2021: The Official YNAB Savings Challenge

Welcome to the official YNAB Savings Challenge of 2021!

It's that time of year where we reflect back and focus forward on what's to come in 2021! I know 2020 hit a lot of us in tough ways, but it was shocking to see how much we still managed to save in 12 months. Updates are still rolling in, but we managed to save over $1 million as a community in the 2020 savings challenge!

Everyone is welcome to join in on this challenge, regardless of the size of your goal or the date you join in.

To get started:

1. Claim your line on the 2021 Savings Challenge sheet.

Fill out all sections until Column F with your name (or forum username), what you're saving for, currency you'll be recording in, and the total amount you'd like to target in 2021.

2. Share a summary of your savings goals in this thread.

3. Check in and add your savings total to the sheet for each month throughout the year! Update this thread and celebrate with others!

Pro-tip: You can use ctrl+F (or command+F on a Mac) to search the spreadsheet for your name when the sheet gets filled up.

Let's set ourselves up for success in 2021! Happy saving, everyone 🤩

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  • Yay for a new start in 2021! During my first full year using YNAB I embraced budgeting and crushed all of my debt! Now I am looking forward to filling up all of my true expense categories and starting an emergency fund/income replacement fund.

    Last year I was able to pay off $6k in debt so that amount is also my goal for savings this year. That works out to be $500 a month. I have some stretch goals in mind if I can reach that amount before years end but - we'll see!

    I have also joined the 34 day reset to help kick start my goals.

    Good luck to everyone and Happy New Year!

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

      Peripherie 

      I'm finding it was easier to calculate debt-payments than savings - especially when some categories I save for (like TEs) sometimes have money taken from them in the same month. I overshot my goal of $500 for the month big time and I attribute that to the 34 days reset!

      Total Saved in January: $1,472.00

      Yearly Fees/Subscriptions: $1055  (This helped me fill up these categories for this year AND next year.)

      True Expenses: $193 (I put a bit more in this month but had to then take some of it out again across a few categories.)

      Medical: $175 (This is a TE category that I am breaking down into specific areas to track expenses this year to see if I want to sign up for a HSA next year).

      Emergency Fund: $49.00 

      Like 2
      • Peripherie
      • Tomato_Captain.11
      • 7 mths ago
      • 5
      • Reported - view

      Peripherie 

      February Update:

      This is my first year in over a decade that my tax return has not gone to paying off debt! All of it went to Yearly Fees/True Expenses/Another Month Ahead/Emergency Fund

      Total Savings in February Budget:  1,290

      Yearly Fees/Subscriptions: $1,195 

      True Expenses: $15 (I had to WAM from these categories throughout the month so I was able to put it all back plus $15)

      Emergency Fund: $80

      Also sent a Month Ahead: 1,413.22 (Sent to April; I am now a month and a half ahead. )

      Like 5
    • Peripherie Amazing!! So glad you could use your tax refund to get even more financially solid. It sounds like you're totally rockin' 2021!

      Like
  • Hello all - I'm new here. 

    I'm going to try and get my Emergency Fund up from $8k to $20k, so $12k total of new savings. Already have $2k budgeted for January, so added that into the sheet. Hope that's ok and not 'cheating'. 

    Good luck to everyone striving to reach their goals this new year. 

    Like 5
      • Buckeye
      • Buckeye
      • 8 mths ago
      • 1
      • Reported - view

      Buckeye kept the $2k in my emergency fund budget for Jan, should have about $2,500 in there for Feb. I'll update at the end of the month I suppose :) 

      Like 1
      • Buckeye
      • Buckeye
      • 7 mths ago
      • 2
      • Reported - view

      Buckeye end of month check-in ... went backwards this month, savings $-836.40 but for good reason ... dipped into the emergency fund for first month's rent and security deposit for a new place to live since I accepted a new job and I'm moving across the country. Should be able to replenish the emergency fund again soon! Hope you all are meeting your goals, can't believe it's March next week! 

      Like 2
    • Buckeye Congrats on the new job and good luck with the move!

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

      bookyarncafe thank you! 

      Like
      • Buckeye
      • Buckeye
      • 6 mths ago
      • 2
      • Reported - view

      Buckeye update April 1st: was able to finish this savings goal with March windfall $ due to changing jobs (lot of vacation saved up and paid out). Emergency fund now at $20k and I'll probably just keep it there for now. Good luck to you all :) 

      Like 2
  • Woohoo! There I am at line 6! Now this goal is real!

    I’m excited for the year ahead. In addition to paying off our car loan early, I’ll be saving for a down payment on a second property, shoring up our emergency funds, building retirement savings, and getting ahead of a big trip we want to take to celebrate our 10th anniversary in 2022. 

    All told, I’m shooting for $20K in 2021. 

    I’ve got my spouse on board with the January no-spend challenge to jumpstart the year. It’s a big goal but it will be helped considerably by a part-time teaching job I take each spring. Plus we’re very motivated for this second property, so seeing that number rise will keep us going.

    Good luck to everyone! Happy new year! 

    Like 6
      • Gnarwhal
      • gnarwhal
      • 8 mths ago
      • 3
      • Reported - view

      January check-in!

      We got a big jumpstart this month because we (a) got our second stimulus check; (b) refinanced our mortgage in December, so we didn't owe on that in January; and (c) sold some stuff (gotta love the January Reset energy!).

      I already reorganized my savings categories (🤓). I put them into a few buckets that capture more than I listed a month ago. As a result, I increased my savings goal to $24K.

      Here's how we did this month:

      • January reset: $601
      • Downpayment: $3,489
      • Savings & sinking funds: $825
      • Emergencies: $1,030

      Total: $5,945

      🤔... now I might need to find $55 to make it an even $6K. 

      This was definitely not a typical month. But I'm happy to be 24.77% to goal already.

