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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  • Hi guys,

    Trying to save $1,000 for a general purpose emergency fund until I can figure out all my True Expenses.

    Like 1
  • 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

    Tuition:  $4754.80

    Total: $19,671.58

     

    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! 🤑

    Like 1
    • Space Cadet Hi there. What an exciting life change! Probably you already thought of this, but just a reminder to double-check if there are penalties, hidden benefits, or limitations for using your RPP and RRSP to fund apprenticeships or non-retirement expenses. (I'm not familiar with them)

      Also I would strongly suggest additionally budgeting a few months of emergency fund/income replacement on top of your apprenticeship tuition and living expenses. I say this only as somebody who used my own retirement and emergency fund savings to quit my office job in 2017 and attend a training program for my new career...but I didn't budget for the months afterwards while job searching / waiting for my income to stabilize. At one point I ended up in a pretty dire situation with almost all my life savings gone and dipping into credit card debt. It might not happen to you, but I wouldn't wish it on anyone else!

      Best of luck on your big career move!

      Like 1
      • Space Cadet
      • spacecadet007
      • 7 mths ago
      • 2
      • Reported - view

      The Artist Formerly Known As Hi! Thanks for reminding me about the restrictions! I had actually forgot when I was detailing this. Luckily in Canada there's an option to borrow from your RRSP without paying interest, but the repayment is much quicker than student loans. The RPP doesn't have that option so I'll need to pay taxes on it, but I think I will get it back during tax time the following year since my income will be pretty low. 

      But those are more reasons for why it's so important to have extra saved, like you said. I honestly had not thought of what will happen after school so I appreciate the heads up. 😓 I think I won't get to start school until September 2022 (unfortunately) so that will give me some extra time to save. 

      It's great to get advice from someone who has gone through the exact same thing not long ago. Thank you so much! 😊

      Like 2
  • February Update:

    I've saved another $1,242.38 towards my goal this month. My tax refunds allowed me to fund my budget a few months ahead, so my current total saved is $1,659.05

    Like 1
  • 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.

    Like 1
      • R Bro
      • Purple_Filly.9
      • 3 mths ago
      • 3
      • Reported - view

      When I began using YNAB in November of 2019 upon recommendation of a friend, our situation was dire. My wife and I were dealing with 2 kids off at college and a rising amount of consumer debt, which had reached around $23K. In the 18 months since then, we have wiped out all of the consumer debt while still having our kids in college, refinancing our mortgage to save 9.5 years of payments, putting an $11K down payment on a new car (first one in 9 years), and increasing my wife's retirement contributions to 19% of her salary. Now we are on to building the emergency fund, which is now where we would like it to be.

       

      I set the goal at $4000 earlier in the year, and I'm still going to try and reach it. Our circumstances have changed a bit in the meantime (nothing life changing, just a few adjustments in our income and outgoing bills) but we are still going to try and hit the goal. 

       

      For June, we were able to save $600. This is 15% of our goal for the year.

      Like 3
      • R Bro
      • Purple_Filly.9
      • 2 mths ago
      • 1
      • Reported - view

      Our savings amount for July is $650. This brings us to 31% of our goal.

      Like 1
      • R Bro
      • Purple_Filly.9
      • 1 mth ago
      • Reported - view

      $300 for August. 38.75% of our goal.

      Like
  • 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. 

    Like 1
  • February Check In

    I received our tax refund and stimulus payments from our 2020 baby. I was able to save $3,000 for vacation and $2,500 for our Medical OOP. 

    Total $5,500 / $6,500 or 86% complete already!

    I may end up adding another goal but I'll wait until we finish up this one first. 

    Like
  • For the month of Feb the savings was a little slow. But that's ok. I was able to put roughly 200 dollars away. I'm still really struggling with the idea that it's ok to save even though I have debt. 

    Like
  • Because got some cash - I was able to clear my debt. Woot Woot. So I will finally be able to set aside money for savings. I put some money in a GIC. And I'm going to be taking the money that I had been building to put into retirement investments. This year it will probably exceed what I planned with is really exciting. 

    So far I've only personally set aside 100. But because of family investment - I'll be getting additional money to go into my retirement savings. Exciting!

    Also my car payments will be gone by June and insurance will drop - so I expect at least 300 a month to go into savings after June.

    Like 1
  • Line 75 checking in here!

