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!

325replies Oldest first
  • Oldest first
  • Newest first
  • Active threads
  • Popular
  • To quickly find your line in the spreadsheet, use ctrl+F (or command+F on a Mac) it will open a search bar and you can type in your name.

    Like 2
  • Line Claimed 馃嵎

    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 My car fund has been replaced by my next home fund instead since I don't need to really focus on saving for a car right now having just bought a new one.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! 

    Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      Madkat-Z ugghhh I've got a car loan too that I was thinking I should just leave because the interest isn't high but then I saw our debt progress last year and I think I'm going to try to get it out of my hair this year. Maybe by 2020 I'll only be in saving mode!

      Like 1
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 9 mths ago
      • 1
      • Reported - view

      Veronica 

      I thought about that last year, but I decided that putting more money into my kids' college funds and paying more towards the mortgage was a better use of the money, as the 529s will hopefully get a return on the money, and the mortgage is at a higher rate than the car loan.  YRateMV....

      Like 1
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Technicolor Cheetah Sounds like a great call!

      Like
      • Titus Gray
      • Bartender/Musician
      • titusgray
      • 8 mths ago
      • Reported - view

      Veronica I owe about 15k on my car right now, interest rate is below 5% so not too bad.  First is going to be working on my EF and vacation, but I just created a Wish Farm entry for paying off my AC loan, which I picked up when my central AC busted and had to get a new unit.

      Like
  • 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
    Like 1
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      HappyDance I love that plan of stretching the goal just enough to feel it, but also be so proud of it! It's going to be a great year.

      Like
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 4
      • Reported - view

      Veronica 

      It's a strategy that sets me up for success.  There's definitely psychology or gameplay in setting my goal at just a little out of reach based on forecasting my predictable inflows for the year. I find the annual saving challenge even harder than the debt smackdown, maybe because I was mad at the debt and it's hard to be mad at building up savings?

      I do  know that I am less tempted to blow windfalls, tax refunds, and cash gifts on momentary treats or pleasures because I'll want to get that extra on my stretch savings goal as soon as it comes in. It also encourages me to underspend where and when I can on discretionary categories (groceries, for example) to deliberately squeeze out another $5, $10, $25 here and there. There is a tendency to believe I can't possibly make it without some unexpected luck, so I will really pin everything down really tightly in the earlier months of the year.  January to March are typically my lowest spending months of the year.

      Like 4
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 9 mths ago
      • 2
      • Reported - view

      HappyDance 

      Jan-Mar are lower spending months here too but usually it's because we've felt so broke paying off the credit card bills in December and January.  It's not just Christmas, though, the last 2 months of the year are just expensive when it comes to expected expenses.  My husband has a professional conference he goes to each November, we have to pay multiple large bills (lawn service, life insurance, car insurance).  I also bought 8 months of an expensive OTC medication for my kid (at $50+ a month, it's pricy) and we tend to make end of the year charitable contributions to our charities of choice).  We can afford all of these things, it's just that those are the months when I'm pulling from savings to keep money in the checking account instead of moving money the other direction.  

      Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      HappyDance I do find it much easier to attack debt than savings. Unless it's for a vacation - I'm very passionate about those savings categories 馃槀

      When you do squeeze those extra dollars in a particular grocery trip, do you move the money into the savings category right away or do you wait to see what's left over at the end of the month? A few times I've noted $10-$20 worth of items I was going to buy but walked away and moved it right away and I find that helps too. I find it difficult to move money out of those very responsible savings categories once they're there.

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      This is key:

      Technicolor Cheetah said:
      We can afford all of these things

       November and December are high-spend months for us as well. Christmas, yes. A couple birthdays, end of year giving. And while we can afford it, it's just painful enough to see our Age of Money and average account balance go down that we buckle down at the beginning of the year. 

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

      Veronica 

      Veronica said:
      When you do squeeze those extra dollars in a particular grocery trip, do you move the money into the savings category right away or do you wait to see what's left over at the end of the month?

       I typically see those discretionary not-spent dollars added in the next month.  A $25 left over in January means I fund groceries with $25 less in February, so I'll add it to a savings category then.