      Like 3
      • Gnarwhal
      • gnarwhal
      • 7 mths ago
      • 2
      • Reported - view

      February check-in

      We got our tax refund so that contributes to another big month for savings. Here's how we did:

      • Downpayment: $2,977
      • Savings & sinking funds: $1,673

      Total: $4,651

      YTD total: $9,864 / $24,000

      41.1% complete

      Like 2
      • Gnarwhal
      • gnarwhal
      • 6 mths ago
      • 3
      • Reported - view

      March check-in

      With another federal stimulus, it was another shockingly good month for savings. I'm realizing that we naturally save a lot more than I ever realized. I've been thinking this for awhile but I just gotta say it... YNAB's "true expenses" philosophy is a game changer. I'm very into saving but never learned a good mindset for it. What am I saving for?? felt like a common refrain. Now I know! And it feels great.

      The windfalls so far this year moved up our timeline on our ability to buy a piece of property. We had an offer accepted mid-March and we'll close in April. So, we'll be spending that down payment soon. I keep reminding myself that's what we save money for: To spend it on something we're really excited about. I'm so grateful.

      Here's how we did:

      • Down payment: $4,000 ($2,800 from stimulus)
      • Savings & sinking funds: $1,040

      Total: $5,040

      YTD total: $15,404 / 24,000

      64.18% to goal

      Like 3
      • Gnarwhal
      • gnarwhal
      • 5 mths ago
      • 2
      • Reported - view

      April check-in

      • Real estate purchase: $3,771
      • Savings: $1,945

      Total: $5,716

      YTD total: $21,646 / $24,000

      90.19% to goal

      Like 2
      • Gnarwhal
      • gnarwhal
      • 4 mths ago
      • 1
      • Reported - view

      May check-in

      • Real estate purchase: $1,200
      • Savings: $1,757

      Total: $2,957.49

      YTD total: $24,603/$24,000

      102.5% to goal

      ^^ That actually blows my mind. I'm still in my first year using YNAB and it's pretty obvious to me that while I previously underestimated our spending in certain areas, I also drastically underestimated our penchant for saving. Tracking true expenses really is a game-changer.

      Like 1
      • Gnarwhal
      • gnarwhal
      • 3 mths ago
      • 2
      • Reported - view

      June check-in

      • Real estate purchase: $1,450
      • Savings: $1,222

      Total: $2,672

      YTD total: $27,275/$24,000

      113.65% to goal

      Since I met my goal so quickly, I'm setting a new one based on what I expect I'll be able to save monthly from now on. Since my second (temporary) job ended in May, I expect it'll be less than I save each month in the first half of the year.

      New goal: $35,000.

      YTD total: $27,275/$35,000

      78% to goal 

      Like 2
    • Gnarwhal Wow - what an exciting pivot!! 

      Like 1
      • Gnarwhal
      • gnarwhal
      • 2 mths ago
      • 1
      • Reported - view

      July check-in

      July and August will feel soooo sloooow compared to the beginning of the year but I expected that. And this is a great opportunity to remember the bigger picture! I've saved $29K this year! That's crazy! Though it's important to note, for anyone reading this, that I don't have that much just sitting in my bank account. But still... I feel proud to know that I'm prioritizing the things that are important to us and not just the things that pop up in front of my face on any given day.

      This month-->

      Savings: $1,835

      YTD total: $29,110/$35,000

      83% to goal

      Like 1
      • Gnarwhal
      • gnarwhal
      • 1 mth ago
      • 1
      • Reported - view

      August check-in

      Savings: $1,655

      YTD total: $30,765/$35,000

      87% to goal

      Like 1
  • I'm thrilled to be participating in the 2021 Savings Challenge (I've claimed line 8)! We're working to save for a down payment on a new truck for my husband, beef up our emergency fund, and put some extra in our retirement accounts with a total goal of saving $20,000. Along with the 2021 Debt Smackdown, we have some aggressive goals, but with the support of YNAB and the awesome community, I know we can do it. So happy to be saving alongside y'all this year!

    Like 5
  • I'm in again for 2021! I've got line 9 this year.  We are closing on our house in a couple of weeks.  Need to save some for emergency fund and home improvements. Trying to be realistic, as we all know things can change.  Good luck to everyone!

    Like 5
  • Hi all,

    I've come over from the 2020 Debt Challenge as I was able to become debt free a few weeks ago. I now want to focus on my savings goals for this year. I know from the Debt Challenge that having the accountability of this group will be helpful in keeping me focused and on track. Here are my savings goals:

    1) TFSA Savings: $10,600

    2) Retirement Trip (eight years away but want to start slowly saving for it): $1000

    3) Italy Trip Sept 2023: $3000

    4) Emergency Fund part 1: $5000

    5) Emergency Fund (kind of) part 2: Budgeted 3 months ahead

    This adds up to a total goal of $20,600 plus the advanced budgeting. I've claimed line #10 and am excited to be starting this journey to be building my assets, rather than filling in a hole that I'd dug:)

    Like 9
  • I'm on line 12 and this is the first time I've become involved in a YNAB Challenge.  My goal is to save $14,260 in 2021.  $4500 is a 30 day income reserve; $5000 is for appliance replacement when/should that become necessary (home is 14 years old), and the remaining $4760 is for property taxes due at the end of the year.

    Like 7
  • Getting serious in 2021. I’ve set myself some rather ambitious goals this year to pay off $11000 in debt as well as save $10000 for the start of a down payment. 

    Like 7
  • Yay for 2021!  I paid off all my non-mortgage debt in 2020, which has been liberating in so many ways.  I also set up reasonable savings goals for emergency fund, vacations, and college funds for my kids.  Setting a really high bar of an additional $20K this year (and again in 2022) towards a new car sometime in the next 2 years.  It's gonna be tough, but definitely possible if I keep to my budget.

