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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Claimed line 97. I've just started nYNAB and I'm confident I should be able to hit my goal.
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I just claimed line 98. I started using YNAB late last year. It turned my spending around, and as a result, I was able to pay off a small debt (with the help of the Debt Smackdown community challenge!). Now, I'd like to set my sights on saving back up to a 6-month emergency fund, which I had mostly used up when I quit my job and went freelance a couple years ago. I'm not getting my hopes up TOO high since this year has turned out to be quite unusual financially, but I'll still try my best. :)
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Hello! I just claimed ID 99, and I have saved $1400 from my first paycheck in May. The goal is kind of guesswork--aside from my retirement, which comes out automatically & I'm not including it here, I've never actually been able to accumulate savings. I'm excited!
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Just grabbed line 100- I've included a simple goal for now--as my main focus is paying off debt this year! I want to save $3000 this year. Another month of expenses saved in my emergency fund. (I have other long-term sinking funds in my budget, but haven't included them for simplicity's sake).
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Savings Challenge - May Check-In
I recorded an extra $157.13 above my salary income in April, comprised of: $106.05 goods and services tax pay-out (a one-time Canadian government COVID-19 thing), $23.58 in cash-back rewards and bank interest, and $27.50 in survey candy. Slim pickings, but it helped me to top up my savings by $150.
$900 saved in May's budget, for a total of $8,400 saved to date, bringing me to 56% of my 2020 stretch goal of $15,000.
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March, April, and May Check-in.
We've been staying on-track & decided to add $2k from the stimulus to savings and decide what to do with it in the New Year. We met our goal ahead of schedule due to tax returns (reflected in the March numbers).
March: $2347.77 - This was given a good boost by taxes.
April: $3340.40 - This reflects $2k from the stimulus.
May - Dec: $0 - we've met our savings goal and now any extra $ will go toward debt!! Woo-hoo!!
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May as planned, in spite of income being uncertain, I managed to set aside $134 this month. June it will be $150.
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Opps, missed my April check in. I'm now building up my emergency fund rather than paying off debt, so I'm ahead of my target. I'm hoping to finish up a 6 month/$20k emergency fund and then I will go back and finish up the last of my debt. I'm almost halfway there. Also, I'm saving more in my Roth IRA than I had planned because I was able to fund my 2019 contributions until July. So I'm a saving queen right now. Thank goodness for my savings, now I'm really starting to feel more secure.
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Somehow missed this challenge until May. 😄 Better late than never? Claimed line #103.
Total goal: $68,664 ($57,340* FIRE + $11,524 planning instead of scrambling)
- Self-Preservation (Job Loss): $7,000
- For When The Car Dies: $900
- Keep The Car Running: $600
- Christmas: $1,600
- Travel Adventures: $8,000
- Summer Camp: $424
- 401k: $23,640
- HSA: $7,100
- Backdoor Roth + Individual Brokerage: $19,600*
Progress so far:
$34,812 of $68,664 ($30,830 of $57,340 FIRE + $3,982 of $11,524 planning instead of scrambling)
- Self-Preservation (Job Loss): $3,921 of $7,000
- For When The Car Dies: $0 of $900
- Keep The Car Running: $216 of $600
- Christmas: $114 of $1,600
- Travel Adventures: $3,228 of $8,000
- Summer Camp: $424 of $424
- 401k: $10,884 of $23,640
- HSA: $2,730 of $7,100
- Backdoor Roth + Individual Brokerage: of $13,295 of $19,600*
* I'd like to put 90% of any unexpected extra income toward this, too. Goal numbers assume spending or saving all quarterly bonuses, RSUs, retention bonuses, and base salary.
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Gold Pilot
It's never too late to join in. Welcome aboard. It's nice to see a new saver.
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June update:
Total goal: $39,137 of $68,664 (⬆️$4,531) 🎉
($34,705 of $57,340* FIRE + $4,433 of $11,524 planning instead of scrambling)
Self-Preservation (Job Loss): of $4,193 of $7,000* (⬆️$468)
For When The Car Dies: $142 of $900 (⬆️$142)
Keep The Car Running: $216 of $600 (➡️same)
Christmas: $228 of $1,600 (⬆️$114)
Travel Adventures: $3,423 of $8,000 (⬆️$195)
Summer Camp: $424 of $424 (➡️same)
401k: $13,367 of $23,640 (⬆️$2,492)
HSA: $3,550 of $7,100 (⬆️$820)
Backdoor Roth + Individual Brokerage: $13,595 of $19,600* (⬆️$300)* I'd like to put 90% of any unexpected extra income toward these, too.