      I also like to declare my savings for the month at the beginning of the month, when I budget, rather than gambol along to the end of the month and see what's left over.  I am always super reluctant to pull funds back from a savings category after I've checked in on the challenge and posted the amount for the month.

      Like 5
  • Hooray! So glad this challenge is back. I claimed line 6. I'm saving for:

    • finish up my 6 month E-fund
    • max out my Roth IRA
    • add to my 403b
    • add to my MM for my mom
    • start saving for a car replacement

    Wishing everyone a Happy New Year and best wishes on your savings adventures.

    Like 3
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      bookyarncafe Happy New Year to you as well! I can't wait to see your progress this year!

      Like 1
  • I'm in again.  Line 8 is mine.馃檪 Building up the house fund.

    Like 3
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      JollyBudgeteer Is this a fund to purchase a house or for house emergencies?

      Like
      • JollyB
      • jollyb
      • 6 mths ago
      • 2
      • Reported - view

      Veronica it is for a house purchase. 

      Like 2
  • 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.

    Like 2
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      QC I'm also using this savings challenge to keep my True Expenses categories built up and add some additional to retirement planning. It's a great call to set those intentions for future raises. I find the alternative tempting, but we never make much overall progress that way. Wishing you well in 2020!

      Like 1
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 9 mths ago
      • 2
      • Reported - view

      QC 

      Before we saw the COL raise last year, we worked out the numbers, then decided where the money would go.  So about 30% of the raise went into the kids' college funds, and we increased retirement contributions by 1% of salary.  It's harder to spend what we never see and now with YNAB, we only have the income we have to make our budget with, so IMO it's better to preplan raises and expected additional income events like tax refunds or extra paycheck months.

      Like 2
  • I grabbed line 1 (mainly to make sure the spreadsheet worked as planned 馃檲) 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!

    Like 2
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 1
      • Reported - view

      Veronica 

      You've got a lovely mix of should's and want-to's in your savings goals this year. It's so satisfying to save up for a really nice want and then execute it with planned savings.  I got that pleasure in 2019 on some big want spending. This year I'm in replenishing the categories mode. Not quite as fun, but it takes care of that need for security so I can sleep at night. 

      Like 1
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 9 mths ago
      • Reported - view

      Veronica 

      This year we're planning on replacing the windows and repaving the driveway.  After those home maintenance jobs, we need to replace the carpeting in the house with vinyl or laminate (dang allergies).  Then we need to save for eventual HVAC repair/replacement and the eventual new roof in 15 years or so.  The AC will hit expected lifespan between 2023 and 2028, the furnace between 2026-2030.  Oh, and all of our appliances are now 9 years old, need to really save for their replacements.

      The never-ending glamour of a homeowner!

      Like
    • Veronica Congratulations on paying off more debt than you could have imagined! I'm sure that feels great. Love that your savings is in part for life experiences. So awesome. I maxed out my Roth for the 1st time in 2019 and it felt amazing. Hope your continued focus and the awesomeness that is ynab and the ynab community help you fully fund both of yours this year. It will happen!

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 2
      • Reported - view

      HappyDance The need for security is high on my list as well. 

      Technicolor Cheetah ACK! Homeowner expenses add up so so quickly. We've got the world's worst dishwasher at the moment and some workarounds for the washing machine 馃槄We know we have to paint the house exterior and we have a solar contract up in 14 years (we're in Arizona and it was paid for in full by the previous homeowners) that we're considering saving to renew. So far the solar has been worth it, but we'll need to keep monitoring to be positive.

      bookyarncafe We got so close to maxing out the Roth IRA this year, but I've already got the automatic transfers to be 100% certain of it for 2020! Nothing feels like adulting quite like maxing out retirement accounts and buying appliances!

      Like 2
      • QC
      • HaplessFinanceProfessional
      • Queenofcoin
      • 9 mths ago
      • 1
      • Reported - view

      Veronica I update the spreadsheet at the beginning of the month with my minimums then am always so happy to update throughout the month with extra funds I've found and can add to saving categories.  

      Like 1
  • 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!

    Like 4
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Angel's Mom Excellent call on the replacement vehicle fund!