    I finished school (enough to work anyway) in December and got a job in January. I’m 31 and have no retirement. I had no savings until January. I’ve been living with family while I finished school, and I’m planning to move into my own place (hallelujah!) in June. 

    2021 is a hard reset for me. It’s like I’m 18 all over again, and I want to make it count. 
    I’m going to be using my savings account balance because I’m still new to YNAB and haven’t 100% figured out how to see my running totals for savings in the app. Any hints are appreciated! 

    Savings goals include:

    • $1800 - Job change fund. (They purchased software for me, and if I don’t stay a full year, I will owe half the cost. After a year, this amount will roll into my general savings.)
    • $3000-plus - General emergency fund
    • $6000 - Moving and furniture fund
    • $1000 - Paddle boards
    • Getting ahead on monthly budgeting 

    Recap:

    January: saved $4000. A huge part of that was student loans that I took out just in case I needed the funds. 

    February: saved $2500. That’s more than I’ve ever made in an entire month at any previous job. I’m stoked, to say the least.

    March: the month is young, but I already added another $1500 to my savings. 

    Since I’m paranoid to keep too much money in my checking account, I try to estimate what I’ll need between now and my next paycheck and keep my checking adequately stocked. So my savings amounts go up and down occasionally.  I’ll have a think on this over the next month and figure out what I want to do for this challenge.

    Like 1
    • Sky Blue Snow Use scheduled transactions for EVERYTHING (well, not groceries, but if those are on a credit card, then you'll have the statement as a scheduled transaction) and turn on the running balance in your account register to see cash-flow projections.

      I move Y amount to savings such that the balance right before my next paycheck is X (low side), but others like to start the month with X (high ish) in checking so that all expenses+a cushion is present. Then they move the excess (Y) to savings.

      Like 1
      • Rachel
      • Court Reporter
      • rachel
      • 6 mths ago
      • Reported - view

      Move Light Sound Life Okay, I’m an English major, so I need it dumbed down a little haha.

      Do you mean scheduling transactions when you use cash? Or pre-planning your spending outside of how YNAB is built? I only use cards as a general rule, so I’m not sure what problem that solves.

      And I think I’m going to continue keeping less in my checking just to be safe. I had someone try to charge a $900 AirBnB a while back, and I’m not keen for that to happen again 😊

      Like
      • Rachel
      • Court Reporter
      • rachel
      • 5 mths ago
      • 2
      • Reported - view

      March update: Saved a total of $2500. Compulsively window shopping for sofas as I near my move date! Ended the month with $9000 in savings.

      Like 2
      • Rachel
      • Court Reporter
      • rachel
      • 4 mths ago
      • 1
      • Reported - view

      Sky Blue Snow  

      Ended April with $15,000 in savings! I had another student loan disbursement (my last ever!! Or so I plan), so that contributed to the much higher than normal savings. I saved about $2000 on my own and $4000 from student loans.

      I'm moving earlier than normal, so that savings is going to go way down, but as of right now, categories are as follows:

      • $1,500 - Wish farm
      • $3,675 - Various emergency funds
      • 6,660 - Medium-term savings (tuition for fall, new furniture, moving out)
      • $1,176 - Recurring savings (annual work convention, certifications, car insurance)

      This is about $2,000 off from my actual savings account. I've been trying to keep only enough for one pay period in my checking account, and so far I haven't had to move money from savings to cover spending. But there is a $2,000ish buffer in savings that is funded towards various spending categories.

      Currently playing with the toolkit and trying to get a little bit past the entry-level YNAB stuff. My AOM is currently 65 days, and my buffer is 116 days.  I know that stuff isn't part of the challenge, but I love seeing what others' numbers are, so I thought I'd include it! 

      Like 1
      • Rachel
      • Court Reporter
      • rachel
      • 4 mths ago
      • 1
      • Reported - view

      Move Light Sound Life I just wanted to say -- it took a few weeks for this to make sense to me, but I've been adding scheduled transactions little by little, and I really like it!! Thank you for your help :) 

      Like 1
      • Rachel
      • Court Reporter
      • rachel
      • 2 mths ago
      • 1
      • Reported - view

      After moving and an unexpected car repair, my savings took a hit, but I'm back to adding money to my savings rather than taking from it!

