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!
Hi everyone! I took line 70. This is my first challenge, I discovered YNAB in December 2018 and have been addicted ever since :) I just finished off paying back some personal loans, so now I think its time to save up some emergency funds! I also have two cats and a dog, and I am always so paranoid about someone getting sick or injured (one cat required a $1.5k eye removal surgery a few years ago, plus another $1k for complications). So I would like to have a nice healthy vet bills category too.
I decided to change my goal amount on the spreadsheet to $300 to $1,500. I know I'm not going to save $1,500 in one year but that is my goal overall so I can have one month's of expenses in addition to my $1,000 emergency fund. Right now I have $107.56 saved toward the $1,500. I did do the $25/month auto transfer from checking to savings so I know that I will be saving at least that much each month. The reason I changed my goal amount to $1,500 is that I will work harder to get to that amount than I would to get to $300. I'd only have to let the auto transfer happen to save $300 in a year so there would be pretty much no effort involved. I want something to strive for and that $1,500 goal will motivate me.
A little late to the party I guess, but here we are! Thank you Veronica for setting up this challenge!
Like last year, my main goal for 2020 is to continue to contribute to the financial independence (FI) fund. I started the 'race' to FI a little late in my lifetime, paying off our home first so as to free up cash flow, and presently building a fund which hopefully will provide enough to bridge to retirement date.
I will be 55 this year, retirement funds (which are adequately funded at this time!) will start pension payments at age 65, and some at age 67. We need to bridge about twelve years to retirement. As time progresses, we build more wealth and at the same time the number of years to bridge decrease.
I believe I should be working / contributing at least another two years to reach FI at which time working in a high demanding job becomes optional. I could continue, or decide to do something else.
The one thing threatening FI is the way my job impacts my health. I find it increasingly more difficult to deal with, so I may need to drop out of work and may never reach the goal which is only a few years away.
We will see about this all. In the meanwhile, I am planing to contribute about €4,000 per month towards the FI goal, for a total of €48,000 in 2020.
To all fellow challenge takers: I wish you all the best for this year, keep it up!
My original post:
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.
My beginning of the month contribution was $5988 but with the overseas holiday over and much less expensive than I had anticipated, my end of month total is $8,582.29. Really happy to see a big number here as it means my bonus is being put to good use AND it means the rest of the year has a bit of the pressure relieved.
Goal Reached: 38.14%
First update of 2020. Off to a good start. I can't wait for my car loan to be gone because seeing that $1000 going to that every month really angers me when I think about all the other stuff I could do with that money (7 months to go if I don't use my tax refund towards that).
- Retirement: $500.00/$6,000.00
- Next Home: $50.00/$3,000.00
- Investments: $505.00/$4,800.00
- E-Fund: $153.50/$1,200.00
- Total: $1,208.50/$15,000.00
My E-fund is getting a little extra love since we just had layoffs occur at my work and my fiance is going to grad school starting in August. Though I have 6 months saved up, I'd rather err on the side of caution since fiance is about to lose half his income.
January Update! So far, this has been a great month for our savings goal. We managed to scrape together more than we anticipated and cashflow an unexpected washer/dryer purchase. My washer stopped spinning about a month ago and there's no way to stop doing laundry for a family of 5, so we moved some money and made it happen.
Total saved in January - $3,800.71
Expecting February to be higher than average as well, with my husband picking up an extra side job this weekend and getting his work bonus that we can completely toss to savings!
So, I really wanted to participate in the challenge, but I wasn't thrilled with putting my numbers on the spreadsheet (personal reasons). I hope my solution will not bother anyone on this thread - the accountability of posting will help me, I'm sure!
My savings goal this year is to save $X. Each month, I'll post that I want to save $Y (literally, I'll use a variable). At the end of the month, I'll check in by saying I saved 90% of Y, or 104% of Z. Good luck, everyone! I look forward to seeing your progress!
February Savings Challenge Check-In
I received an extra $42.50 in income in January, all cash-back rewards and interest, a slow month when it comes to finding extra income. On the plus side, I was able to squeeze $94 from groceries, gas, and rent/utilities by simply spending less than expected in January, and only budget in February what I spent in January, so that added $94 to what I could allocate to savings in February. I still don't have a plan for how to achieve the stretch part of my stretch goal. Getting my tax return in early will help a bit, and I'm still waiting for official docs to do that.
