2022: The Official* Savings Challenge

Happy new year, fellow budgeters! Let's meet our goals with the 2022 YNAB Savings Challenge!

Last year was another whopper, but here's something to celebrate: last year 103 YNABers pushed our savings goals towards the sky, totaling over $928,000 and counting as folks continue to update from December's achievements. That's incredible! Please join us again anytime in 2022, no matter the size of your goals or your savings purpose.


Special thanks to @Budget_Ninja for creating the original spreadsheet (according to older versions of this challenge), to Veronica for hosting the challenge last year, and to @turquoise_jackal.11 for volunteering to help steward this year's spreadsheet 🙏 This project is the work of many hands before us.

Note: The challenge is user-led and will not be hosted by YNAB staff this year. If you need technical assistance, you can DM me or Turquoise Jackal, but we may not be immediately responsive. Please comment in the thread for others to chime in! Let's all support each other both in our savings goals and in using Google Sheets for those newer to the software.


To get started:

1. Claim your line on the 2022 Savings Challenge Spreadsheet. Fill out Columns B through F with your forum username, what you're saving for, the currency you'll be recording in (use the dropdown menu), and the total amount you'd like to target in 2022.

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

3. Check in every month and add your savings total to the sheet throughout the year! Update this thread to celebrate your wins and get some judgment-free advice or support for those tougher months - we all have them.

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.

Happy saving, budgeteers 💰
 


*This is not an official YNAB-sponsored challenge, BUT I'm using the time-honored official (and user-created) spreadsheet to keep it going. So, carry on!

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  • Well, claimed line 1 on this one too while testing out the spreadsheet. Please let me know if there are any issues!

    Last year I saved $7,400. A huge chunk of that money is funding a work sabbatical and school expenses to complete my masters thesis. Details aside, I had to abandon my program for the last two years and that has been eating away at me. Finishing it involves overseas travel and at least a month off work. This probably wouldn't have been possible without last year's savings and debt challenges. Talk about life-changing. 

    I've been so laser-focused on this sabbatical that almost everything else has faded into the background. I'll take a stab at some 2022 goals and reflect in a few months. For sinking funds likely to be spent from, I will include previously saved money just to keep it simple for monthly budget reviews. I will not include money saved for debt payoff.

    1. Roth IRA: $3,000
    2. 2023 Medical Deductible: $1,000 (goal is being a year ahead to treat leftover current year funds as an end-of-year bonus)
    3. Auto Maintenance: $1,000 (currently at $150)
    4. Vet Expenses: $1,000 (currently at $500 - you can see which of these last two is a higher priority...)
    5. Bedroom Furnishings: $1,000 (towards new mattress & sitting area with rug and cushions)

    Total Goal: $7,000

    Alright, let's go!

    Like 6
  • Claimed line 28. 
    Last year I was able to pay off my credit card debt, so this year I will apply the same monthly payments towards savings. 

    My goals this year are:

    1. Roth IRA: $3,600 ($300/month vs $200/month last year)

    2. Prudence Reserve: $1,000 (currently at $758.44; remaining $241.56)

    3. Honeymoon: $1,500 (currently at $400; remaining $1,100)

    4. Home $14,400 ($1,200/month *previous monthly payment to CC debt)

    Total Yearly Savings Goal: $19,341.56

    I am aiming for $22,000, why not?

    Like 6
  • Ok, I accidentally posted my debt payoff goals into this savings challenge so hopefully I've got this the right way around this time!

    I'm hoping to move my focus to savings from debt payoff this year which is really exciting to me as it means my money is doing what I want and can give me more options rather than already being spoken for due to debt.

    I've claimed line 4.  So my 2022 goals are:

    • Emergency Fund: €4,000
    • Presents: €1,200
    • Electronics Replacement: €1,200
    • Holiday Fund: €900
    • Total 2022 Savings Goals: €7,300

    My Emergency Fund is my #1 financial priority this year.  I have a longer term goal to have a €10k EF by the end of 2024 so I'm really hoping to get a good start on that.  I've also been chancing my arm for the last 2 years by not having an EF and I've been very lucky not to have had any big disasters so the security will be great.

    My next most important goal is increasing my pension contributions but I won't be keeping track of that here as it comes out of my paycheck before I receive it.  I'll be doubling my contributions in March - my current intention is to go from 5% to 10%.  My employer contributes 7% so this would bring it up to a level that I think would put me back on track to a good retirement fund.