      Like
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 2
      • Reported - view

      Angel's Mom 

      I knocked out my car loan in the 2016 debt smackdown and began saving for my next car as soon as the payments were over with. My initial goal was to save up enough to be able to replace my car and buy a comparable used car (another 5-year-old car) in 5 years (by 2022). Three years later and I'm on track to make an upgrade when I do need to replace my car.  At the rate I'm going ($150/month), I'll have enough to be able to buy a 2-year-old version of my car in 2022, and even though my current car turns 10 this year, I've been taking good care of it and expect to last much longer than 2022.

      Like 2
    • HappyDance   Congrats on doing so well! It always feels great when your efforts allow expectations to be exceeded.

      My truck was 18 years, had 182,000 miles on it, looked great and was very reliable. Then the frame cracked. I was very disappointed it didn't make it to 20 yrs/200,000 miles.  I have the same 20/200 goal for my current vehicle. Hopefully, it will make it and I'll be able to buy what I'm looking for in cash. If not, there will still be more savings for the replacement than I've ever had in the past.

      I wish you continued success with your car savings!

      Like 2
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • Reported - view

      Angel's Mom 

      Angel's Mom said:
      I wish you continued success with your car savings!

       As I wish you too.  Fingers crossed that your vehicle lasts the distance in time needed to save up for the replacement.

      Like
  • 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.

    Like 3
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Ivory Tiger I really need to allocate more dollars to an Electronics Replacement Fund like you've done. I have one for repair, but this reminds me we're going to be in the market for new(ish) iPhones soon. I really like referring to True Expenses as Escrow!

      Like
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 9 mths ago
      • 1
      • Reported - view

      Veronica 

      We have a Gizmo and Gadgets category for repair/replacement of my phone/computer/the house wifi network equipment and backup hardware (spouse's work pays for his phone and computer).  Also have a kid phone category that gets $20 a month for eventual repair/replacement (we bought my son's new phone last spring for around $225).  The younger kids have been told they get a phone somewhere in 6th grade, so that's a known expense to plan for, and unfortunately, I fear my younger kids may be more prone to losing their phones...   $20 a month isn't a lot, but that's a new iPhone 7 in about a year.

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

      Veronica 

      I saved up for and pulled the trigger on new laptop, new smart TV, new iPhone in 2019.  My previous laptop and TV were both 9 years old, and the iPhone was a major step up from the Flintstone flip phone I stayed with through my debt smackdown and my e-fund building year.  I'm now putting $50/month into electronics for the next round of replacements/upgrades.

      Like 1
    • Veronica We set up the Electronics Replacement categories when we started YNAB in February 2018 but have yet to actually prioritize funding those categories. Considering that our computer and iPad are 7+ years old and our Kindle and iPhones are 3+ years old, it is becoming irresponsible for us to keep neglecting these categories. I am hoping this challenge will help us stop ignoring them because we know that it will become necessary to replace these items at some point - or, if we fail to save appropriately, to live without them! (Talk about impetus to start saving).

      Like
      • Ivory Tiger
      • Ivory_tiger.1
      • 9 mths ago
      • 2
      • Reported - view

      REVISED GOALS: We took a closer look at our savings goals and made some revisions. Our revised target savings goals for 2020 are as follows: 

      • Annual Medical Deductibles for 2 people: approximately $724.25 per month / $8,691.00 for the year. This encompasses Current Year Deductible for Person A ($2,041.00), Current Year Deductible for Person B ($4,500.00), and Next Year Deductible for Person A (estimating $2,150.00). Ultimately we'd like to have fully funded Annual Medical Deductibles for both the current year and the next year for both people. That way in the event that either/both of us spend the current year's deductible, we would still be able to start the following year with a fully funded deductible. 
      • Emergency Fund: $100.00 per month / $1,200.00 for the year.
      • Electronics Replacement Fund (Computer, iPad, Kindle, iPhones): $281.43 per month / $3,377.16 for the year. We bumped up our estimates for what the new products may cost.
      • Christmas: $76.75 per month / $921.00 for the year. We added another sub-category that we had forgotten.
      • 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 $2,432.43 per month / $29,189.16 for the year.