      • Birthday trip: $800
      • Convention: $1,000 (already paid for airfare so this will be hotel and incidentals)
      • Yearly fees: $265
      • Car insurance: $275.81
      • Retirement: $1,200 (saving to max this at tax time)
      • Misc. furniture: $303.98
      • Misc. emergency funds: $5238.79
      • Paddle boards: $500

      Total: $9,583.58

      Halfway to my $20,000 goal... But I have been (and will continue to be) spending along the way, so while I might not hit that number at the end of the year, I'll have set it aside throughout the course of this year! Fun!

      Like 1
    • Rachel Woohoo, yay for progress! 

      Like 1
  • Early March Check In

    I received our stimulus and saved the final $1,000 for our Medical OOP. 

    I added another goal which is a kitchen remodel for $3,000 but I was able to fully fund that too. 🎉

    Saved:
    Medical $3,500
    Vacation $3,000
    Kitchen $3,000

    Total $9,500 / $6,500 or 146% of my original goal!


    So crazy after years of paying debt to finally be smashing saving goals. Now I need to decide if I can think of any other big things to save for or if we are just going to switch to a general savings fund. There is a lot of year left!

    Like 4
  • Since interest rates prove to be rather abysmal these days I moved most of my savings to investments. Because of this, the monthly savings percentage does fluctuate rather heavily.  So far, good January, bad February, and good March.  Maybe April will be the worst, and May will top March - who knows? It's not a clear trend yet in any direction.

    Currently at 41.6% of my initial rather hairy goal. 🎉

    Like 2
  • March check in: met my monthly savings goal. Since I have a decent emergency fund, I decided to pause my E-fund savings for April and use that money to help fund my Roth IRA more quickly. Feeling good about that decision, but really weird not to be putting money into my E-fund this month. It became such a habit with ynab to do this automatically. On target to meet my annual savings goal. 

    Like 1
  • Joining in late. I just updated my savings goals in the spreadsheet. We've been avid YNAB'ers for 6 years and in that time we've paid off all our cc debt while also going to school. I'm out of school now and we have 2 incomes so our goal has shifted to saving for a large renovation project on our current home. This is the first time that we've shifted our focus to savings over paying off debt so I'm happy to have found this thread!

    Like 2
  • April check in. Met monthly savings goal. Paused Emergency fund goal so I can fund my Roth by May to increase time in the market.  I have several months saved in my EF, so feeling ok about this. Might shift some monthly savings money in June to medical/dental and auto or month ahead money just to beef up those true expenses before I get back to my E-fund. It's nice to be in a place where I have options. 

    Like 1
    •  May Check in: slightly below monthly savings goal, but back on track for next month. However, I fully funded my Roth IRA this month , so celebrating that. Next goal = get a month ahead on immediate expenses to break the paycheck to paycheck cycles and increase my Age of Money (AOM). Hope everyone else had a good May. 

      Like
    • bookyarncafe 50% through 2021, 58.22% toward my savings goal. feeling pretty good about that. 

      These challenges really hold me accountable and I get super inspired by this community. 

      Like
  • I've missed updating the past two months, but I'm pretty happy to say I'm doing a lot better than I expected! I thought funding my EF would take me until August, but it'll be fully funded next month. I'll bump up my retirement contributions in June to ramp up meeting that goal next!

    EF - Goal $12,000 / Saved $11,136.33

    Retirement - Goal $13,000 / Saved $2,230.85

    House Down Payment - Goal $10,000 / Saved $0

    Like 3
  • I made a rather unfortunate rebalancing of my investments, but what's done is done - I'll try making better choices in the future.

    As I sold all my stocks with good profit late last year,  way before I should have done, I'm now reluctant to part with my current stocks for fear of selling too early yet again. Oh well, the stock's total worth is currently 1/10th of the total fund value.

    I may have to withdraw some savings to finance some large purchases this summer or autumn. I'm looking forward to spending some money instead of just hoarding.

    I'm currently at 47% of my yearly retirement contribution goal.

    Like
  • Hi!  I was going to wait until next year to join the savings challenge as my focus this year is still debt payoff, but after recently deciding that I would (hopefully!) go on holiday this year after all and include a home project I figured some extra community  and accountability would be a good thing.

    My goals and YTD April check in:

    • Holiday (Sept 21): €0 / €750
    • Study Renovation (Oct 21): €575 / €2,000
    • Emergency Fund: €0 / €1,000
    • Total: €575 / €3,750 -> 15%

    I'm planning a staycation in Ireland for September and it's booked with no deposit.  This is probably more than I need (includes spending money, etc) but would prefer to overbudget than to be WAM-ing while on holiday.