$850 saved in February, for a total of $3,850 saved to date, bringing me to 25.67% of my 2020 stretch goal of $15,000.
Question for the group. If your sinking funds that you regularly spend from (in checking) gets too big and you sweep some of it into savings, do you count that as savings? For example, I put $250 into "kid stuff" each month (because: kids are expensive and I've spent on average $250/mo in that category over the past year), but haven't spent as much on them lately. There haven't been any surprises or needs in a while and the category is now too chubby and I might as well earn interest.
So, if I put $500 from there into savings next month, would you consider it savings, or cheating because you didn't actively have to do anything (read: struggle) to save it?
After a flurry of activity at the end of 2019/start of 2020 (moving house, Christmas/birthdays, illness, finishing up my mat leave), I really had to move my goals around and I'm happy to say that although I never had the chance to update the spreadsheet (bad girl!) I did achieve my savings goals as of January (albeit modified ones). My goals in 2019 were my emergency fund, moving fund (saved and SPENT!), and saving for a 5 year anniversary holiday with my husband (nothing booked yet, but I'm hopeful we do get away even for a couple days).
So with that, onto 2020 and beyond!
This year I'm looking to keep on track with some new mid-level sinking fund goals with end dates in the next few years. My goals are to save the following in 2020:
$350 for my new car down-payment fund (0 saved in January, $29.42 saved in February)
$750 for our renovation fund ($32.90 saved in January, $57.76 saved in February)
$1000 for job loss fund (0 saved in January, $30 saved in February)
We started 2020 with the goal of increasing our emergency fund to $7,000 and to save $10,000 for a down payment for a home. We have had some adjustments, we put an offer on a house last week and so now we're saving for house projects and maintenance. We are also saving for another adoption, but we should have about a year to save for that one. Anyways, the amount we want to save hasn't really changed, just the categories we are putting it in has changed. That said, we saved $1480.94 in January and $1086.44 in February.
I'm joining my first YNAB Challenge!! Starting YNAB with my husband on January 1st was the BEST thing we could have done. I am so shocked at how soon we'll be able to afford our first house. Summer 2021 is our plan!
Every time I get paid (weekly) I put $250 into the house fund and ever time my husband gets paid (bi-weekly) we put $500 in the house fund. We are also building up a small separate emergency fund ($300/month). If a true emergency happened, we could always use the house money and readjust our timeline. I am not including the savings for true expenses or vacations because that money will be spent.
Total goal for 2020 is $36,000!
2020 is going to be difficult, but exciting...
- 3000$ tuition fund bc my funding got suddenly cut;
- 1000$ surgery fund: I am waiting on 2 surgeries this year (hysterectomy + mastectomy), both of which mean time off work and odd expenses like "oh no none of my shirts fit anymore" and "ouch I'm in pain I am NOT cooking now"...
- 1500$ emergency fund/month ahead.
The absolute first thing I'm focusing on is the 3000$ tuition fund; honestly, I have no clue whether I'll be able to do the rest. The strategy is to try and save 10% of my monthly income (before taxes) while in school (10% * 1200$/mo*6mo= 720$) & put most (all?) of my tax return there (or at least the first 1000$). During the summer, I hope to be making about 2500$ (before taxes), so I hope to be able to put away 1000$/mo*4mo=4000$. This would give me 4720$, which gives me a liiiittle bit of a buffer over the total of 5500$.
Line Claimed conveniently my birth year <3. Here are my long-term savings goals, I know I am aiming high but I know I will eventually meet them, thanks to YNAB!!:
Emergency Funds: $100.00/$5,000.00
Sons Computer: $0.00/$2,000
Nieces Quinceañera: $0.00/$1,000
XMAS 2020: $0.00/$2,000
Mexico Trip: $0.00/$3,000
Yearly Bday Gifts (so I don't budget them per month) $0.00/$1,800
Weight loss savings total $0.00/$20,000--**After hitting Weight Loss Goal**