      Like 2
      • Ivory Tiger
      • Ivory_tiger.1
      • 9 mths ago
      • 1
      • Reported - view

      January check-in (complete): We saved $2,606.64 as outlined below. 

      • Annual Medical Deductibles for 2 people = $898.46.
      • Emergency Fund = $100.00
      • Electronics Replacement Fund: $281.43.
      • Christmas: $76.75.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00

      Total savings YTD: $2,606.64, which is 8.93% of our total goal.

      Below are the remaining target saving goals for these categories:           

      • Annual Medical Deductibles for 2 people = $7,792.54 remaining.
      • Emergency Fund = $1,100.00 remaining.
      • Electronics Replacement Fund: $3,095.73 remaining.
      • Christmas: $844.25 remaining.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $13,750 remaining.
      Like 1
      • Ivory Tiger
      • Ivory_tiger.1
      • 8 mths ago
      • 2
      • Reported - view

      February check-in (complete): We saved $8,361.26 as outlined below, thanks to an annual bonus.

      • Annual Medical Deductibles for 2 people = $6,653.08. We have fully funded the Current Year Deductible for Person A ($2,041.00) and the Current Year Deductible for Person B ($4,500.00), and we have saved $112.08 towards Next Year Deductible for Person A.
      • Emergency Fund = $100.00.
      • Electronics Replacement Fund: $281.43.
      • Christmas: $76.75.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $10,967.90, which is 37.58% of our total goal!

      Below are our savings totals YTD:            

      • Annual Medical Deductibles for 2 people = $7,551.54 / $8,691.00 (87% complete)
      • Emergency Fund = $200.00 / $1,200.00 (17% complete)
      • Electronics Replacement Fund: $562.86 / $3,377.16 (17% complete)
      • Christmas: $153.50 / $921.00 (17% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $2,500.00 / $15,000.00 (17% complete)
      Like 2
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 8 mths ago
      • Reported - view

      Ivory Tiger 

      Fantastic progress.  

      Like
      • xgirlmama
      • Purple_Griffin
      • 8 mths ago
      • Reported - view

      Ivory Tiger yay! out of curiosity, why $921 for Christmas? Seems so... random, haha

      Like
    • xgirlmama We are a small family with minimal gatherings... yet for all that, we had some unplanned Christmas expenses last year that we are trying to plan for this year to give us room to celebrate if we choose to do something. Note: Gifts are a separate category not listed under Christmas. All other holiday-related categories are below, with the idea that we can WAM across these categories as needed as long as the total doesn't exceed $921.

      • $200 for extra groceries needed for the holidays.
      • $150 for extra alcoholic drinks for a get-together or to take advantage of holiday specials for drinks.
      • $100 for extra holiday decorations and supplies.
      • $100 for extra holiday clothing (ugly Christmas sweaters, etc.)
      • $100 for holiday fun activities out with friends.
      • $55 for 2x tickets to a local holiday event.
      • $216 for holiday cards, based on averages spent in past years.
      Like
      • Ivory Tiger
      • Ivory_tiger.1
      • 7 mths ago
      • 2
      • Reported - view

      March check-in (complete): We saved $1,820.26 as outlined below.

      • Annual Medical Deductibles for 2 people = $112.08.
      • Emergency Fund = $100.00.
      • Electronics Replacement Fund: $281.43.
      • Christmas: $76.75.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $12,788.16, which is 43.81% of our total goal! 

      Below are our savings totals YTD:             

      • Annual Medical Deductibles for 2 people = $7,570.24 / $8,691.00 (87% complete). It looks like February's calculations may have had a typo but this total is correct for March.
      • Emergency Fund = $300.00 / $1,200.00 (25% complete)
      • Electronics Replacement Fund: $562.86 / $3,377.16 (25% complete)
      • Christmas: $230.25 / $921.00 (25% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $3,750.00 / $15,000.00 (25% complete)
      Like 2
      • Ivory Tiger
      • Ivory_tiger.1
      • 6 mths ago
      • 1
      • Reported - view

      April check-in (complete): We saved $2,206.76 as outlined below. 