Note: My accounting was a little bit off last month. Fixing from here forward. :)
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July update:
Total goal: $48,155 of
$68,664$71,240 (⬆️$8,596) 🎉($42,030 of $60,340* FIRE + $6,098 of $11,100 planning instead of scrambling)
Self-Preservation (Job Loss): of $9,127 of $7,000* (⬆️$4,930) - decided to up this to $10,000 😀
For When The Car Dies: $213 of $900 (⬆️$70)
Keep The Car Running: $280 of $600 (⬆️$64)
Christmas: $457 of $1,600 (⬆️$229)
Travel Adventures: $5,148 of $8,000 (⬆️$885)
Summer Camp: $424 of $424cancelled; moved to self-preservation fund
401k: $15,039 of $23,640 (⬆️$1,672)
HSA: $4,096 of $7,100 (⬆️$546)
Backdoor Roth + Individual Brokerage: $13,795 of $19,600* (⬆️$200)* I'd like to put 90% of any unexpected extra income toward these, too.
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August update:
Total goal: $55,488 of $71,240 (⬆️$7,333) 🎉
($48,316 of $60,340* FIRE + $7,132 of $11,100 planning instead of scrambling)
- Self-Preservation (Job Loss): of $9,682 of $10,000* (⬆️$555)
- For When The Car Dies: $350 of $900 (⬆️$137)
- Keep The Car Running: $344 of $600 (⬆️$64)
- Christmas: $685 of $1,600 (⬆️$228)
- Travel Adventures + Dog Sitter: $5,753 of $8,000 (⬆️$605)
- 401k: $17,592 of $23,640 (⬆️$2,553)
- HSA: $4,642 of $7,100 (⬆️$546)
- Backdoor Roth + Individual Brokerage: $16,400 of $19,600* (⬆️$2605)
* I'd like to put 90% of any unexpected extra income toward these, too.
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September update:
Total goal: $58,740 of $71,240 (⬆️$3,252) 🎉
($50,934 of $60,340* FIRE + $7,806 of $11,100 planning instead of scrambling)
- Self-Preservation (Job Loss): of $9,893 of $10,000* (⬆️$211)
- For When The Car Dies: $488 of $900 (⬆️$138)
- Keep The Car Running: $366 of $600 (⬆️$22) - lower because had to spend some
- Christmas: $914 of $1,600 (⬆️$229)
- Travel Adventures + Dog Sitter: $6,038 of $8,000 (⬆️$285)
- 401k: $19,252 of $23,640 (⬆️$1,662)
- HSA: $5,189 of $7,100 (⬆️$547)
- Backdoor Roth + Individual Brokerage: $16,600 of $19,600* (⬆️$200)
* I'd like to put 90% of any unexpected extra income toward these, too.
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October update: A really good month. 🙂
Total goal: $63,546 of $73,740 (⬆️$4,806) 🎉 - increased goal by $2,500
($54,644 of $60,340* FIRE + $8,902 of $13,600 planning instead of scrambling)
- Self-Preservation (Job Loss): of $10,000 of $10,000* (⬆️$107 - Goal Reached! 🏆)
- For When The Car Dies: $732 of $900 (⬆️$239)
- Keep The Car Running: $444 of $600 (⬆️$78) - lower because had to spend some
- Christmas: $1,143 of $1,600 (⬆️$229)
- Travel Adventures + Dog Sitter: $6,219 of $8,000 (⬆️$181)
- Moving expenses: $364 of $2,500 (new!) (⬆️$364)
- 401k: $21,837 of $23,640 (⬆️$2,585)
- HSA: $6,007 of $7,100 (⬆️$818)
- Backdoor Roth + Individual Brokerage: $16,800 of $19,600* (⬆️$200)
* I'd like to put 90% of any unexpected extra income toward these, too.
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November update: An excellent month. 🙂
Total goal: $73,111 of $73,740 (⬆️$9,565) 🎉 -
($57,453 of $60,340* FIRE + $15,658 of $13,600 planning instead of scrambling)
- Self-Preservation (Job Loss): of $10,000 of $10,000* (Goal Reached! 🏆)
- For When The Car Dies: $1613 of $900 (⬆️$881 - Goal Reached 🏆 & Exceeded! 🏆)
- Keep The Car Running: $897 of $600 (⬆️$384) - had to spend almost $700 of what I saved, but it felt so good to have the money available! Set a new goal of $1500 for this category balance, next year.
- Christmas: $1,446 of $1,600 (⬆️$323) - spent most of this already, and decided to increase category balance to $2000 this year and next year.