    Like 6
  • Excited for Savings Challenge 2021. I paid off my credit card debt last year in the debt challenge and replenished my emergency fund.  This year I think I can start saving for retirement in earnest. Prior to learning about FIRE, the idea of maxing out each year's retirement contributions had never even crossed my mind, but this year I am coming close. If I meet my goal, I can implement some stretch goals, I will keep my goals small and achievable for now.

    Happy new year!

    Like 7
    • The Artist Formerly Known As 

      January check-in.

      I put $173.64 toward retirement savings this month. It was a little less than planned because I had to pay for a somewhat painful dental emergency. But hey, at least I had the emergency cash thanks to YNAB! This time last year I probably would have gone deeper into debt just to deal with it.

      Overall I'm a little bummed that my income the past couple years hasn't been high enough to save a healthy percentage for retirement (10-15%) and still be able to live within my means...but at least I'm trying.

      Like 3
    • The Artist Formerly Known As It's tax season already? I didn't max my total retirement goal for 2020 contributions, but I did max out my traditional IRA, one of the two. I'm looking forward to putting 2020 finances behind me and starting anew, so I'm going to focus on taxes this month and have already begun contributing to my 2021 retirement accounts.

      Like 1
    • The Artist Formerly Known As 

      End of February check in.

      I keep thinking I didn't save anything this past month, but a quick check of the numbers reminds me I saved a good amount, certainly more than I ever did monthly pre-Ynab, even when I had a regular paycheck with my last job.

      In other news, I decided to use my Income Replacement / Emergency fund as a freelance income "balancing" fund, to offset the natural ups and downs in the year. A couple months ago when I had an excess of income, I saved a little money in there with the express intention of using it later that year when income would be naturally lower. I had to use it this month because one of my paychecks is arriving late, and I'll replace some of it when that paycheck arrives. I'm glad it's coming in useful already!

      Like 2
    • The Artist Formerly Known As 

      I wanted to wait until end of March to check in, but there has been so much happening that I wanted to start writing it down!

      - I began doing my taxes and found I saved way too much into my IRAs last year. I guess my maximum allowed contributions were smaller due to COVID reducing my income, as well as some unusual self-employment related tax rules I was unaware of. So I had to withdraw a whole bunch of savings, which I'll set aside for next year.

      - I overestimated my quarterly tax payments last year, so it looks like I'll actually get kind of a big refund this year. I had also saved a bunch of money in Ynab to pay taxes this spring, so I "get" that back too and can move it to other categories! This made me happy.

      - Apparently the recently passed stimulus bill includes a reduction in owed taxes for unemployment last year, so that may change my tax numbers even further. It's possible that this will mess up my allowed IRA contributions a lot more, but hey, I'll take it. It's been a weird-ass year.

      - My freelance income has returned to normal, and I've been working a lot, which I'm thankful for.

      - I got a part-time job this month! Really happy for the additional source of income, especially since it'll be working with an organization I already like and am involved with. They give some great employment perks which should reduce my expenses by almost $1k a year. Yay more for savings!

      Like 1
    • The Artist Formerly Known As 

      End of March: I saved $652 in March. Chugging along.

      Like 1
    • The Artist Formerly Known As I set aside $442.40 for retirement savings this month. I also just increased my goal from $3,000 to $6,000 because I'm feeling a little optimism in the air lately after all the vaccinations and social openings.

      Oddly with my new part-time job, it seems I'm getting a paycheck each week because I am working at two different locations that issue payroll on alternating weeks. This is nuts! I've gone from getting paychecks sometimes once a month to every Friday. My boyfriend said, "You're going to be budgeting all the time!" (He never took to YNAB.) I'm like, hell yeah! What's wrong with that?!

      Like 4
    • The Artist Formerly Known As This is how I felt when my husband got a new job and gets paid on opposite Fridays from me––getting a paycheck every week is fun! (Although, it just goes to sit in my Income for Next Month category until the final day of the month 😂)

      Like 2
    • The Artist Formerly Known As I saved $79.11 for retirement this month, a little less due to fewer paychecks. But I started saving more into true expenses this month, so that makes me feel more comfortable.

      I also made a couple contributions into my 2021 IRAs to take advantage of market dips.

      It's kind of crazy that I can save properly for true expenses now! This time last year was dark...I remember going crazy frugal just to make sure I could get by when work disappeared at the beginning of the pandemic. I'm glad things are looking up now.

      Like
    • The Artist Formerly Known As 

      I saved $217 so far this month. I started out the year with a conservative savings rate of 2%, but have raised it a little, percentage point by percentage point, since then. :)

      I worked a lot remotely this month while also being able to visit my family for a couple birthdays, so I should be seeing some healthy invoice payments next month.

      The part-time instructing job seems to be going really well. I love it even more than I thought I would, and I'm getting regular positive feedback from my students, which makes me happy, too.

      I'm feeling relatively healthy, happy, and grateful. Definitely an improvement on dark pre-YNAB times.

      Like 2
    • The Artist Formerly Known As 

      I saved $1,294 to retirement this month. Been working a lot. Hoping work stays decently busy through the fall. Fingers crossed!

      Like 2
    • The Artist Formerly Known As 

      Saved about 227 at the end of August. It's been a spendy month, but so worth it for some domestic travel, lowkey activities with friends, and wonderful memories. I'm looking forward to fall and colder weather.

      Like
    • The Artist Formerly Known As 

      Saved $50 to retirement in September. Several large paychecks have been late. Looks like they'll finally come through in October, so more savings coming soon!

      Like 1
  • Claimed line 18. 

    Our target savings goals for 2021 are as follows: 

    • Emergency Fund/Income Replacement Fund: $100.00 per month / $1,200.00 for the year.
    • Next Year's Annual Medical Deductible: $185.00 per month / $2,220.00 for the year.
    • Tech Replacement Fund (iPhones, Computer, Fitbit): $515.42 per month / $6,185.00 for the year.
    • Christmas: $41.67 per month / $500.00 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 2021 our target savings goal = approximately $2,092.08 per month / $25,105.00 for the year.