      • Annual Medical Deductibles for 2 people = $212.08.
      • Emergency Fund = $100.00.
      • Electronics Replacement Fund: $567.93.
      • Christmas: $76.75.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $14,994.92, which is 51.37% of our total goal!  

      Below are our savings totals YTD:              

      • Annual Medical Deductibles for 2 people = $7,782.32 / $8,691.00 (90% complete). 
      • Emergency Fund = $400.00 / $1,200.00 (33% complete)
      • Electronics Replacement Fund: $1,412.22 / $3,377.16 (42% complete)
      • Christmas: $307.00 / $921.00 (33% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $5,000.00 / $15,000.00 (33% complete)
      Like 1
      • Ivory Tiger
      • Ivory_tiger.1
      • 6 mths ago
      • 1
      • Reported - view

      Correction: 

      April check-in (complete): We saved $2,244.26 as outlined below.  

      • Annual Medical Deductibles for 2 people = $212.08.
      • Emergency Fund = $100.00.
      • Electronics Replacement Fund: $605.43.
      • Christmas: $76.75.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $15,032.42, which is 51.50% of our total goal!   

      Below are our savings totals YTD:               

      • Annual Medical Deductibles for 2 people = $7,782.32 / $8,691.00 (90% complete). 
      • Emergency Fund = $400.00 / $1,200.00 (33% complete)
      • Electronics Replacement Fund: $1,449.72 / $3,377.16 (43% complete)
      • Christmas: $307.00 / $921.00 (33% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $5,000.00 / $15,000.00 (33% complete)
      Like 1
      • Ivory Tiger
      • Ivory_tiger.1
      • 4 mths ago
      • 1
      • Reported - view

      May check-in (complete): We saved $2,159.69 as outlined below.   

      • Annual Medical Deductibles for 2 people = $212.08.
      • Emergency Fund = $100.00.
      • Electronics Replacement Fund: $520.86.
      • Christmas: $76.75.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $17,192.11, which is 58.90% of our total goal!    

      Below are our savings totals YTD:                

      • Annual Medical Deductibles for 2 people = $7,994.40 / $8,691.00 (92% complete). 
      • Emergency Fund = $500.00 / $1,200.00 (42% complete).
      • Electronics Replacement Fund: $1,970.58 / $3,377.16 (58% complete). 
      • Christmas: $383.74 / $921.00 (42% complete).
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $6,250.00 / $15,000.00 (42% complete).
      Like 1
      • Ivory Tiger
      • Ivory_tiger.1
      • 3 mths ago
      • 2
      • Reported - view

      June check-in (complete): We saved $4,103.43 as outlined below. We were able to top off some categories using tax refunds, and will freeze some categories due to a change in priorities. Unfortunately we are down one job due to COVID-19. 

      • Annual Medical Deductibles for 2 people = $212.08.
      • Emergency Fund = $1,100.00. Added $1,000 from tax refund on top of our regular monthly contribution of $100.
      • Electronics Replacement Fund: $1,541.35. 
      • Christmas: $66.78 which is lower than our regular contribution due to a change in priorities.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $21,295.54, which is 72.96% of our total goal.

      Below are our savings totals YTD:                 

      • Annual Medical Deductibles for 2 people = $8,206.48 / $8,691.00 (94% complete). Moving forward we will not be able to proactively save towards our 2020 annual medical deductibles unless we can get another job, so this savings category will be frozen at this amount. 
      • Emergency Fund = $1,600.00 / $1,200.00 (133% complete). Although our initial goal is complete, we plan to continue contributing $100 per month as this is a high priority savings category for us.
      • Electronics Replacement Fund: $3,511.93 / $3,377.16 (104% complete based on newly revised goal). We are considering this savings goal complete for 2020.
      • Christmas: $450.52 / $921.00 (49% complete). Moving forward we will not be saving for Christmas unless we can get another job, so this savings category will be frozen.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $7,500.00 / $15,000.00 (50% complete).

      Below are our revised savings goals for the remainder of 2020:

      • Emergency Fund: $100.00 per month / $2,200.00 for the year. (73% complete)
      • Escrow items: (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00 per month / $15,000.00 for the year. (50% complete)
      Like 2
      • Ivory Tiger
      • Ivory_tiger.1
      • 3 mths ago
      • 2
      • Reported - view

      July check-in (complete): We saved $1,350.00 as outlined below.  Unfortunately we are down one job due to COVID-19.  

