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. 

2020 Official YNAB Savings Challenge Spreadsheet

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!

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  • Joining late, but better late than never. 

    I have the lofty goal of saving an additional 10,000 this year towards a new home with my partner. I thankfully already have 6k put away, but want to supplement it further.  Really glad this forum exists so I can be held accountable for my spending each month.

    Best of luck to all of you! 

    Like 2
  • Just got paid and am transferring $3830 to savings on Monday. That puts me at 50.92% of my $15k goal. I don't think I'll be able to hit it this hard the next few months, but with my Christmas bonus at the end of the year and plugging away, I will get there. Maybe more!

    Like 2
  • February Update: Was able to finish the month by paying off all remaining non-mortgage debts (I'm debt free!), fully fund March, and add $1500 to my savings account! Happy days.

    Like 5
      • Wiecked
      • Happy Happy
      • Orchid_Tiger.5
      • 8 mths ago
      • Reported - view

      GSDdad Congratulations!

      Like
  • First of the month and the final numbers are in for February. 

    • Retirement: $1000.00/$6,000.00
    • Next Home: $170.00/$3,000.00
    • Investments: $1010.00/$4,800.00
    • E-Fund: $274.29/$1,200.00
    • Total: $2,454.29/$15,000.00

    Slow and steady! Also trying to hold my stomach as my investment accounts go through the floor. 🤢

    Thankfully I'm invested for the long haul and not day trading. 

    Like 2
      • Wiecked
      • Happy Happy
      • Orchid_Tiger.5
      • 8 mths ago
      • Reported - view

      Madkat-Z I totally know the feeling. A big chunk of my husbands restricted stock vests on April 13th and 3 weeks ago it was looking like 72k and today it's 58k. I hate single stocks, they make me want to 🤮but when the company gives it out, we of course love getting it. We always cash it right away to get out of the risk and then invest it where we want it to go (to a safe place) and right now I'm checking the stock daily and sweating. 

      Like
  • I've claimed line 89! I am saving for a new car to be purchased at the end of my current lease, March 2021, and for the possiblity of moving at the end of my lease (why does moving have to be both stressful and expensive?!). Totaling to around $8,000. Can't wait to see everyone's progress!

    Like 1
  • March Savings Challenge Check-In

    I received an extra $362.11 in income in February, $49.56 in cash-back rewards and bank interest, $80 in grocery loyalty redemption, $212.55 in health insurance reimbursement, and a surprise $20 found in an old coat pocket.

    February had 5 Saturdays, something that hasn't happened in 28 years and won't happen again for another 28 years. And then there was Costco, my weak spot.  I still managed to slide in on or under budget in all my discretionary categories. Despite going to Costco early in February, or maybe because it was early enough in the month, I was able to recover and balance that spending with two grocery skip-a-weeks, where I skipped buying groceries and relied on pantry and freezer foods.  I finished February with $25 unspent in groceries and $50 unspent in fuel (warmer weather = reduced reliance on warming up my car). These categories have monthly spending goals, so that freed up another $75  in March.

    I filed my taxes and expect a nice tax refund, and I hope it arrives in March so I can budget it in April.

    $1,200 saved in March, for a total of $5,050 saved to date, bringing me to 33.67% of my 2020 stretch goal of $15,000.

    Like 3
      • Wiecked
      • Happy Happy
      • Orchid_Tiger.5
      • 8 mths ago
      • 1
      • Reported - view

      HappyDance you are totally going to hit that stretch goal!!

      Like 1
  • February Check-in:

    Funded my True Expenses & saved $426 in a buffer towards my HELOC lump sum.

    Saving to avoid debt while paying down debt is the focus. :)

    Like 1
  • I will be claiming line 90.

     

    I am trying to save enough for my monthly buffer, and hopefully stretching that into a holiday fund.
    Month Buffer - $4,000
    Holiday (stretch) - $3,000

    Like 1
  • Attempting to add a link to my journal and it's saying I no longer have access? I had access yesterday. Veronica

    Like
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 8 mths ago
      • 1
      • Reported - view

      Emma Catherine 

      I can't get in either.  I'm sure Veronica will be along to fix things soon.....(I hope).

      Like 1
    • HappyDance Working on this right now—sorry for the trouble!

      Like 3
    • Update: I can't get in either, trying to figure out who's holding the key. 😬

      Like
      • Emma Catherine
      • Civil engineer getting back on track
      • emmacatherine
      • 8 mths ago
      • 1
      • Reported - view

      Matthew 😂 it's the government! No saving money for you!

      Like 1
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 8 mths ago
      • Reported - view

      Matthew 

      This year's spreadsheet was set up under Veronica's account.

