I don't need to really focus on saving for a car right now having just bought a new one.
- Retirement: $0.00/$6,000.00
- Next Home: $0.00/$3,000.00
- Investments: $0.00/$4,800.00
- E-Fund: $0.00/$1,200.00
- Total: $0.00/$15,000.00
See everyone at the end of January with my first update!
Line 2 claimed, and I'm declaring my stretch goal of saving $15,000 in 2020. I'm pretty sure I can get to $12K without breaking a sweat, but $15K will be a challenge.
I will not include the funds I budget to true expenses this year, only what I budget to the following:
- topping up e-funds
- saving up for future year big purchases (electronics, furnishings, next car, vacation)
- investing in retirement accounts
I am setting my intentions early to avoid any creep that would see my raise disappear. This year I am continuing goals like a Grad Gift, Christmas and Car Replacement fund. I have a new overseas vacation to fund as well as elective surgery to pay for.
My 2020 Goal is $22,500 and my stretch goal is $25k.
I grabbed line 1 (mainly to make sure the spreadsheet worked as planned 🙈) and I'm excited to be in the savings challenge this year! My husband and I paid off way more debt than we thought possible in 2019 and while we still have some to tackle in the 2020 debt challenge, it's time to shift more into saving.
My goal this year is to save $28,000 for some True Expense categories that need topping up and additional investments beyond retirement. That's a scary number, but I think it's possible with laser focus. I like that this spreadsheet is more often filled at the beginning of the month as folks "pay themselves first". It's an interesting shift!
We're taking the kids to Europe again this year - travel is the tip top of our priority list - so part of this number is finishing up saving for that.
We just moved in August, so I'd like to seriously bulk up our home emergency fund just in case. We also need to paint the exterior in a couple years and since I just said it out loud, it's not an emergency and we'll need to save for that!
We're also going to both max out Roth IRAs for the first time in 2020. If I say it aloud, it will happen - right?
I'm looking forward to spending this year with all of you!
I'm very glad to have found this challenge and I have claimed line 10. I started playing with YNAB about 7 months ago to see if it would work for me. Since that time, I've discovered how freeing it is not to worry if I actually had the money after making "normal" purchases like groceries and fuel for the car. My car loan was paid off 4 months early primarily due to YNAB making it easy to see how much I was spending on things that didn't really matter. What an eye opener. I have the initial emergency fund, but I now want to take the next step this year by having a fund for insurance deductibles. I've allocated half of my former car payment to an additional payment toward my credit card debt, while the other half goes into a replacement vehicle fund.
I look forward to participating in this group and chatting with all of you!
Claimed line 12.
We have done very well at saving for some true expenses (i.e. what I have labeled "Escrow items" below) but less so for others (i.e. all other categories below). Our goal for 2020 is to get more consistent/intentional about paying ourselves first in order to avoid future debt.
Our target savings goals for 2020 are as follows:
- Annual Medical Deductibles for 2 people: approximately $508.83 per month / $6,106.00 for the year.
- Emergency Fund: $100.00 per month / $1,200.00 for the year.
- Electronics Replacement Fund (Computer, iPad, Kindle, iPhones): $259.69 per month / $3,116.28 for the year.
- Christmas: $72.16 per month / $865.92 for the year.
- Escrow items: (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00 per month / $15,000.00 for the year.
As such, for 2020 our target savings goal = approximately $2,190.68 per month / $26,288.20 for the year.
I'm claiming Line 11. In addition to saving regularly for things like Christmas, birthday gifts and other true expenses, I'm setting up a specific savings category to pay off my car lease/balloon payment that comes due in mid 2021. While the interest rate is very low (0.9%), I'd really like to get rid of that $500 monthly payment.
I've claimed line 14. Last year I was in the Debt Smackdown Challenge and I am also this year. I'm finding this challenge a bit harder to define goals. You know how much you need to pay to get rid of a debt. However, here's what I have come up with.
I already have some sinking funds which I contribute to monthly - Christmas, travel, electronics. This year, I'd like to focus on adding extra to my health and medical SF to have enough to cover potential maximum out-of-pocket for a year, which would be $6350. Also, I'd like to increase my "Condo" SF. I bought my condo new 16 years ago, and everything is at the age where it is starting to need replacement. So, I'd like to add $9,000 extra to those two funds. I also have a HELOC I want to pay down (this is on the Debt Smackdown Challenge), so we'll see how it goes.
Here's to a healthy and Happy New Year for everyone!
I’ve claimed line 15. I paid off my last debt in December so I am very excited to finally be able to budget for an emergency fund and other things. My retirement savings comes out of my paycheck automatically so I just track the account instead of budgeting to it.
Car Repair/Replacement - $388 per month ($4,656). This was the amount of my last car payment. Really hoping to pay for a new car in cash in a few years.