    Like 4
      • Ivory Tiger
      • Ivory_tiger.1
      • 8 mths ago
      • 1
      • Reported - view

      January check-in (complete): We saved $2,068.60 as outlined below. We had a lot of competing priorities and chose to underfund Christmas accordingly.

      • Emergency Fund = $100.00.
      • Next Year's Annual Medical Deductible = $185.00.
      • Tech Replacement Fund: $515.42.
      • Christmas: $18.18.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $2,068.60, which is 8.24% of our total goal.  

      Below are our savings totals YTD:              

      • Emergency Fund = $100.00 / $1,200.00 (8% complete)
      • Next Year's Annual Medical Deductible = $185.00 / $2,220.00 (8% complete). 
      • Tech Replacement Fund: $515.42 / $6,185.00 (8% complete)
      • Christmas: $18.18 / $500.00 (4% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00 / $15,000.00 (8% complete)
      Like 1
    • With reduced income, we are adjusting our target savings goals for 2021 to be more realistic as follows:  

      • Emergency Fund/Income Replacement Fund: $1,200.00 for the year.
      • Next Year's Annual Medical Deductible: $2,220.00 for the year.
      • Tech Replacement Fund (iPhones, Computer, Fitbit): $6,185.00 now $3,600.00 for the year.
      • Christmas: $500.00 now $200.00 for the year.
      • Escrow items: (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $15,000.00 for the year.

      As such, for 2021 our target savings goal = $22,220.00 for the year.

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

      February check-in (complete): We have saved $1,773.61 as outlined below, in accordance with our revised savings goals.

      • Emergency Fund = $100.00.
      • Next Year's Annual Medical Deductible = $185.00.
      • Tech Replacement Fund: $220.43.
      • Christmas: $18.18.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $3,842.21, which is 17.29% of our total goal.   

      Below are our savings totals YTD:               

      • Emergency Fund = $200.00 / $1,200.00 (17% complete)
      • Next Year's Annual Medical Deductible = $370.00 / $2,220.00 (17% complete). 
      • Tech Replacement Fund: $735.85 / $3,600.00 (20% complete)
      • Christmas: $36.36 / $200.00 (18% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $2,500.00 / $15,000.00 (17% complete)
      Like 2
      • Ivory Tiger
      • Ivory_tiger.1
      • 7 mths ago
      • 1
      • Reported - view

      March check-in (complete): We have saved $1,866.53 as outlined below, in accordance with our revised savings goals. 

      • Emergency Fund = $100.00.
      • Next Year's Annual Medical Deductible = $185.00.
      • Tech Replacement Fund: $313.34.
      • Christmas: $18.19.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $5,708.74, which is 25.69% of our total goal.    

      Below are our savings totals YTD:                

      • Emergency Fund = $300.00 / $1,200.00 (25% complete)
      • Next Year's Annual Medical Deductible = $555.00 / $2,220.00 (25% complete). 
      • Tech Replacement Fund: $1,049.19 / $3,600.00 (29% complete)
      • Christmas: $54.55 / $200.00 (27% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $3,750.00 / $15,000.00 (25% complete)
      Like 1
      • Ivory Tiger
      • Ivory_tiger.1
      • 6 mths ago
      • 1
      • Reported - view

      April check-in (complete): We have saved $1,866.53 as outlined below, in accordance with our revised savings goals.  

      • Emergency Fund = $100.00.
      • Next Year's Annual Medical Deductible = $185.00.
      • Tech Replacement Fund: $313.34.
      • Christmas: $18.19.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $7,575.27, which is 34.09% of our total goal.     

      Below are our savings totals YTD:                 

      • Emergency Fund = $400.00 / $1,200.00 (33% complete)
      • Next Year's Annual Medical Deductible = $740.00 / $2,220.00 (33% complete). 
      • Tech Replacement Fund: $1,362.53 / $3,600.00 (38% complete)
      • Christmas: $72.74 / $200.00 (36% 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
      • 5 mths ago
      • 2
      • Reported - view

      May check-in (complete): We have saved $1,553.18 as outlined below. We are funded a month ahead and can see that we need to make some adjustments in the next few months to line up with reduced income.   

      • Emergency Fund = $100.00.
      • Next Year's Annual Medical Deductible = $185.00.
      • Tech Replacement Fund: $0.  We are pausing our saving goals for these items for now. 
      • Christmas: $18.18.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $9,128.45, which is 41.08% of our total goal.      

      Below are our savings totals YTD:                  

      • Emergency Fund = $500.00 / $1,200.00 (42% complete)
      • Next Year's Annual Medical Deductible = $925.00 / $2,220.00 (42% complete). 
      • Tech Replacement Fund: $1,362.53 / $3,600.00 (38% complete)
      • Christmas: $90.92 / $200.00 (45% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $6,250.00 / $15,000.00 (42% complete)
      Like 2
      • Ivory Tiger
      • Ivory_tiger.1
      • 4 mths ago
      • 1
      • Reported - view

      June check-in (complete): We have saved $1,553.18 as outlined below.  

      • Emergency Fund = $100.00.
      • Next Year's Annual Medical Deductible = $185.00.
      • Tech Replacement Fund: $0. We are pausing our savings goals for these items for now.
      • Christmas: $18.18.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $10,681.63, which is 48.07% of our total goal.       

