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 🤩
Alright broskies, here's the scoop. I'm saving up to quit my job next year! 🥳
What? That's right, I'm quitting my boring office job to start an apprenticeship as an auto technician! The money I save will go towards my tuition for a 30 week foundations course and my living expenses for those 7 months.
Here's the breakdown:
Living Expenses: $14,916.78
As of this moment I have $10,403.86 saved. I'm using my RPP and RRSP to save so I can take advantage of my employer pension matching and the interest. Sadly that will be all of my retirement savings, but that's a different savings goal for a different period in my life. 😬
I've calculated that I will save at least $6300 using my pension savings this year. I just need everyone to pray that my investments don't fail me. 🙏 I want to stretch that goal and go for a full $7000. I haven't accounted for 3rd paydays or potential interest so I think $7000 might be doable. Either way, good luck to me and to all of you! 🤑
This is my first savings challenge, and my goal is to add $4000 to my family's savings/emergency fund. We will hopefully finish our debt challenge in April or May to pay off our last credit card (Yay!!!), and then begin to save each month toward the goal. Therefore, I may not have any updates until then.
Good luck to everyone.
End of February check in: Exceeded my monthly goal. Took some money out of my vacation fund since I am not going anywhere anytime soon and want to max out my Roth by May if possible. Made a good dent toward that goal in Feb. Time in the market is what I am aiming for (vs. trying to time the market). Got some birthday money too, so that went to the car replacement and emergency funds (+ used some for "fun money" not counted towards this challenge.) Since I'm not sure what my fall income will look like, I am trying to put away as much as I can now.