    I'm not totally sure how much my study renovation will cost.  I've done some calculations and this is my best guess so far with a contingency built in but it might have to be revised.  I've bought a sofa bed so the €575 that has been budgeted YTD has also already been spent.  I'm also  hoping that I'll get some vouchers towards this for my birthday in July so that would be a big help.

    Lastly, I'd like to get my emergency fund back to €1,000 by the end of the year.  It keeps getting depleted as I deal with unexpected (should have been expected) things or bills that have been higher than I'd budgeted.  This year I've been more realistic about my true expenses (not including these in the savings challenge) so hopefully I can build this up again and maintain it.

    Good luck all!

    Like 2
    • Zoë Woooo! Welcome. You've got some fantastic goals there. I'm rooting for you and this vacation. :) 

      Like 1
      • Zoë
      • take care of the pennies...
      • Zoeah
      • 3 mths ago
      • Reported - view

      Zoë 

      May check in:

      • Holiday (Sept 21): €100 / €750: May €100
      • Study Renovation (Oct 21): €575 / €2,000
      • Emergency Fund: €0 / €1,000
      • Total: €675 / €3,750 -> 18%

      Slightly concerned I may have overextended myself to the end of the year but I'll see how the next few months go and WAM or amend my plans if necessary.

      Still, any progress is good!🌞

      Like
      • Zoë
      • take care of the pennies...
      • Zoeah
      • 2 mths ago
      • Reported - view

      Zoë 

      June check in:

      • Holiday (Sept 21): €260 / €750: June €160
      • Study Renovation (Oct 21): €1,100 / €1,750: June €525
      • Emergency Fund: €0 / €1,000
      • Total: €1,360 / €3,500 -> 39%

      I've reduced my study renovation goal from €2k to €1.75k after doing some more accurate costings.  It's also become apparent to me that even though the project is scheduled from October I probably need to have the funds available (and possibly most of the spending done) by the end of August to allow for delivery/lead times.  So I've stopped putting extra to my debt and am prioritising these goals instead.

      I'm still optimistic all goals will be met by the end of the year so it's hopefully just a matter of timing 🤞

      Like
      • Zoë
      • take care of the pennies...
      • Zoeah
      • 1 mth ago
      • Reported - view

      Zoë 

      July check in:

      • Holiday (Sept 21): €420 / €750: June €160
      • Study Renovation (Oct 21): €1,550 / €1,750: June €450
      • Emergency Fund: €0 / €1,000
      • Total: €1,970 / €3,500 -> 56%

      It was my birthday this month and I got some very generous gifts towards my study renovation!

      The way things are going I'm no longer sure I'll meet my EF goal but if I can put anything to it at all it's better than nothing.

      Like
      • Zoë
      • take care of the pennies...
      • Zoeah
      • 3 days ago
      • Reported - view

      Zoë 

      August check in:

      • Holiday (Sept 21): €580 / €750: August €160
      • Study Renovation (Oct 21): €1,550 / €1,750: August €0
      • Emergency Fund: €0 / €1,000
      • Total: €2,130 / €3,500 -> 61%

      Holiday saving will be finished in September just in time!  In future I think I'll set goals to be done the month prior to their due as I'm not yet fully a month ahead.

      Like
  • I am joining in on the challenge in May.  I've got an increase in income and I want to save the extra through to the end of the year to build up my reserves. I am trying to avoid the risk of either letting everyday expenses creep up unintentionally and the risk of 'I feel rich' so I can splash out.  When my reserves are full, I will have another think about which of the everyday expenses could be increased.

    Like 2
  • Ambling towards my retirement goal.

    April: 47.6%

    May: 50.7%

    Like 2
  • Been away for a bit. Lots have changed for me. I had this benchmark goal that I wanted $1000 saved for a special investment account. Just did that today! woot! I also registered into my government programmes and now have some hefty retirement savings. The goal is to set aside 1,500 each year. Also building on phase 2 of my 6 months buffer. So this year I'll have 1650 set aside. I'm currently at $334, looks a bit slow, but because I'm doing the 52 week challenge I'll hit it by the end of the year. Oh also new goal. I only have 1 month buffer for my bills, as each month varies so considerably, but now that my bills have be basically eliminated, I'm going to aim to buffer the full one month in advance. 
    Lastly, I'm going to be aiming to get 500 into my special investment account by end of year. Pretty excited and I hope I can surpass these amounts as I've just ended my car lease and have a very very reduced insurance payment. Overall, I'm feeling pretty happy and relaxed wrt savings.