      Below are our savings totals YTD:                   

      • Emergency Fund = $600.00 / $1,200.00 (50% complete)
      • Next Year's Annual Medical Deductible = $1,110.00 / $2,220.00 (50% complete). 
      • Tech Replacement Fund: $1,362.53 / $3,600.00 (38% complete)
      • Christmas: $109.10 / $200.00 (55% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $7,500.00 / $15,000.00 (50% complete)
      Like 1
      • Ivory Tiger
      • Ivory_tiger.1
      • 3 mths ago
      • 2
      • Reported - view

      July check-in (complete): We have saved $1,553.18 as outlined below.   

      • Emergency Fund = $100.00.
      • Next Year's Annual Medical Deductible = $185.00.
      • Tech Replacement Fund: $0. We are pausing our savings goals for these items for now.
      • Christmas: $18.18.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $12,234.81, which is 55.06% of our total goal.        

      Below are our savings totals YTD:                    

      • Emergency Fund = $700.00 / $1,200.00 (58% complete)
      • Next Year's Annual Medical Deductible = $1,295.00 / $2,220.00 (58% complete). 
      • Tech Replacement Fund: $1,362.53 / $3,600.00 (38% complete)
      • Christmas: $127.28 / $200.00 (64% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $8,750.00 / $15,000.00 (58% complete)
      Like 2
      • Ivory Tiger
      • Ivory_tiger.1
      • 2 mths ago
      • 1
      • Reported - view

      August check-in (complete): We have saved $1,607.72 as outlined below.    

      • Emergency Fund = $100.00.
      • Next Year's Annual Medical Deductible = $185.00.
      • Tech Replacement Fund: $0. We are pausing our savings goals for these items for now.
      • Christmas: $72.72. (Received gifts cards that we will use for this purpose).
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $13,842.53, which is 62.30% of our total goal.         

      Below are our savings totals YTD:                     

      • Emergency Fund = $800.00 / $1,200.00 (67% complete)
      • Next Year's Annual Medical Deductible = $1,480.00 / $2,220.00 (67% complete). 
      • Tech Replacement Fund: $1,362.53 / $3,600.00 (38% complete)
      • Christmas: $200.00 / $200.00 (100% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $10,000.00 / $15,000.00 (67% complete)
      Like 1
    • September check-in (complete): We have saved $2,144.16 as outlined below.     

      • Emergency Fund = $100.00.
      • Next Year's Annual Medical Deductible = $740.00. Reprioritized funds from other categories to fill this one up.
      • Tech Replacement Fund: $54.16. Reprioritized funds from other categories to add to this one. We are pausing our savings goals for these items now.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00.

      Total savings YTD: $15,956.59, which is 71.81% of our total goal.          

      Below are our savings totals YTD:                      

      • Emergency Fund = $900.00 / $1,200.00 (75% complete).
      • Next Year's Annual Medical Deductible = $2,220.00 / $2,220.00 (100% complete).
      • Tech Replacement Fund: $1,416.69 / $3,600.00 (39% complete).
      • Christmas: $200.00 / $200.00 (100% complete).
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $11,250.00 / $15,000.00 (75% complete).
      Like 1
      • Ivory Tiger
      • Ivory_tiger.1
      • 13 days ago
      • 1
      • Reported - view

      October check-in (complete): We have 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: $17,306.70, which is 77.89% of our total goal.           

      Below are our savings totals YTD:                       

      • Emergency Fund = $1,000.00 / $1,200.00 (83% complete).
      • Next Year's Annual Medical Deductible = $2,220.00 / $2,220.00 (100% complete).
      • Tech Replacement Fund: $1,416.69 / $3,600.00 (39% complete). We are pausing our savings goals for these items for now.
      • Christmas: $200.00 / $200.00 (100% complete).
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $12,500.00 / $15,000.00 (83% complete).
      Like 1
  • Claimed line 28. Very excited to participate in this and the debt smackdown trackers!

    Our target savings goals for 2021 are as follows: 

    1. Emergency Fund $100 per month / $1,200 for the year.

    2. Wedding $77.50 per month/ $1,400 for the year

    3. Personal Savings $60.92 per month/ $4,000 by end of the year

    4. Christmas: $77 per month / $1,000 for the year.

    5. Medical Deductible $41.67 per month/ $500 for the year. 

    6. 6-Month Auto Policy $120 per month/ $600 by April 2021.

    2021 Target Savings Goal = approximately $477.09 per month / $5,725.08 for the year. Hope everyone has a successful year!!

    Like 4
      • Gironaso
      • gironaso
      • 9 mths ago
      • Reported - view

      Gironaso Editing:

      1. Emergency Fund $100 per month / $1,200 for the year. Starting Balance:$0

      2. Wedding $57 per month/ $1,400 for the year: Starting Balance: $780, left: $620

      3. Personal Savings $60.92 per month/ $4,000 by end of the year. Starting Balance: $3,269, left $731

      4. Christmas: $77 per month / $1,000 for the year. Starting Balance: $0

      5. 6-Month Auto Policy $170 per month/ $680 by April 2021. Starting Balance: $0

      2021 Target Savings Goal = approximately $465 per month / $5,580 for the year. Hope everyone has a successful year!!

      Like
  • Claimed line 19. We paid off all of our non mortgage debt last year in the 2020 Debt Smackdown. December was very much a spend month, we used up most of the True Expenses except the vacation fund and so this year is a focus to rebuild and fully fund the TEs and finish the vacation fund. Since most of the savings is for TE, it is possible that they will get used during the year. I will keep track of the amount that is placed into those funds. I am hoping to save $10,300 this year. Luckily I should receive a large check soon that will help with this goal.

    Like 4
    • Sky Blue Falafel welp, I received more funds than I expected from January through March and I am already over target with the savings goal. It feels good to have the True Expense funds again and I hope to keep adding more to the funds. I have added 10,690 in total this year so far to these funds. I would like to add 2,800 more than the projections for the rest of the year. Hopefully that is obtainable. 