      • Emergency Fund = $100.00. 
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $22,618.93, which is 77.49% of our total goal. 

      Below are our savings totals YTD:                  

      • Emergency Fund = $1,700.00 / $2,200.00 (77% complete). 
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $8,750.00 / $15,000.00 (58% complete).
      • CATEGORY FROZEN: Annual Medical Deductibles for 2 people = $8,206.48. 
      • CATEGORY FROZEN: Electronics Replacement Fund: $3,511.93. 
      • CATEGORY FROZEN: Christmas: $450.52.
      Like 2
    • August check-in (complete): We saved $1,350.00 as outlined below.  Still at one income only.

      • Emergency Fund = $100.00. 
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $23,968.93, which is 82.12% of our total goal.  

      Below are our savings totals YTD:                   

      • Emergency Fund = $1,800.00 / $2,200.00 (82% complete). 
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $10,000.00 / $15,000.00 (67% complete).
      • CATEGORY FROZEN: Annual Medical Deductibles for 2 people = $8,206.48. 
      • CATEGORY FROZEN: Electronics Replacement Fund: $3,511.93. 
      • CATEGORY FROZEN: Christmas: $450.52.
      Like
    • September check-in (complete): We saved $1,350.00 as outlined below.  Still at one income only. 

      • Emergency Fund = $100.00. 
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $25,318.93 which is 86.74% of our total goal.   

      Below are our savings totals YTD:                    

      • Emergency Fund = $1,900.00 / $2,200.00 (86% complete). 
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $11,250.00 / $15,000.00 (75% complete).
      • CATEGORY FROZEN: Annual Medical Deductibles for 2 people = $8,206.48. 
      • CATEGORY FROZEN: Electronics Replacement Fund: $3,511.93. 
      • CATEGORY FROZEN: Christmas: $450.52.
      Like 1
    • October check-in (complete): We saved $1,350.00 as outlined below.  

      • Emergency Fund = $100.00. 
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $26,668.93 which is 91.37% of our total goal.    

      Below are our savings totals YTD:                     

      • Emergency Fund = $2,000.00 / $2,200.00 (91% complete). 
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $12,500.00 / $15,000.00 (83% complete).
      • CATEGORY FROZEN: Annual Medical Deductibles for 2 people = $8,206.48. 
      • CATEGORY FROZEN: Electronics Replacement Fund: $3,511.93. 
      • CATEGORY FROZEN: Christmas: $450.52.
      Like
  • 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.

    Like 3
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      KnitPurlKnit oooh, that $500 will feel really great when you get to choose where it goes!

      Like
  • 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!  

    Like 4
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      TC Jackie I know exactly what you mean about it being more difficult to define the right amount for this challenge. It looks like you've got great plans!

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 8 mths ago
      • Reported - view

      TC Jackie How did January go for savings?

      Like
  • I鈥檝e 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鈥檓 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鈥檛 have a lot of people to buy for and my family doesn鈥檛 typically go all out for Christmas.


     

    Like 4
    • Slate Blue Violin Congratulations on paying off your debt and welcome to the savings challenge. It feels so great to put $ every month toward your future self vs. paying for your past self.

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Slate Blue Violin Let's celebrate that debt-free status as long as possible!!! Those dollars are going to go SO far in your budget!

      Like
  • Line 21 claimed!  We have an automatic savings transfer set up for $2000 monthly, so the 24k should be automatic and is moving us closer to buying property for our forever home in 2021/2022. Anything extra this year is going to paying off the car and student loans.

    Like 5
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Regina Phalange Love it! Take those dollars before you even notice them!

      Like
  • Line 19 claimed! I am saving a little in an RRSP, building my emergency fund back up and saving for graduate school. The grad school component will be saved and spent throughout the year, but I have to save it to spend it!