      Like
    • HappyDance Thanks—working on it!

      Like
  • The spreadsheet is back up and running! Thanks for your patience, everyone! It wasn't the best time for me to come down with a cold, but I'm better now and the spreadsheet is too 🎉

    Like 6
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 8 mths ago
      • 1
      • Reported - view

      Veronica 

      Hooray! for the spreadsheet returning and your health improving too.

      Like 1
      • Wiecked
      • Happy Happy
      • Orchid_Tiger.5
      • 8 mths ago
      • 2
      • Reported - view

      Veronica glad you are feeling better!

      Like 2
    • Veronica Happy to hear you are feeling better.

      Like
  • February Update for me!

    We saved $3,400.97 in February, despite feeling like spending was up super high. Did anyone else feel like February was more expensive than normal this year?

    The vacation we've been saving for is supposed to be in 5 weeks (in Italy!), so it looks like we'll adjust the goal to be saving for next year's vacation and use any refunds toward a new trip. We're rolling with the punches on this one!

    Like 4
  • Bit behind with my reports. Trying nYnab and im just finding the it keeps me away from my budget 😩!

    Feb and March Update:

    Feb: deposited $64

    I didn't do my $20 per savings account. Did $10 instead. But the 52 week challenge is going well. I also added another savings goal of $10 to be put into my savings account when my hockey team wins (obviously this is in anticipation for sports to return), my bank rocks, all these are features in the account and it transfers the funds automatically.

    March: the plan is to deposit $125. Which includes the planned $20/savings account.

    Like 1
  • March update: It's been a surreal month to say the least but so far we've been fortunate, remain employed and I'm working from home while my wife works at a major hospital and has to still go in. I feel for those who've lost their jobs or come down with any form of sickness.

    The biggest accomplishment thus far has been finally deciding to wait in line at Costco for over an hour to score a 36 pack of scotts TP which is like hitting the lottery.. or so it feels like. 

    Back to savings - sorry.. became debt free last month and freed up quite a bit of income, thus being a month ahead and having all my true expenses funded for April, I'm now throwing all remaining monthly income at savings. I received a bonus from work and used it to fully fund sinking funds and then remaining to savings. So, for March I moved 9053.67 to savings and withdrew $1000 in cash ($20 bills) for on hand emergencies given the uncertainty in the coming days/weeks/months.

    This puts us at $11,553.67/$20,000 so far. Depending on how this month and next month pan out, I may start moving more money into savings to stockpile for the unknown. 

    Like 5
    • GSDdad 

      WOOO-HOOO!!! Debt Free!! Congratulations👍

      Like 1
  • Officially joining the 2020 savings challenge. My goal is 50K. Things have changed in the world since I set that goal for myself in Jan but I will do my best and recognize there is more uncertainty in my financial position now.

    January:
    401K: $2060
    ESP: $85
    ETF: $3500
    SAV: $761 - windfall

    Feb:
    401K: $1624
    ESP: $170
    ETF: $1500

    March:
    401K: $812
    ESP: $85

    $11,685

    Like 1
  • It is a minor inconvenience compared to the people who are critically ill because of the corona virus but still... My investments are down quite a bit and therefore my target financial independence date shifts further in the future.

    I continue to throw money into my Interactive Brokers account, and will continue to purchase ETF's aiming to build wealth over time. I get to purchase additional funds at a discount now!

    Like 1
  • End of another month and eek has the world changed since I last posted. Threw a bit of extra money into the investment accounts to take advantage of the downturn and also sent some extra money to the E-Fund since at this point no one knows what is going to happen next month. 😰

    • Retirement: $1500.00/$6,000.00
    • Next Home: $270.00/$3,000.00
    • Investments: $1,640.00/$4,800.00
    • E-Fund: $426.04/$1,200.00
    • Total: $3,836.04/$15,000.00
    Like 2
  • I'm just starting in the YNAB Forums but have been a loyal user since 2016! Very excited to take part in this year's challenge, even though my numbers will be from April to December. 🎉

    All these categories are partially funded, but most have a ways to go before some big life changes at the end of the year.

    Savings Goals as of April = $7000 total remaining

    • Emergency fund, $3600 more
    • Wedding, $1500 more
    • New-to-me car, $375 more
    • Next step in education, $690 more
    • Electronics replacements, $525 more
    • Rent deposit & insurance, $310 more
    Like 2
  • I "saved up" $3100 for my Roth and E-fund in March by reallocating the money for my yoga membership to my E-fund, and from some other categories, because clearly a storm is here and I want to be prepared.  Thank God for YNAB!