      Like 1
  • Happy New Year fellow YNABers! Wishing you all a healthy and happy year ahead with a focus on savings. I claimed line 20. Focusing on my E-fund, "Mom" fund, car replacement fund, and retirement savings. Planning to max out my Roth IRA and contribute a significant amount to my 403b. I love these community challenges and find them very motivating. Let's do this!

    Like 3
  • Line 22. My goal is to save towards a house down payment, and to build up my emergency fund. Total goal savings target is $54.7k, $24k for the emergency fund, and the remaining $34.7k gets me going towards a 20% down payment. It's a bit daunting, but that's how these things go. Let's go!

    Like 4
  • Hi everyone! Excited to start this challenge as I just finished the debt challenge last year and thankfully paid off all my debt. My goal this year is to focus on my emergency fund and contribute more to my retirement account. I may start saving for a house downpayment, but I'll focus on that area once I fully fund my Emergency goal. It would be something that really pushes out of my comfort zone in being diligent with my budget to reach that goal, but I'd rather set a challenging goal to see how far I can get! 

    EF - $12,000

    Retirement - $13,000

    House Down Payment - $10,000 

    Like 5
  • Happy New Year everyone. I going to see if I can make all my desired saving goals happen this year. I still have to focus on debt so once again saving goals aren't large. I know I'll struggle with these but I'd like to see how close I can get to them.

    R - 1500
    6Months - 1650
    Investment - 1000
    T - 1000

    = 5150

    Like 3
  • Claimed Line 29 (and very happy with that rhyme). 

     

    I've been out of debt for over 12 months, have built an emergency fund and am budgeting a month ahead. I have come along way as I am gradually rebuilding after previously becoming very sick and eating away all my savings in medical expenses. In 2021, I want to save $15k AUD and tackle goals which relate to building retirement savings (in addition to govt programs supported in Australia), starting a family, and buying a home.

     

    I hope that my goal is conservative and that I can actually achieve a lot more. 

    Like 4
  • Started YNAB Jan 2020. Was not even aware of the Community then or would have joined debt smackdown then.

    As it worked, we payed down $24K debt (all  except mortgage) and got out of the payday to payday cycle. We have AOM 32 days and DOB 58. Turned out to be way more than what we thought would happen, especially with pandemic storm tossing the boat. 

    Now we want to get ahead on savings. Also trying to get the house ready to sell (downsize for retirement). My wife and I are on the same page, so looking forward to this challenge! Extra income we took on in the year means an extra $4.5K  tax bill which we also have to save for. 

    Also joined the 34 day reset to help with this.

    Like 4
  • I've claimed line 38 (like in the Debt Smackdown!) -- my goal is to save up for our HELOC balloon payment. It's not due for several years, but if we don't get started now, we won't have *anything* set aside for it. This year I'd like to save 3600 (roughly 10% of the total).

    Like 3
    • Tomato Tamale The stimulus earlier this month helped get us started! 439.66 set aside in January, over 12% of the goal for this year. I don’t think we can sustain that rate, but it’s a good start

      Like
    • Tomato Tamale Well. Our bank had other ideas about paying back our HELOC, and it's no longer a balloon payment due in a few years; it's converting to a standard loan. This is not the worst thing, but it definitely puts a crimp in our savings goal since I have to make full-on monthly payments now.

      When I have some time to think about how to adjust, I'll come back.

      Like
    • Tomato Tamale March was a weird month, savings-wise. I haven't adjusted my Line 38 yet, because we are still grappling with how to deal with the HELOC.

      We had an unexpected federal refund this year. Normally we owe a bit because of self-employment, but I had a full-time W2 job for all of 2020 which threw off my estimated tax calculations. So basically we got back everything we paid in estimated taxes.  That means the money I had set aside for Federal taxes (because we always owed in the past!) is now hanging out as a fully-funded category!

      I may reorganize my savings goal so that counts 😉

      Like 1
  • I claimed line 37 and am excited to do this again! Last year I didn’t think I could save $15k, but I ended up saving more than $30k. Some luck played into that (refinanced our house) and I’m super grateful I was able to keep my job. This year I decided to set a goal for $30k. I may not reach it, but I will try! It will require windfalls to reach, so maybe by putting that out there it will happen ;)

    here’s what I’m setting aside:

    college for my daughters: $1120/mo

    car for my daughters: $300/mo

    Christmas 2021: $100/mo

    pet care: $50/mo

    car registration: $25/mo

    car replacement: $250/mo

    car repairs: $100/mo

    graduation (the girls are 14/16): $50/mo

    Cord blood banking: $25/mo

    contact lens replacement: $50/mo

    This year’s fun holidays are already funded (Easter, Valentine’s, Halloween), so I don’t have to do anything here . My EF is fully funded ($10k), which is why I can really focus on college this year.

    That’s right around $2000/mo, which would put me at $24k/year, so with a little luck I will get to $30k!

    Like 3
      • xgirlmama
      • Purple_Griffin
      • 9 mths ago
      • 1
      • Reported - view

      xgirlmama updating this since on 1/15 I should be making about an extra $150 a paycheck. I know I'm not supposed to forecast, but I'm a bad girl. So:

      bumping these categories:

      college for my daughters: $1300/mo

      car for my daughters: $400/mo

      Would put me at around $28k-something saved, but I'm going to push to save $34k. With luck, windfalls, bonuses and reduced spending this year, I hope to be able to make it!

      Like 1
      • xgirlmama
      • Purple_Griffin
      • 8 mths ago
      • 1
      • Reported - view

      January update, since I won't be adding any more to savings this month:

      I added $2,960 to savings:

      College: $1,725/$20,000

      Car for kids: $400/$4800

      Boring annual things: $195 (car registration, cord blood banking, contact lenses, yawn)

      Christmas: $130 (I used my Dec bonus to almost fill up Christmas 2021, so in May I'm done adding to this and will pivot the $ to college)

      Car repairs: $100/endless limit

      Car replacement: $250/$3000 (my car is still a baby, hope to save $3k a year for at least 5 years)

      I scooped the remaining difference from checking from sinking fund categories that were getting bigger than necessary. If I stay on this course, I'll make my 34k goal. But I know that every month is different and that it's ok if I fall short.