    I haven't included all of my true expenses, just the ones I want to pay better attention to this year:

    • Presents: last year I budgeted €900 for the year but ended up spending over €1k which made the end of the year tighter than I'd hoped.  I got my first nephew in 2021 and will have another niece/nephew in 2022 so I want to up this budget so that I can enjoy being generous with my loved ones and not have to scramble to find the funds
    • Electronics Replacement: I'm going to have to replace my mobile phone in 2022, I'm hoping to get to at least September and don't intend to spend the full amount I'm saving but I'm setting this goal high just in case
    • Holiday Fund: I have no current travel/holiday plans but I love travelling so want to have some funds available for whenever I start making plans again

    All of these goals together are ambitious for me in addition to my remaining debt payoff commitments but setting them focuses my priorities.  They are also somewhat reliant on a bonus I'm expecting in April so fingers crossed it comes through.

    Good luck for 2022!

    Like 4
  • Thank you for volunteering to host this challenge!

    Claimed line 5.

    Below are our target savings goals for 2022:  

    • Emergency Fund/Income Replacement Fund: $100.00 per month / $1,200.00 for the year.
    • Escrow items: (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,300.00 per month / $15,600.00 for the year.

    As such, for 2022 our target savings goal = $1,400.00 per month / $16,800.00 for the year.

    Like 4
    • January check-in (complete): We saved $1,400.00 as outlined below. 

      • Emergency Fund = $100.00.
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,300.00.

      Total savings YTD: $1,400.00, which is 8.33% of our total goal.  

      Below are our savings totals YTD:               

      • Emergency Fund = $100.00 / $1,200.00 (8% complete)
      • Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,300.00 / $16,800.00 (8% complete)
      Like 3
  • Sweet Tangerine joining on Line 7!  This is my first time joining the Savings Challenge!

    Goals for 2022 savings:  $22,500 total

    1) Emergency Fund $5,000

    2) Roth funded in full $7,000

    3) Home repairs $8,500

    4) Gifted Roth 2 kids $2,000 

    I plan to use a yearly bonus to help fund my emergency fund and Roth (possibly with help from a tax return), and will pay down remainder of my student loan debt first half of year, with monthly savings of $1500 beginning in June.  

    Cheers to 2022!!  Happy savings!

    Like 5
  • Orchid Falafel reporting on line 3! I'm also doing the Debt Smackdown, but my savings goals this year are below:

    • Getting a month ahead - 6k
    • Vacation - 1k
    • Fun Money - 1k
    • EFund (just to start) - 1k
    • Brokerage - 3k
    • I bond - 1k
    • Christmas - 600

    My plan is to use a Savings Challenge printable booklet I bought after watching a very persuasive youtube video 😄, so all of the above goals are accompanied by fun coloring pages. Good luck to all of us this year!

    Like 4
  • This is my first time joining the savings challenge and I have claimed Line 10! It is really difficult for me to save because I have 47,166 in student loans and other debts that have been paid off that took priority. My goal is to add 2K to my emergency fund that now sits at just over 3K. I should really be putting in more than that but so far the 3K has served me well as far as emergencies go. Looking forward to gradually getting into the habit of saving!

    Like 3
  • Thank you so much for volunteering to host the savings challenge this year! I really enjoy these community challenges and threads. I claimed line 11 and am focused on trying to save 40k this year for: retirement, get month ahead, mom care fund (in case she needs $ for care), car and tech replacement funds (hope not to need anytime soon, but want to be prepared).

    so far so good - $3550 saved for January. 
     

    Like 3
    • Realized I forgot to break down my savings goals in my original post.

      • 403b: + $24,000
      • Roth/Brokerage ETFs : + $6,000
      • Mom care fund: + $2,000
      • Car Replacement Fund: + $7,500
      • Tech Replacement Fund: + $500
      • Get a Month Ahead: $3,300
      Like 2
    • January 2022 update:

      • 403b: + $1,850/$24,000
      • Roth/Brokerage ETFs : + $ 355/$6,000
      • Mom care fund: + $200/$2,000
      • Car Replacement Fund: + $750/$7,500
      • Tech Replacement Fund: + $50/$500
      • Get Month Ahead: +$150/$3,000
      Like 3
  • Last year I was able to save more than $36,000. This year things are different financially, so I'm going to attempt to save $26,000. I'll have to see how things go in the next few months and update when I've decided what amount will be allocated to each savings goal. I'm claiming line 17 (ID #12). :)

    Like 4
      • xgirlmama
      • Purple_Griffin
      • 2 wk ago
      • 2
      • Reported - view

      January savings: $2552

      College: $1500/$20,000

      Car for kids: $400/$4,800

      Car replacement for me: $250/$3,000

      Sinking funds: $402

      Like 2
  • I’m saving for financial independence, early retirement, F.I.R.E, basically enough savings invested that the dividends and appreciation can support my frugal living expenses.  The savings target is a bit of a stretch but I think I can do it.  Good luck this year YNAB savers!