    Like 1
  • Well, you never know what is going to happen from day to day. DH was laid off. I received a bonus. So we are very fortunate to have funded our emergency fund now and I am extremely grateful to have a job. 

    Last update I reported half of March. Here is the update for the rest of March. I had been previously putting any extra cash into the stock market. I'm continuing 401K contributions but holding on to extra cash now in a savings account.

    2nd half of March: 
    $700 - Savings (EF, not spending much anymore)
    $87 - ESPP
    $11,000 - Savings (EF)
    $2186 - Savings (EF, formerly vacation)
    $2280 - 401K

    $16,251

    This puts us in a secure spot to have $ saved up in case anything happens with my job. Thanks to YNAB and savings challenge, we are prepared and very, very grateful for health and a bit of security just in case.

    Like 2
  • Savings Challenge - April Check-In

    I received an extra $1,646.89 in income in March, comprised of: $1,493 tax refund, $100 referral bonus from bank, $30.89 in cash-back rewards and bank interest, and $23 in redeemed loyalty points at my gas station.

    $2,450 saved in April's budget, for a total of $7,500 saved to date, bringing me to 50% of my 2020 stretch goal of $15,000.

    Like 4
  • Claimed line 93 and forgot to check in last month. My goal was $1000 for a baby emergency fund and I made it. I used the stimulus money to fund it and now I'm saving for a beach vacation (for next year since I doubt social distancing will be over this summer).

    Like 2
  • Hello! 👋🏼 I've literally just started my YNAB trial 2 days ago and I'm o b s e s s e d. I can't stop looking at it! Prior to YNAB, I've always spent money "carefully" by ensuring my bank account doesn't go below $X (so that I have some savings, at least). But it always hits that threshold and I'm always "borrowing" from that amount. The moment I keyed in my figures 2 days ago, though, something clicked and I'm suddenly in a new world of budgeting. I'm really glad to have found this savings challenge to help me focus on building a $12,000 emergency fund (I currently stand at $5,250 - refer to Line 96). I'm also now going down the rabbit hole that is the YNAB Forum. Good luck to all on your savings challenge!

    Like 5
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 7 mths ago
      • 1
      • Reported - view

      neontiger 

      Welcome to the challenge, the forum, and to the YNAB extended family.  We're so happy you found us.

      Like 1
      • neontiger
      • neontiger
      • 7 mths ago
      • 1
      • Reported - view

      HappyDance Thanks! Really glad to have incorporated YNAB into my life. About one week in and I've already had so much more clarity over my finances.

      Like 1
      • Peripherie
      • Tomato_Captain.11
      • 7 mths ago
      • 2
      • Reported - view

      neontiger I feel the same way! I am about 4 months in and I can't even really remember how I kept my money straight before YNAB. (The answer is not very well with lots of charges on CCs I would bet.)

      Like 2
  • March & April Update

    March I deposited $83 into my savings account. I had to hold off 2 or 3 weeks with the 52 week challenge because I wasn't sure what my money situation was going to be with covid onset.

    April $118 and this month I did all the 52 weeks, however, because of March skipping, the amounts are less than would be expected for April, but that's not the point as I started the 52 week challenge back up and maintained it this month.

    May it is expected I'll be depositing $134.

    The best thing is the in my 6-month buffer account I have $851 and my first goal in establishing my 6 month buffer is to get to $1650. I'm halfway there!! 😄

    Like 2
  • End Of April Update

    It has been a hell of a ride so far this year. I went in without a buffer after a major re-jig of my YNAB, hoping to slowly pull myself into a 2 month buffer by the end of the year.

    Unfortunatly I have just had my first reduced paycheck due to COVID (losing a day a week) which has put my buffer plans into a deep freeze.

    I know I can handle the reduced income personally I'm not sure my buffer plan can. We shall see.

    Buffer is sitting at $4,000 but that is going to be eaten up as I cover for my reduced wage.

    Like 2
  • Last day of April and time to report in. Sadly my savings got hit this month, though the numbers here don't really show the whole story since it came from the money I had saved up from the previous year.  However, it was for a good reason (Keep an eye out for my post at the Debt Challenge in the coming days!).

    Still managed to tick the total amount forward. Again still blessed to still have my job and not suffer any setbacks from the whole virus thing *knocks on wood*. 

    • Retirement: $2,000.00/$6,000.00
    • Next Home: $151.00/$3,000.00
    • Investments: $2,265.00/$4,800.00
    • E-Fund: $628.40/$1,200.00
    • Total: $5,044.40/$15,000.00

    As an additional note, my stimulus check is currently chilling out in my Bailout 🇺🇸 category and won't be used to help with this challenge. I don't need your help Fed 😜

    Like 1
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