      Like 1
      • xgirlmama
      • Purple_Griffin
      • 8 mths ago
      • 1
      • Reported - view

      Feb update, since I won't be adding more $ until March to savings:

      I transferred $3904.52 to savings today. Some of my checking categories got a bit big due to not going out and doing things, so I moved it to savings. I may need it later when we go out again (will need medical $ for all those annual things we have been avoiding due to COVID).

      Total: $6864.52/$34,000 (+$3904.52)

      College: $3884.52/$20,000 (+$2159.52)

      Car for kids: $800/$4800 (+$400)

      Boring annual things: +$135

      Christmas 2021: +$300 (fully funded now thanks to my last bonus)

      Other sinking funds: + $200

      Car replacement: $500/$3000 (+$250)

      Remaining $ was transferring from checking categories to mirror savings categories (i.e. "kids stuff" to "kid stuff @nameofsavingsbankhere): (+$460)

      Like 1
      • xgirlmama
      • Purple_Griffin
      • 7 mths ago
      • 1
      • Reported - view

      March update. I put $2,495 into savings this month

      Total: $11,844.52/$34,000 (+$2,495) - 34.84% of my goal, $22,155.48 to go

      College: $5,384.52/$20,000 (+$1500)

      Car for kids: $1200/$4800 (+$400)

      Peloton bike 27-month warranty extension (due in Nov): $60/$300 (+$30)

      Boring sinking funds: Contact lenses, Car registration, Pet care, Graduation, Car repairs, Cord blood banking: + $305

      Holidays:+$10 for Valentine's 2022 (all other 2021 holidays are fully funded)

      Car replacement: $750/$3000 (+$250)

      Like 1
      • xgirlmama
      • Purple_Griffin
      • 5 mths ago
      • 2
      • Reported - view

      May update, skipping April I guess. I did add $3405 last month though. Too much mathing to do the breakdown ;)

      I'm putting $2916 into savings in May

      Total: $15,680.52/$34,000 - 46.1% of my goal, $18,319.48 to go!

      College: $9,189.52/$20,000 (+$1700)

      Car for kids: $2000/$4800 (+$400)

      Peloton bike 27-month warranty extension (due in Nov): $120/$300 (+$30)

      Boring sinking funds: Contact lenses, Car registration, Pet care, Graduation, Car repairs, Cord blood banking, Valentines/Easter 2022: + $396

      Car replacement: $1250/$3000 (+$250)

      Plus +$140 to the "stuff for me" category - which is just a transfer from checking since I haven't treated myself in a while

      Like 2
      • xgirlmama
      • Purple_Griffin
      • 3 mths ago
      • 1
      • Reported - view

      Missed the June update. Last month I added $3415 to savings because some of my checking balances were getting high. Then I had the "medical month + two birthdays + falling off the wagon" month from hell, so although everything was budgeted for, I really didn't net all that money as savings (kept having to transfer $ back out).

      So, it's a new month, a clean slate and an opportunity to do better. 

      I'm putting $2474.96 into savings tomorrow for July (such a random #, I know lol), which brings me to:

      Total: $21,570.48/$34,000 - 63.44% of my goal, $12,429.52 to go!

      College: $12,817.99/$20,000 (+$1503.47 for July)

      Car for kids: $2500/$4800 (had to buy kid some driving lessons) (+$400 for July)

      Peloton warranty extension: $180/$300

      Car replacement: $1750/$3000 (+$250 in July)

      And then the rest went to all the what feels like endless sinking funds....

      Like 1
    • xgirlmama Glad you're back! What amazing progress at only halfway through the year!

      Like
    • xgirlmama Congrats on coming back after a tough $ month. We've all been there. Clean slates for the win!

      And I totally hear you on the "endless sinking funds" - I just put a chunk into mine this month. So thankful ynab helped me get to the point where I have them, though, so it's just an inconvenience, not an emergency. 

      Like
  • Line 33, 10,000, 1k for Emergency fund, the rest for various sinking funds/summer income.

    Like 2
  • Line 34.

    I've joined this year to keep my progress going from the 2020 debt smackdown. I surprised myself by paying over $15000 in debt last year. I still have a bit of debt to go but I am starting two months earlier so I want to try and save $14000 this year while paying off my final $4000 debt.

    My savings goals are made up of:

    1. Money put aside for car and health insurance excess ($1500)

    2. Lump sum payment into my superannuation to get the maximum government co-contribution ($500/$1500) - I started this last year with a category called "operation: free money"45gf

    2. A new bed and mattress ($3200)

    3. New phone as the lease on my current one is up this year and I want to buy outright to reduce ongoing expenses ($1000)

    4. Get 1-month expenses into my emergency fund ($2500)

    5. I will need new glasses by the end of the year ($500)

    6. I want to have the money ready to replace my iPad and watch as they are getting older and I use them everyday for work, uni and my everyday life ($3300)

    7. Get my emergency fund to two months ($2500)

    If I achieve all of these goals before the end of the year I will work on expanding my emergency fund to 3 or 6 months.

    I won't be able to regularly contribute to these categories for the first few months as I need to rebuild my one month buffer. However, I am hoping to pick up another source of income in a few months which should help.

    Like 2
    •  January Update

      Today started with good news when I checked my bank balance and discovered that I was awarded another scholarship. Last year when I received a similar scholarship I wiped out my one month buffer to eliminate my credit card debt. This time I am using the bulk of it towards the rebuild of that buffer.

      Fortunately, the scholarship was more than enough so I have also started working on my savings goals. I also decided to pay a full 12 month registration on my car instead of 6 months as I have been doing which will save some money going forward.