- Travel Adventures + Dog Sitter: $7,219 of $8,000 (⬆️$1,000) - Should come pretty close to spending everything this year; may increase savings goal to $12,000 next year, if pandemic allows for international travel again.
- Moving expenses: $4483 of $2,500 (⬆️$4119 - Goal Reached 🏆 & Exceeded! 🏆) Decided to increase goal to $5,000
- 401k: $24,073 of $23,640 (⬆️$2,236 - Goal Reached 🏆 & Exceeded! 🏆) This won't get any bigger, but the last bit of matching contribution will arrive in 2021.
- HSA: $6,280 of $7,100 (⬆️$273)
- Backdoor Roth + Individual Brokerage: $17,100 of $19,600* (⬆️$300)
* I'd like to put 90% of any unexpected extra income toward these, too.
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December update: An excellent month to close out an excellent year. 🙂
Total goal: $88,023 of $73,740 🎉
($65,726 of $60,340 FIRE + $22,297 of $13,600 planning instead of scrambling)
- Self-Preservation (Job Loss): of $10,000 of $10,000 (Goal Reached! 🏆)
- For When The Car Dies: $2069 of $900 (⬆️$456 - Goal Reached 🏆 & Exceeded! 🏆)
- Keep The Car Running: $997 of $600 (⬆️$100 - Goal Reached 🏆 & Exceeded! 🏆) I had to spend most of what I saved, but it felt so good to have the money available! Set a new goal of $1500 for this category balance, next year.
- Christmas: $2,501 of $1,600 (⬆️$1055 - Goal Reached 🏆 & Exceeded! 🏆) - Decided to increase category balance to $2000 next year, as I felt that I went a bit overboard this year.
- Travel Adventures + Dog Sitter: $11,230 of $8,000 (⬆️$4,011 - Goal Reached 🏆 & Exceeded! 🏆) - Spent all of this. Increase budget to $15,000 next year.
- Moving expenses: $5,000 of $2,500 (⬆️$517 - Goal Reached 🏆 & Exceeded! 🏆)
- 401k: $24,073 of $23,640 (Goal Reached 🏆 & Exceeded! 🏆)
- HSA: $7,100 of $7,100 (⬆️$820 - Goal Reached 🏆)
- Backdoor Roth + Individual Brokerage: $24,553 of $19,600 (⬆️$7453 - Goal Reached 🏆 & Exceeded! 🏆)
- Kids College: $500 (a little something extra)
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I have failed to update monthly as I had hoped but I am back now. Due to COVID and some other unexpected expenses I had dipped into my intended savings amounts but now that I am in a good place I hope to get this updated regularly and be closer to reaching my goals this year. Thanks YNAB community!
Emergency Fund/Months Ahead: $600/$6,400.00
Sons Computer: $0/$2,000
Nieces Quinceañera: $0/$1,000
XMAS 2020: $0.00/$2,000
Mexico Trip (First Time Back since I was 4 years old): $0.00/$3,000
Weight loss savings total $0.00/$20,000--**After hitting Weight Loss Goal (in case of loose skin reduction surgery)** -
Was initially struggling to throw some cash into my emergency fund this month, but I've just received a small windfall and I'm definitely saving most of it. Lucky to be blessed in these times of uncertainty and just sharing to encourage others not to give up hope. Unsure if I'll be able to keep up with my savings moving forward but in the event that I do meet my goal, my new/stretch goal would be $15,000. Fingers crossed.
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I claimed line 104. Better late than never to join. I've always been a saver and investor, but I never tracked where my money was going and I if I wanted something I just bought it on credit. I tried YNAB back in 2015, but didn't stay consistent and stopped. It's been six months since I decided I needed to get serious and start budgeting and account for every penny. My emergency fund is good for 6-9 months, Roth is fully funded for 2020, no car payment, and no debt (aside from the house). My goal is to invest every spare dime I have and limit/stop all unnecessary spending (I've been following Dave Ramsey lately). My goal is to invest $65,000 this year. I'm on pace right now with $43,200 saved in six months. I'm amazed that by just having a plan and exercising some self-restraint (I hear Dave Ramsey telling me I'm stupid if I buy that) I can save a lot.
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June update
Only managed to put away £350 this month. Finishing off paying a small credit card balance and coronvirus haven't helped but from little acorns and all that! I'm on-track for the end of the year.
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The first of the month is here and the final numbers for March are in!