    Like 2
    • ISuckatMaths Welcome back and congrats on all of this progress!

      Like
  • So.... Despite the name on my journal, I'm jumping in here. We're saving for four things, to hopefully be fully funded before my husband dies, most likely some time in the next 2ish years. 

    1) Medical max out of pocket:  5,925.20/10,000 - this one will also get spent from once the FSA runs out, and the FSA spending counts towards the insurance company's calculations, so may be fully funded without meeting the numerical goal, technically... 

    2) Funeral/other death costs, because dealing with a dead body and what the person left behind is expensive. Not as expensive as my husband thinks, but since it's his estate's money, he got to more-or-less set the goal: 44,738.37/45,000

    3) Income replacement fund, which is ~3x my take-home pay (called emergency fund, and may end up used for that if something comes up). 6,119.06/12,000

    4) Saving to stay here or be able to move when my husband dies, because his social security is a small chunk of money that I can't fully replace on my own, because paying for one person is not half of paying for two. This is targeting four months worth of rent I can afford (first, last, security deposit, and realtor's fee - may not need all up front, but landlords can ask for that much up front here.) My goal is to have this by time husband dies, which is theoretically two ish years from now, but listing the full goal here anyway: 919.06/14,500

    I'm fully expecting minimal savings here, and to miss my goals by miles. Making sure my husband has a good quality of life and doesn't feel like we're pinching pennies is more important than my having savings, right now, because I do have a fallback option. But if I don't set the goals, then I have no chance of meeting them. 

    These are numbers as of May 31.

    Like
    • June EOM Update:

      So it turns out I can't math, so my target is actually somewhat lower than I indicated last time. Here's what June looks like:

      1) MOOP (Medical Out Of Pocket Max): $5,925.20/10,000   +$0.00

              This one is somewhat impressive as I had to steal from it to cover unexpectedly large car costs + did some spending on non-FSA covered items/things I couldn't use the FSA card on. The latter will get reimbursed eventually.

      2) Funeral/Death Costs: $44,888.37/$45,000 +$150

              This one will be fully funded next month.

      3) IRF/EF: $7,787.75/$12,000 +$1,666,69

              I decided to focus on this one and putting money toward other True Expenses in small amounts, to reduce needing to steal from this one. Worst case, I end up using this for housing/moving when needed. Some of this increase is moving money in from the not moving fund.

      4) Not Moving Fund: $0/$0 - I decided to remove this one/combine it with the EF savings. Having a somewhat able to be anticipated TE come up that was more expensive than expected made me reconsider how I'm handling savings right now.

      I'm not actually sure this gets to count as savings, since my overall income vs. expenses for the month was -$1,111.08, but all of those overages were covered by budget categories or WAMed, and the savings categories changed as noted above, so I'm counting it as savings.

      Like 2
    • Fuzzball Meows Your journal and savings challenge posts remind me of Jesse's interview with Chanel Reynolds - I really appreciate you sharing your journey and budgeting thought processes along the way. Hugs to you as you sort through what is most important these days.

      Like 1
    • July EOM Update:

      1) MOOP (Medical Out Of Pocket Max): $5959.28/10,000   +$34.08 (60%)

              This one actually has more saved to it, but I'm waiting on FSA reimbursements to process. I've been spending FSA eligible things on the credit card to make use of cash back, and covering that spending from the MOOP category until the FSA reimbursement comes through. Because there's the chance the reimbursement will be denied. 

      2) Funeral/Death Costs: $45,000/$45,000 +$111.63 (100%)

      3) IRF/EF: $7,922.15/$12,000 +$134.4 (66%)

              Still focusing on this and saving small amounts for TEs. Which means this will be slow progress. 

      4) Not Moving Fund: $0/$0 

      This was a three-paycheck month, so savings are actually savings this time!

      Like 1
    • I don't think there will be much spending between now and Wednesday, and certainly none that would eat into savings, so...