    Like 2
    • Keep Calm and Save Money I love that you're saving and paying for grad school as you go! My student loans make me envious of this approach, but the less student loans out there the better I feel. :)

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 8 mths ago
      • Reported - view

      Keep Calm and Save Money How did your January turn out for savings?

      Like
  • 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
    Like 3
    • thebookishknitter These are great goals and I know future you will thank you! ;)

      Like 1
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 8 mths ago
      • Reported - view

      thebookishknitter How did January go for you on this challenge?

      Like
  • 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. 

    Like 2
      • Stacy C
      • nursepower
      • 9 mths ago
      • 4
      • Reported - view

      Stacy C Hubby got a Christmas bonus from work yesterday. Most went to his daily credit card that crept up there...Paid in full but still gets used. BUT..... I made my goal of the insurance deductible!!! There is $250 sitting there for any crashes...knock on wood. And my car maintenance is now at $125.....Progress is progress!

      Like 4
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      Definitely! 馃挴

      Stacy C said:
      Progress is progress!
      Like
  • 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.

    Like 4
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • 4
      • Reported - view

      GSDdad 

      Ah, realistic pacing, the true sign of YNAB maturity.  馃槃  You got this!

      Like 4
  • 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.

    Like 3
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 1
      • Reported - view

      No_Worries Welcome to the forum and the challenges! I'm participating in both this one and the debt challenge this year, I find that doing a bit of both makes me feel progress faster. It's all about your priorities! Good luck in 2020!

      Like 1
  • Hi! I claimed row 29, and I have a goal of just $1,000 for my emergency fund. Currently, I don't have enough budgeted to reach that goal, as I'm also aggressively paying down debt, but goals are good, and I'm going to consider this $1,000 a stretch goal for 2020.

    Like 4
    • Krys I love that you're tackling both savings and debt at the same time! We suggest having enough in savings that, should something happen, you don't have to go back into debt to deal with it. Hopefully, you won't need to touch any of those emergency funds! :)

      Like 1
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 9 mths ago
      • 1
      • Reported - view

      Faness The good news is I'm fully funding all of my True Expenses (or "sinking funds"), so the emergency fund is really just for the stranger emergencies, and since we had so many of those this year, I'm hoping we are covered for at least a few more months!

      Like 1
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 7 mths ago
      • 3
      • Reported - view

      Krys I neglected to update the thread when updating the spreadsheet. Between January and February, I have saved $309.81. I'm about 31% of the way to my stretch goal of $1,000 in 2020!

      Like 3
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 6 mths ago
      • 1
      • Reported - view

      As of today, March 31, I have saved $359.82, and am 36% of the way to my goal.

      Like 1
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 5 mths ago
      • 1
      • Reported - view

      As of April 30, I have $410.12 saved, and am 41% of the way to my goal!

      Like 1
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 4 mths ago
      • 1
      • Reported - view

      As of May 31, I have $485.28 saved, and am 49% of the way to my goal!

      Like 1
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 1 mth ago
      • Reported - view

      As of August 31, I have saved $686.04, and am 69% of the way to my goal!

      Like
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 4 wk ago
      • Reported - view

      Krys As of September 30, I have saved $25. I needed to use the emergency savings to cover out-of-pocket medical expenses. Glad they were there! Now, we start saving all over again!

      Like
      • Krys
      • I like bacon and sarcasm
      • Krys
      • 3 hrs ago
      • 1
      • Reported - view

      As of October 30, I have saved $906.58, and am 91% of the way to my goal!

      Last month, I used the savings to cover some medical expenses, and this month, I got reimbursed for those plus a rebate from something else allowed me to contribute extra back. So it looks like I'll reach the full $1,000 this year after all!

      Like 1
  • 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.

    Like 5
    • internettie Building onto your emergency fund is a great goal for this challenge! Yay for added security, extra buffering and more funds! :)

      Like 1
      • internettie
      • Writer
      • internettie
      • 9 mths ago
      • Reported - view

      Faness thanks! 

      Like
  • 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 拢2,400 (拢200/month)
    Xmas/birthdays 拢350 (拢30/month)
    Running shoes 拢150 (拢12.50/month)
    Vacation/course/retreat 拢1200 (拢100/month)

    Total 拢4100 

    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.