- Retirement: $2,500.00/$6,000.00
- Next Home: $1,365.00/$3,000.00
- Investments: $2,770.00/$4,800.00
- E-Fund: $766.27/$1,200.00
- Total: $7,401.27$15,000.00
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June check-in: Still mostly staying at home, so I was able to put $3,650 toward savings this month, bringing my progress to 97% of my goal! 😊
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So excited to join this spreadsheet.
I've been working on the Debt challenge for the past two years and with the ill effects brought about by COVID, I decided to get a head start on my emergency savings after paying off all my credit cards (just my car loan to go now and I'll pay it off this year - just a bit later than planned).
My savings goal for the rest of the year is $5000
As of June, I've saved $2000 🎉
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Tishy Wishy Congratulations on paying off your CC! Major accomplishment. When you have your car loan paid off, you will be amazed at how quickly you can save your money. And, it's so empowering knowing your paycheck is yours, not part of it owed to someone else before you ever even get it. Welcome!
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In June I added $1500 to savings. Wow! To make savings feel more fun, I made a colorful chart on paper and have been filling in little boxes of $250 each. It's turning into a colorful rainbow, and it makes me want to save more. Hopefully I can keep it up!
Totals: $1400 May + $1500 June = $2900/$8000 goal
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Turquoise Wildebeest Congrats! Have you see debt free charts (just google search). She has many free ones if coloring is motivating for you. I love them.
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Savings Challenge - June Check-In
May was not a good month for finding extra income. Only $21.06 extra for June's budget. June is also my most expensive month, with scheduled annual insurance renewals, and my annual top-up transfer to the TFSA account for my next car savings. Feeling YNAB poor this month.
$900 saved in June's budget, for a total of $9,300 saved to date, bringing me to 62% of my 2020 stretch goal of $15,000.
I'm now on track to meet my stretch goal. For a little while there I wasn't sure I would hit it, and now, for the first time since I set it back in January, I'm beginning to project surpassing it.
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The first of the month is here and the final numbers for June are in! Not much else to report.
- Retirement: $3000.00/$6,000.00
- Next Home: $2,582.35/$3,000.00
- Investments: $3,300.00/$4,800.00
- E-Fund: $866.27$1,200.00
- Total: $9,748.62/$15,000.00
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Mid-year check in ( a little late). I have not been checking in on this thread regularly, but have been updating the spreadsheet regularly and am on target to meet (and maybe surpass) my 2020 savings goal. This group and the spreadsheet are very motivating.
Plan:
- Fully fund Roth IRA by September, 2020
- Continue monthly auto contributions to 403b
- 10 months in the Emergency Fund by December, 2020
- continue contributing small amounts monthly to 3 upcoming large expenses with unknown future dates
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I'll admit I have been avoiding this forum. Between the 'rona, some personal drama with big life changes, and having to sell my house, any progress I made was absolutely decimated. I guess I am starting from scratch 😔
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Golden Tabby
Keep spitting and scratching, Golden Tabby. It ain't over 'til it's over. Eventually you get onto more solid ground and you'll be glad you didn't quit.
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HappyDance Thanks Happy Dance, I needed that bit of encouragement.
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June I paid 149.43 & July I paid 154 towards long term savings. I'm trying to increase my investment account to about 100 a month as I want to qualify for the max government retire savings income. So we'll see if by the end of the month I can find an additional 80 to hit that point for one of the savings accounts. Things are getting a bit tighter as I'm doing something new with how I plan out paying my long term expenses. I hope that the new income helps... otherwise I did some shuffle and got the money all together without too much of a problem. all in all it's going ok
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Savings Challenge - July Check-In
Extra income received in June: $856.85
- $500 cash gift from mom for my birthday, $161.19 from health insurance, $188.43 from a health spending account funded by my employer as a benefit, and $7.23 in interest and rewards.
Due to moving $1,200 intended for spending this summer to a savings category due to COVID cancelling plans, I was able to record $2700 savings in my July budget, for a total of $12,000 saved to date, bringing me to 80% of my 2020 stretch goal of $15,000.
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I saved $856 in July. I managed to meet my savings goal of 10k for this year and am hopefully on my way to my stretch goal of 12k! It's getting harder to save as my state slowly reopens, and my finances have begun to return to some of their normal roles like paying for dining out and outdoor activities. It's been nice to get out, though, and I'm grateful that I can do so. I really hope I won't have to dip into my new emergency fund later this year right after creating it.
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The first of the month is here and the final numbers for July are in! Happy to keep chugging along instead of having to roll with the punches.
- Retirement: $3500.00/$6,000.00
- Next Home: $3,789.38/$3,000.00
- Investments: $3,805.00/$4,800.00
- E-Fund: $966.27/$1,200.00
- Total: $12,060.65/$15,000.00