      August EOM Update:

      1) MOOP (Medical Out Of Pocket Max): $5978.55/10,000   +$19.27 (still 60%)

              Once again, this one will be higher when FSA reimbursements are submitted and processed. Hospice will slowly be taking over the majority of the medications, though, so I should see outstanding amounts lessen. (Meds are currently a couple to a few hundred a month, mostly for P. It should go down to less than a hundred a month once hospice has taken over what they're going to take over.)

      2) Funeral/Death Costs: $45,000/$45,000 +$0 (100%)

              Keeping this one here in case we need to WAM from it. I don't think we will. How do other people treat savings in this challenge when it comes time to spend from it? We've started talking about planning for this, and I think pre-paying is less expensive than paying at the time, usually, so I expect the amount saved to change this year. But I'm not planning on replacing spending; it shouldn't be needed.

      3) IRF/EF: $7,946.06/$12,000 +$23.91 (still 66%)

              While I'm expecting to cut back/lose income in the near future, the plan is to pull that from the imaginary money, not this, at least for now. So still going to be slowly saving here, I hope. Still trying to balance larger saving with funding larger, unpredictable TEs. I suppose these are larger unpredictable TEs, technically. But I'm thinking of things like car maintenance, clothing replacement, etc. 

      Like
    • Fuzzball Meows For funeral etc costs I would note the total amount saved even after you've spent from it. If you've got the category set up as a "spending target by date" then the progress bars in YNAB will show you when planned spending has been completed, so you don't need to refill the category and can easily track your total savings there and in this forum.

      Agreed that pre-paying will help reduce those costs, both by being able to negotiate an up-front payment discount and also the fact that you can make less emotional decisions (I mean, it's obviously emotional either way but you have the benefit of a clearer mind and less immediate time pressure). When planning my father's funeral expenses, I definitely spent more than I needed to simply because it was unexpected and he had made no preparations to help me make decisions quickly and weigh the costs and value to us as a family. Hugs to you, and also a lot of respect for managing this process the way you are.

      Like
  • Good times! And I may get a bonus this quarter! A bonus should speed up the savings plan. 😄

    65% now looks promising at any rate. My ballpark figure seems surprisingly accurate.

    May: 50.7%

    June: 64.8%

    Like 1
  • June Check-in! Wrapped up my numbers for last month and a few things have changed from my initial goals. Originally I wanted to save for an emergency fund, retirement, and house down payment. With house prices going up so drastically and doing the math that renting makes more sense for the time being, I switched up my goals to be EF, Sinking Fund, and Extra Savings (most likely will invest some and use rest for travel!) still with a combined total of $25k. I'm still saving for retirement but it's pre-tax so it's easier for my to just leave it out of the picture for right now! 

    EF - Goal $11,000/Saved $11,000 (YAYY!)

    Sinking Fund - Goal $1,500/Saved $1,500 

    Extra Savings - Goal $12,500/Saved $4,887

    69% complete!! Pretty exciting to see the progress over the past 6 months since it can get a bit discouraging. Hopefully I can keep the momentum going the rest of the year. 

    Like 2
    • karine7 Congrats on meeting 2 of your 3 goals already! You're totally on track to meet your 3rd. You got this! Totally hear you on the housing market issue. It's bananas!

      Like 1
  • Hi everyone, 

    First post is very late, but have been tracking progress for this challenge all year!

    We're saving for job replacement, healthcare, travel, new house, new car, and tech upgrades. We're aiming to save $30,000 this year. We could definitely "move the needle" more, but our debt payoff goals are also aggressive and we want to stay on track with both challenges. 

    Our current progress:

    JAN: $3602
    FEB: $1718
    MAR: $2193
    APR: $2593
    MAY: $1968
    JUN: $2243
    JUL: $3268 (so far)
    ===========================================
    TOT: $17585

    Cheers!

    Like 1
  • I wrote more about our big budget shake-up this month and in my July Smackdown update. Basically, we simplified significantly, seriously recommitted to our goals, and made some decisions we hope will help us make faster progress. For 2021 we are trying to save $30,000 in a few specific categories, and to pay off $80,000 in debt principal! Both goals feel quite ambitious, but we’re enjoying the challenge, and we’re going to be really excited whether we hit those targets or not.

    Saved in July: $3,553.35
    Saved in 2021: $17,870.35 (59.6% of goal)
    Goal Remaining: $12,129.65

    Meanwhile, in the 2021 Debt Smackdown, we also paid off $7,942 of principal ($33,716 for the year)!

    Like 2
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