    Like 2
      • curl_84
      • cateye
      • 7 mths ago
      • 2
      • Reported - view

      Update: have now bought the house so can refocus on my saving goals. Having to pay for house maintenance fees already so I'm putting a lot into that now (plus more than usual in emergency fund!). Also will be getting a payrise so I'll factor that into my mortgage overpayment goal.

      Like 2
    • curl_84 Congratulations on becoming a homeowner! It brings its own set of fees and expenses, but they've been more than worth it in our experience. I hope you're enjoying your new place! :)

      Like
      • curl_84
      • cateye
      • 7 mths ago
      • 2
      • Reported - view

      Faness Thank you, I definitely am! :)

      Like 2
  • 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!!!!

    Like 4
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      PhysicsGal Running an Airbnb is something I've always considered. Do you enjoy it?

      Like
      • PhysicsGal
      • Nerdy female homo sapien
      • physicsgal
      • 9 mths ago
      • 1
      • Reported - view

      Veronica yes!!!  It鈥檚 mostly really cool. Sometimes I just want my house to myself though, so honestly the break has been a nice thing for me for awhile, but I鈥檓 really missing the extra income to help with my goals. 

      Like 1
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • Reported - view

      PhysicsGal Do you find that it gets booked up pretty quickly and do you plan certain times of the year that just aren't available so you have time to yourself? I'm sure this is heavily location-based, but I find that intriguing!

      Like
      • PhysicsGal
      • Nerdy female homo sapien
      • physicsgal
      • 9 mths ago
      • 1
      • Reported - view

      Veronica Summer is really busy for my location and winter is a lot less busy.  If you do it, use Beyond Pricing to set your prices algorithmically.  They use similar algorithms to those used by hotels to get you the max income by increasing the nightly rental fees for special events or when the demand is just high in general.

      Like 1
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 8 mths ago
      • Reported - view

      PhysicsGal It looks like January was a great start to the year for your savings!

      Like
  • 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.

    Like 4
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 9 mths ago
      • Reported - view

      Hi, Juggler 

      Welcome back.

      Like
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 8 mths ago
      • Reported - view

      Juggler I'm excited to see your progress this year on those goals! One of our family dreams is to spend summers in Ireland, so I'm interested to hear more about your plans for Canada!

      Like
  • Hey All,

    Line 35 claimed. Trying to get back into these forums to keep me on track. Joined the Savings and Debt Smackdown this year.

     

    Goal:

    Emergency Fund: 鈧1,000

     

    Best of luck to all.

    Like 5
    • flyonthewall Welcome (back)! I found that getting that 1st 1,000 really helped prevent adding more cc debt and I felt so much calmer as I focused on paying down my debt. You got this!

      Like 1
      • flyonthewall
      • Turquoise_Mask_c8a9bbd8
      • 8 mths ago
      • 1
      • Reported - view

      bookyarncafe  Thanks for the reply. I'm upping it to 鈧1,200. 鈧100 a month is possible i reckon 馃

      Like 1
  • Claimed Line 36. 馃憤 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!

    Like 4
    • just_zoshin I had the same problem with autosave via my bank. Too easy to move between accounts when my checking account got low near the end of each month. This year I am depositing in an online savings account (not where I have my checking) and it feels much easier to not touch it. It's so weird that both are online, but one "feels" further away.

      Like 2
    • bookyarncafe This gives me that "out of sight, out of mind" feeling, even if the out of sight is only one website away. ;)

      Like 1
    • bookyarncafe That's awesome! And I hear you. I have 2 a separate savings and checking with Capital One. Every paycheck half my rent, plus some extra, goes there so I don't commingle funds.

      Like 1
  • Claimed line 37. I've been working on a big emergency fund for a long time and should be able to finish in 2020.  馃帀 

    Like 3
      • Veronica
      • Support Manager
      • Veronica_ynab
      • 9 mths ago
      • 2
      • Reported - view

      Cadet Blue Cobra Welcome! We're excited to celebrate when you hit the goal this year!

      Like 2
Like29 Follow
  • 29 Likes
  • 3 hrs agoLast active
  • 325Replies
  • 3633Views
  • 80 Following