    Like 2
  • I am claiming line 21! This will be my 3rd year tracking my savings! 

     

    In 2022 my goals are 

    1. Continue saving for a house down payment and/or apartment moving fees. Saved $1,786.21
    2. Really buckle down on my income replacement fund. Saved $93.27
    3. Continue saving for vet expenses. Saved $150
    4. Continue saving for furniture replacement. Saved $80
    5. Continue saving for electronics replacement. Saved $80
    6. Continue saving for car emergencies. Saved $40.38

    Overall I think I would like to save $6k over 2022. Good luck everyone!

    Like 4
  • First time poster - very new to YNAB and trying to get my feet wet.  I joined to finally get a handle on our spending (I've tried and failed with other avenues in the past), with the hope to live more intentionally AND to start paying off a fair amount of debt due to unexpected expenses that came up this year in our home.

     

    In 2022, my Savings goals are:

     - Get our emergency fund to $5k (currently around $3600).

     - Max out my Roth IRA,

     - Contribute $10k to our "Early Retirement Investments" account(s).

    Excited to be here - good luck!

    Like 7
  • Hello, challenge participants.

    I've claimed my line and entered a stretch goal of $14,000 for 2022.

    I'll be counting what I add to all the subcategories currently grouped in my Saving & Investing master category in 2022.

    • Investing
    • Next Car purchase
    • Electronics
    • Furnishings
    • Apparel
    • Travel

    I can easily predict reaching $11,000 saved just from my predictable monthly income and usual monthly assignment, and I don't know if I can hit my stretch goal, but I like giving myself the added challenge.

    Good luck to everyone.  Let the savings begin.

    Like 3
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 11 days ago
      • 1
      • Reported - view

       January Check-In

      Saved to date:  $1,400

      A pretty good start.  This includes $600 more than I'll typically be able to assign from my predictable monthly income. I received some Christmas money from my mom that I assigned to Apparel, and there was a wonderful extra on my December paycheque due to an unexpected bump in pay from my employer and also from having maxed out the payroll deductions for the tax year.

      I increased my monthly auto-contribution to my TFSA to $500/month, and made an additional $300 transfer to TFSA as well to clean out my category.

      Like 1
  • Thank you for this challenge!  My saving purpose is: Sinking Funds (Start: $5,579.87; +$7826; Target: $13,405.87).  I will update on the first of every month.

    Like 4
  • There was a gap at line 20, so I claimed that one.

     

    As the January challenge by YNAB isn't going to be featured on this forum, I'll skip over and join everyone here. It's just better to do it together.

    So a quick calculation on YNAB showed me that I saved about 22% last year. I'm going to try and increase that to 25% for the coming years. There's a few big home maintenance projects coming up this year, so I have to figure out how to show that in the data.

    All the money I save will go towards buying Vanguard ETF's and getting closer to FI.

     

    Total Goal: $8000

     

    Good luck to everyone!

    Like 5
  • Line 24 here.  Savings goal is $6,000.00.

    Like 4
  • First year joining. 

    Claiming line 25. Our goal is $20,000 for a new car. We started saving last year and hope to reach our goal in July.  Have $11206.84 saved so far. There are other things we are saving for, but this is by far the biggest one.

    Good luck everyone! 

    Like 1
  • Finally joining one of these! Cyan Thunder claiming Line 26!

    Aiming for €20,000 to contribute to our house downpayment fund.

    Like 1
    • Voracious Reader
    • YNAB broke is not the absence of money, but rather the judgment that it has something more important to do.
    • Orange_Cheetah.3
    • 6 days ago
    • 2
    • Reported - view

    I am the proud new owner of Line 32. I have almost no debt left (less than 1K) and recently adjusted my  household to include a new house and a roommate that will decrease my ongoing expenses by quite a bit. So plan is to finish funding the Prudent Reserve fund (only 3K to go!) and then fund additionally toward an Alaskan cruise. Cruise will actually be far enough away that I'm only targeting 1K toward it this year, but those are my big savings goals as of right now. 

    Other goals, just continue to fund those True Expenses so I can continue to astonish my insurance agent by paying in full, continue to astonish myself by opting to pay up front and get a discount for things like Amazon Prime, and hopefully, decide which things I don't need badly enough to continue to pay a subscription fee for (Cronometer, you're potentially on the chopping  block when your renewal rolls around--time to step up and prove your worth!)

    Like 2
  • As a naturally frugal person, I've spent 20+ years taking any extra money at the end of the month and applying it to debt. In 2021 I finally paid off all debt so now I get to apply that money somewhere else. I'm using the savings challenge to track how much I can add to my brand new early retirement account. 

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