Emergency Fund - $500 per month ($6,000). This is for all my necessary expenses and cutting out cable and subscriptions for three months. I already have $1,000 from when I was paying off debt so the total I will have by December is $7,000. I could save more per month but there are other things I want to save for too. Next year I will just add to this total.
Medical - $100 per month ($1,200) - this is for office visits, prescriptions, etc.
Cell Phone/Computer -$100 per month ($1,200). I’m working off an iPad now and would like a computer again. I usually get a new phone every two years but am trying to stretch how long I go between phones.
Vacation - $200 per month ($2,400). My mom lives in Arizona so I try to get out there at least once a year. I would like to do some other traveling too.
Christmas - $50 per month ($600). I don’t have a lot of people to buy for and my family doesn’t typically go all out for Christmas.
Hi everyone! Super excited to join this challenge and I look forward to following everyone's goals! I claimed line 20.
I'm saving for:
- finish up my 3 month EF
- open and contribute to a Roth IRA
- top up some sinking funds (I mostly want to get my car repairs category to $1500 and cash flow a new laptop in December)
- save even more cash to move out of my Mom's within the next year or two
- start saving for a car replacement
Took line 22 - my goal is 10K in my categories that aren't everyday. For instance, Insurance deductible...I'd like to have $250 in there...I have $10...In car repair I'd like to have $1500...I again have $10. I'd like to see my categories topped. Cheers!
And for once I'd like to have $300 in my Savings account to avoid the $5 monthly fee. Sounds easy enough, but alas I have 92 cents there.
Line 26 reserved! 2020 is the year (name and claim it!) we forever kick debt and rebuild our emergency fund.. Once our debt is wiped out (April at latest) I plan to start hammering the savings and the goal for 2020 is $15k (30k e-fund total but baby steps).
It is sad that we can only do $15k per year but since the 2017 collapse of our finances, my wife and I have become experts at making a real budget with real sinking fund categories for things that need to be replaced in the short term and long term saving us another collapse.
Hi! I am new to the forums and the challenges.
I took line 27 - My overall goal is to have 30,000 as an emergency fund. We got serious about debt last fall and wiped out our Visa and MasterCard accounts. Once we did that, I threw a little bit into savings and immediately felt the relief of no credit card debt and MONEY IN THE BANK!!!
We have been laser focused on paying off our debt but I just can't NOT throw some money in savings and build towards that emergency fund, so I will be doing both challenges this year.
I look forward to participating with all of you.
Claimed line #30
My savings goal for 2020 is $300 ($25/month). My only income is Social Security Disability (low, fixed income). My primary focus is paying off debt but I also want to save a little bit every month. I have about $1,000 in savings right now for emergencies. I want to be one month ahead with expenses so this $300 will go towards that goal.
Hello from the UK (line 32)! This is my first YNAB savings challenge. Woo!
Buying a house this year so everything will be geared towards that initially.
House purchase/fund £2,400 (£200/month)
Xmas/birthdays £350 (£30/month)
Running shoes £150 (£12.50/month)
Vacation/course/retreat £1200 (£100/month)
The vacation etc. money is a stretch target that will come later in the year. I'll need to cut down on buying takeaway coffee, fancy gin and tonic and overpriced/junk food.
Oh cool, I can do this and the debt smackdown this year, since I've decided to make my own baby steps and invest in my Roth and Efund now rather than wait until I'm debt free for that.
I plan to max out my Roth IRA this year at $6k and to add another $4k to my emergency fund. This combined with my debt payoff goal is a pretty big stretch for me, but I'm going to get my Airbnb back up and running and hopefully this will make it doable.
Good luck everyone!!!!
I claimed line 34. Been ages since I have visited the forums, however I am hitting the financial goals hard this year, so it's back to the methods that I know work for me - and the savings challenges certainly do it for me. I am aiming for $52,000 of savings which should be pretty doable based on our income and current levels of expenditure. I have a stretch goal of $65,000 and then a "would explode my mind" goal of $75,000. We are hoping to fill up our Emergency fund, save for a few minor home projects and little travels - then our huge goals of spending four months traveling Canada in early 2022 as a family of 4 (we live in Australia). Not sure if I'll do up a journal yet, but I do like the idea of keeping a little record of how we are progressing, so I'll mull over that decision for a week or so.
Claimed Line 36. 👍 I've always had auto-save setup but I always end up dipping into it. Not this year!
For me I just need to focus on not touching the money that is saved each paycheck. In addition to the set savings transfers, I also have a $20 autosave set up for the Chase account.
- Chase savings: 111.25 / $1,000.00
- Capital One: 547.15 / $1,000.00
- Safe: $5,200 / $2,000
Aiming to save $5,000 (above accounts plus some extra) this year!
See you in February!