      January Progress

      1. Car and health insurance excess + $1500 ($1500/$1500) - I decided to completely fund this as it can also double as a general emergency fund until I can get that properly funded

      2. Lump sum super payment +$125  ($625/$1500) - I funded this through savings found in the 34 day challenge. This is a large priority as I will get an extra $500 co-contribution if I get $1000 in there by the end of June.

      I wasn't able to put any on my other categories this month but I think rebuilding the 1-month buffer was more important. I have one last pay this month which will cover the remaining expenses next month with some left over to put towards my savings.

      Like 1
    • February Update 

      Now that I am 1 month ahead I can update this challenge at the start of the month.

      There isn't much to report this month. The extra savings from the end of the 34 day challenge got me to my monthly goal for my super lump sum payment. Otherwise, I was only able to cover my immediate and true expenses this month. Next month will be the same as I have to make 3 payments on my car loan.

      1. Car and health insurance excess - FiF (Funded in Full - January) ($1500/$1500)

      2. Lump sum super payment + $125 ($750/$1500)

      3. Furniture - $0/$3200

      4. New phone - $0/$1000

      5. 1 month emergency fund + $0.02 ($0.02/$2500) - my emergency fund savings account paid 2 cents interest so I added it to this category

      6. New glasses - $0/$500

      7. New iPad and watch - $0/$3300

      8. 2nd month efund - $0/$2500

      There is a long way to go but we are still at the start of the year. Fingers crossed I receive the 3rd part of the scholarship. I should do, but I won't hear until March/April.

      Like 2
    • March Update

      I had to make an extra payment on my car loan which meant that, except for a couple of dollars interest and $1 to qualify for maximum interest next month, I did not add anything to my savings goals.

      I had hoped to get back on track for April but had a bit of an ADHD fuelled binge of impulse spending. While I still had enough to cover my expenses I won't be able to add to my savings goals in April.

      Here's to doing better for May.

      Like
    • April Update

      As mentioned in my debt smackdown update I got the scholarship. After I danced around in celebration I worked out what to do and it turns out most of it went towards my savings goals. The first payment was back pay to the start of the year and I used a large chunk of that to a new bed and bedding as well as a new handbag as a treat to myself to celebrate. The rest I used towards May savings goals. Moving forward the extra money I get from the scholarship will fund these goals.

      1. Car and health insurance excess - FiF (Funded in Full - January) ($1500/$1500) 

      2. Lump sum super payment + $250 ($1000/$1500) - sending the money to my super fund later this month

      3. Furniture - $2,767.97/$3200 - I shopped around and found some coupons and came in way under budget, I consider this goal FiF

      4. New phone - $200/$1000 - the amount YNAB calculated I need to meet the goal by September which is when the lease i have on my current phone is up

      5. 1 month emergency fund + $2.67 ($6.47/$2500) - the interest on this account and the $1 a month I need to add to this to get the highest interest rate are slowly adding up. I have the insurance excess to fall back on in an emergency and other things on my list are more urgent

      6. New glasses - $0/$500 - I don't need these until later this year so I am concentrating on other goals

      7. New iPad and watch - $401.95/$3300 - my iPad is starting to have some issues and I need it for uni so this is now a priority as I need it to help with writing my thesis in November so I need this goal funded by October. I may have a way to get the new watch for free through my health insurance so if that happens the money I'm putting aside for that will then go to my new glasses.

      8. 2nd month efund - $0/$2500

      I am also using a small amount of my scholarship payment to get my brother and his partner a YNAB subscription if they like it after the free trial. My brother also has very bad ADHD-fuelled impulse buying habits. I suggested they try it as it hacked my ADHD brain so it will hopefully help them. If it does help them and they use it long term then they will be able to impart some financial wisdom to my nephew as he grows.

      Like 1
  • It is 2021!! This was a great tool to celebrate the progress we made in saving during 2020 despite hardships.  Our goal is to purchase our first home in the fall of 2021 so we need to continue saving!  We need $80,000 in total and saved almost $40k in 2020. 

    I'm setting our savings goal for 2021 at $42,000.  Our budget is ALL about saving for this house right now.  Once we purchase a house, we'll pivot towards paying off debt and saving for future expenses.  

    Like 1
    • atoznewlyweds Well, I haven't updated this at all in 2021 and I don't remember how I really got to the goal of $42,000 for this year.  But it doesn't really matter because WE ARE BUYING A HOUSE!  We close next week!  I'm so proud of us.  

      2020 was financially difficult for so many people but somehow, despite pay reductions, being furloughed, and eventually unemployed, my husband and I were able to buckle down and still reach our goal.  I am SO grateful for YNAB.  This would NOT have been possible without it. 

      I'm really looking forward to blowing up our budget with these new expenses that come with homeownership.  I'm looking forward to saving and spending on the wish list items we already have forming for the house (I may even start a wish farm!).  I'm excited to continue dreaming big with my husband as we look forward to the next stage of life with the financial freedom  that YNAB gives us.  I'm just overwhelmed with gratefulness. 

      Like
    • atoznewlyweds Oh my, how exciting! Congratulations! How wild was the process for you all? I know it's crazy out there!

      Oh, and I would HIGHLY recommend starting a Wish Farm. My partner and I bought last year and didn't do so. It quickly became super unclear what our "furniture" and "home improvements" dollars were for 😆 Best of luck with the final steps of the process and getting settled in, and congrats again!

      Like
  • Claimed line 41.

    After paying off nearly $15,000AU in debt in 2020 smackdown, it's time to join the savings bandwagon this year!

    Starting off with fairly modest goals.

    New car deposit: $5,000AU

    Future house deposit: $10,000AU

    Total: $15,000AU

    Works out to $1,250AU/month. Manageable I think.

    Like 1
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