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 🤩
I’m not sure if I should be here with this challenge but I feel this is something that I need to do. All my life I’ve been on this revolving debt. I would pay off some of my debt and before I know it what I paid off is right back and it brought friends with this time. I still have debt and nothing to show for all the money that I tossed at it. Last year I found YNAB. This was a game changer for me. I was able to pay off some of my debt last year and ended the year with a little over 1K saved for my emergency fund.
This year I decided that I would continue to work on paying down more of my debt, but it’s ok to save some money also. Not every dollar needs to go towards my debt. I’m hoping to have 5k saved by the end of the year, and to have 4 more bills completely gone.
I'm starting my second year of YNAB, and I've decided to join in! In my first year of YNAB, I managed to save about €14k (including sinking funds), which I never thought I'd be able to do. This year, I'm setting the goal a little higher, at €17.5k. This does include both sinking funds for 2021 and more long term goals. The main goals are:
- Emergency Fund/Income Replacement: €2.500/year
- Vacation: €1500/year
- Investments: €2000/year
- Home Maintenance: €1500/year
- Car Replacement (2022): €3000/year
- Next Home Purchase (2023?): €2500/year
- Sinking Funds (incl. Health, Tech Replacements, Self-Care, Gifts&Christmas): €3000/year
These are the minimum amounts that I would like to save for each individual goal and adds up to €16k. The additional €1.5k that I want to save will either go to the house/car fund or the income replacement fund, but that really depends on how things develop throughout the year.
Good luck everyone!
My dream was to become a librarian however life took me a different way. So I have decided after been an accountant for 11 years I am going back to school for a Masters's in Library Science. I was able to find a school in-state that was affordable for veterans. I have applied to scholarships and VA programs to cover my tuition. I am setting this fund aside to cover classes I can't get outside funding for and for when I may have to take a pay cut for my dream job. My ending goal amount is $50,000. I am starting with $4000 for 2021
I am claiming line 49.
This year I am buying a car, so I will probably be spending more than I'm saving this year, so I'm just going to count everything besides the money I take out for the car (because that is a planned expense). So besides my car in March, I am saving for moving expenses for 2022, some dental work that I want done, and an emergency fund. Total, I am hoping to save $13,000 which is a crazy amount for me and might be lowered depending on the amount of a raise of I am expecting to get. But for now, goal is $13,000. Good luck everyone!
Claimed line 98 (same line as debt smackdown)
My goal is to save $20,000 by 1/1/2025, when I hope to buy a house. This means I need to save $5,000 per year for this goal.
I have a few other (much smaller) savings goals in my YNAB budget right now, but this is the goal that I seem to always move money from to cover other things. Hopefully by tracking in here, I'll be more likely to stick to my goal.
Line 55 (person 50) over here. We're supposed to buy my parents' house this spring (if they EVER find a place) and then we need to renovate it. We also have cars to pay off and other assorted stuff so I'm joining the debt payoff thread as well. We're starting with 10000 saved already, but I'm counting that as 2020 money (cursed likely) so we're starting at zero for the year.
Oh boy, oh boy, oh boy!!! I'm so excited to be in this challenge! Over the past couple years we paid off everything but our mortgage so now it's time to beef up the emergency fund, save for a future car purchase (hopefully in cash and not for another 6 years) and the addition of a small bathroom in our basement. Best of luck to everyone!
Line 53 Checking in!
Last year I finished saving up my 3 month emergency fund! It's the first time in my life I can say that and it's so calming. Especially after 2020. PHEW!
That means this year my efforts are switching.
$2,500 for the year
$400 for Christmas
$800 for a trip when we can finally travel again
$1,300 more into the emergency fund.
I'm most excited to save towards our dream of renovating our terrible kitchen/bathroom and tearing down/fixing up an outdoor shed that we can use as a home office!
I've nabbed #54 on the sheet, and our journal is here if anyone would like to follow along: Diary of an Impulse Spender.
So I've got set in my budget goals:
- $10,000 for kitchen, bathroom, and home office
- $500 for 2021 Christmas
- $5000 for new work computers (this is due Jan 2025, so it's just $1224.60 this year)
- $500 for a home gym
Now, I have to go unpack that $1300 Dyson vacuum I impulse-spent this week, leaving our property taxes budget somewhat depleted..... let the new year begin.
Back again, hopefully this year I will actually stick with the spreadsheet!
Last year I managed to save enough to move out of my In-Laws house and furnish my apartment in cash!
This year's goals are as follows,
- Move out! - $5000
- But didn't you just move? Why yes, yes we did. Into a cockroach infested, no working heat, crappy plumbing, apartment. Although we loved the apartment, we can not stand the rest of the issues. So we are hoping to move out in July.
- Computer Parts - $2,000
- My boyfriend really wants to update his computer. I'm hoping to give him this as a Christmas gift.
In order to meet these goals, I would need $585/month. This is EXTREAMELY unreasonable with our current income. As of right now, we can put around $200/month.
Total Yearly Goal: $2400
- No breakdown, all money will be going into moving out until we find a place and pay off any debts that come with it. Once that is done, I will start putting money aside for the computer parts.
- Move out! - $5000
Jumping in a bit late, but wanted to join the party! Line 62 - looking to save $6,000 toward a new car by the end of the year, in addition to paying off some debt over in the Debt Challenge! Looks like we won't be able to contribute much until the second half of the year, but we're gonna push for it!