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!
Claimed Line 38. My goal is to have 10k in my savings as emergency fund this year while i am focusing on paying down my debt. I don't even want to look at my account right now because i have been using the money saved to pay off some credit cards then i will go back and use the credit card again and use the savings again to pay off the cards and so on. Now i am left with $2200 in savings and more credit card debt (huhhhhhhh what's wrong with me 🙄). Tackling both CC debt and savings.
Line 39, here we go!
My savings goal is $10,000 this year. I have 3.5 years until my oldest goes to college, and while I won't have enough to give her a free ride, I'd like to help her. The second child is 2 years younger, so there's a lot of saving I need to do! The $10,000 includes sinking funds as well, and it's going to be VERY difficult to make this amount, but I'm going to try!
I want to be realistic but also have some stretch in my goals. Below is what I plan at the moment:
•rental mortgage paydown 0/15,000
•increase emergency savings 0/15,000
•camp fund 100/5000
•car replacement 0/9000
i need to revisit my auto save amounts to match the above goals & I’ll have a more firm handle on what I can do when taxes are filed and I see whether we owe taxes this year. Regardless, I’m committing to saving $44k this year for the above.
Yesterday was payday. I set up an automatic transfer from checking to savings on the day after payday (today) for $25. Now I don't have to think about it. It will just automatically transfer to savings. I know I could leave it in checking and just assign it to savings but I don't trust myself enough yet to let it sit there knowing I could easily WAM from it. This works best for me right now.
Took line 43. I'm doing the Debt Smackdown too and after reading the purpose of this Savings Challenge, I realized there were a lot of people doing both. I'm aiming the save for my true expenses & RRSP.
RRSP $50/biweekly = $2600
True Expenses $230/month = $2760
Annual Renewals $85/month = $1020
Vacation Fund $265/month = $3180
RESP (possibly $50/month = $600)
Total = $9560
I received an extra $3,178 in income in December: $2,120 in Overtime payout, $1,000 as a New Year's Eve gift, and $58 in various cash-back rewards and interest.
With a full month's salary and all that extra to budget the first month of this year, I was able to fully pre-fund a couple of my true expenses for the entire year of 2020, categories which I am not including in the savings challenge this year, AND put $3,000 towards those categories I am counting.
$3,000 saved in January, 20% of my 2020 stretch goal of $15,000.
I'm back for my third year! This year I'm in row 45.
Last year I saved beyond my aim, however my goals frequently had to be changed due to changing personal circumstances. This year I'm hoping to stay a bit more on task, as now that I've finally earned a more steady visa for the country I live in, my future is a little more set in stone.
2020 savings goals:
Professional development: 250,000 KRW (for a total of 1,000,000 KRW continued from last year)
Apartment deposit: 2,000,000 KRW (for a total of 15,000,000 KRW)
UK and Sweden trip: 2,750,000 KRW (for a total of 5,000,000 KRW)
Emergency fund top-up: 1,500,000 KRW (for a total of 6,000,000 KRW)
Braces: 5,000,000 KRW (not yet started)
Total savings challenge goal: 11,500,000 KRW
Good luck everyone!
I’ve joined, line 51 for me. I’ve set a goal for £20,000 for the year.
total newbie at all this, been using YNAB since March 2019, lurked around the forum a bit, so am jumping in for 2020.
Can I ask, how do you enter your YTD total, I don’t want to screw up the whole spreadsheet lol, and the formulas scare me!
Hello all, I'm doing something new this year to increase my saving potentials. My bank has an automatic withdrawal for the 52 week challenge, so I've set that up in Dec. I will also continue building up my savings for my 6 months buffer fund, investing, and my TFSA. Because I've got a huge debt to pay off this year, I'm going to start with paying $20 a month into these accounts. This amount is more than what I started off last year, as I did $10. However, the plan will be to increase to $50 as I did closer to the end of last year.
By the end of the year I will meet my first goal of my 6 month buffer fund and be actually more then half way through my second monetary goal of the fund. The first was to have 3 months bills covered, and the second goal is to enough for 6 months of bills. I won't be able to get to my third goal which will be for 2021 - that will be to have 6 month of bills covered as well as my once a year ones.
I expect when I clear my debt I will increase my payments to savings, if this is the case I will change the $20/month/account.
52 week challenge = $1,378.00
Investing = $240
6 months =$240
Total = $3000
I've got my line claimed! I'm doing big, hairy, audacious goals here. I suppose I'll adjust if this ends up not working out for me, but here goes:
Emergency: $250/month ($3000 for this year)
Retirement: $740/month ($8880 in year)
Christmas/gifts sinking fund: $50/month ($600 in year)
HSA: $295.83/month ($3550 in year)
Vacation: $166.67/month ($2000 in year)
Instrument: $800 in the year, if I can manage it after all the aforementioned goals
Line 54 claimed.
I've literally never "saved" before in my life.... We started using YNAB in late August, 2019, and wiped out all of our credit card debt (about $10,000). We really cracked down to do that, and I don't think it's a sustainable way of life long term. And we still have tons of debt to go (student loans and mortgage), but I also want to start saving. We'll have to start in Feb though, because we just finished paying off the CC's this month. So, here goes nothin'!
Emergency Fund Savings = $8,250
New Car Savings = $8,250
Vacation Savings = $5,500
Gifts Savings = $1,000
Education Savings = $1,000
Misc Savings = $1,000
TOTAL SAVINGS GOAL = $25,000
Comming late this year after discovering YNAB:
This year is a bit but important year for me, closing the gap with my long distant girlfriend in September (hopefully if her visa application is approved). I will take care of 100% of our spending until she graduate so YNAB will be my savior. Also I'm very grateful of my parent allowing her to stay home so that I can save up until I'm ready, I can save up about 1 500,00€/month effortless sadly I blew up my last 3 months of salary...
- University fees: 0,00€/2 300,00€
- Queen Size bed: 0,00€/500,00€
- Trip to Vietnam (No hostel required): 0,00€/2 000,00€
- Apartment deposit : 0,00€/1 200,00€
I'll post an update in September as it's my due date!
Claimed my line!
I didn't think I would be able to join this group this year but after the magic of math and a nice big check I am now debt-free!
Tuition: 2500 by August (175/month starting Feb. I can put 1300 this month)
Student Loan: 1200 (My last debt but it's not in repayment for a year, total debt approx 12k) (100/month)
Arizona Trip: 4000 I told my boyfriend we would have to cancel, but maybe not? (200/month)
Savings Total: 5900
Hi everyone, I claimed line 62. Last year I participated in the debt smackdown, followed by the savings challenge. YNAB helped me become debt free and fund an emergency fund, raising my net worth by approx. $20k in 2019. Here are my goals this year:
- $10,900 for my 2019 and 2020 Roth IRA's
- $7,400 for a "big stuff" fund (wedding/house)
- $2,000 to supplement my emergency fund
I'm also separately contributing to an HSA and 401k.
Good luck everyone!
I decided for now to just save in one lump sum. My reasoning... I am going to be scheduling a surgery. This will take my paychecks to about 67% of my normal pay (short term disability). As much as I want to save for several things, I may need to use this e-fund sooner than I expected.
So for January I have saved $590 in my E-fund.
I do expect a nice bonus in February. I will be saving most of this for unexpected bills and such due to surgery.
We're paying down debt, but would like a little more of a cushion to start out the year. We're looking at saving $6,000 as quickly as possible & then we'll turn to debt.
We have a solid emergency fund. This $6k is what we call a 2nd level emergency fund & is for things like medical deductible, kitty emergencies, unexpected things with the house, etc.
$1,600 March (w/tax return)