2019: The Official Savings Challenge

Happy new year, everyone, and welcome to the 2019 YNAB savings challenge!

All are very welcome to join in, no matter the size of your goals or savings purpose. Claim your line on the spreadsheet and then post your goal to this thread, then check in every month to update your progress on the spreadsheet and the thread. If you have a journal, you can also link this on the spreadsheet. 

2019 Savings Challenge Spreadsheet

A special thanks to @Budget_Ninja for creating the spreadsheet and to speaking_of_art who is taking a second year as steward of the spreadsheet.

The 2018 savings challenge total is not yet completed, and there will be people still posting their final updates in early January, but I can see that as a group YNABers from both forums saved in excess of $760,000 (US $).  That is outstanding!

Let the 2019 saving begin.

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  • Late on my October Update, but here it is! 馃巸

    • Retirement: $5,000.00 / $6,000.00
    • New Car: $5,314.24/ $6,000.00
    • Investment Accounts $2,251.00 / $1,300.00
    • E-Fund:$5,264.87/ $6,000.00
    • Total: $17,830.11/ $19,300.00
    Like 2
  • Oct check-in: I was able to save just under $890 this month, below what I usually can save. Still spending lots on repairs for our electrical storm, and waiting for insurance to process everything. Hopefully, I will feel less behind after all that is done. One month at a time.

    Like 2
  • November Check In

    $386.20 in additional income in October:  $161.19 in reimbursable expenses, $73.01 in interest, $25 in redemption rewards. $15 from survey candy, $10 gift, and $102 in lottery winnings.

    $2,000 budgeted to the categories I count in this savings challenge  when I budgeted the month of November, bringing my year-to-date total to $34,650, which is 108.28% of my stretch $32,000 goal.

    Like 4
  • I didn't have a savings goal, but I did want to get out of the paycheck to paycheck cycle with YNAB. When I started in Feb 2019, I had like $800 in checking and $6k in savings and no debt. Now I have:

    $11,400 in checking

    $10,300 in savings

    All that $ has a job to do, so I never feel like I have $ to spend beyond what is budgeted. Those balances will change with Christmas and upcoming medical stuff or whenever I pay an annual bill I was saving up for, but I'm SHOCKED at my accomplishment. I've never saved money for anything ever (what was in savings was a windfall, not from actually saving), so at my age (now 44), I had given up on ever being financially responsible. Next year I HAVE TO contribute to retirement (I didn't this year), so that will be my goal.

    Like 8
      • QC
      • HaplessFinanceProfessional
      • Queenofcoin
      • 2 yrs ago
      • Reported - view

      xgirlmama Wow what an accomplishment!!  That's some fantastic dedication and perserverance there, CONGRATS!

      • xgirlmama
      • Purple_Griffin
      • 2 yrs ago
      • Reported - view

      QC thank you! 鉂わ笍

  • November Check in

    I was lucky enough to complete most of my goals in September and combined with November being my Christmas shopping month (AOM went down 30 days) I didn't have as much enthusiasm to save this month.

    That being said, total saved for the month was $1,228.72.  I have now met my Car Replacement fund for the year and am 80% of the goal for the London trip.   I'm not relying on a bonus next month but IF it comes, it will go towards some ambitious savings goals for next year.  

    I love my new confidence in being able to save!

    Like 3
  • November came in with a bang and I had to cut my New Car Savings Goal Short. Literally the wheels fell off my car (brings new meaning to the phrase people use) and I had to buy a new to me car. Still needed to take out a loan, but it could have been much worse. I ended up being able to put a 14k down payment on a used 2018 Prius.

    RIP my Toyota Corolla, you were taken too soon by Rust. 馃槩

    Even with this set back I still reached my overall savings goal a month early.  My investment accounts are looking pretty nice with the extra inflow of money at the end of the year.

    • Retirement: $5,500.00 / $6,000.00
    • New Car: $5,814.24/ $6,000.00
    • Investment Accounts $2,851.00/ $1,300.00
    • E-Fund:$5,374.61/ $6,000.00
    • Total: $19,539.85/ $19,300.00 馃帀
    Like 3
  • Announcing that we met and exceeded our 2019 savings goal of $60,000 ! FINAL SCORE $65,892.00!

    I feel so blessed by this year. Getting married, getting on a strict budget, and moving into a travel trailer DEFINITELY helped get us to this goal. Our goal was to only live off of one spouse's income, and save the other completely, which we did! 

    I also feel proud of ourselves with how spot on we were with our savings target. We didn't over or underestimate and it gives me all the warm and fuzzies that we met our goal, nearly by a whole paycheck over!

    With these savings, we plan to use it for a down payment to purchase our first rental property, start a family, and continue practicing living off of one spouse's income! 

    Like 4
  • December Check In

    my final 2019 savings challenge check-in total is $36,200, or 113.13% of my stretch $32,000 goal.

    $72.65 in additional income received in November, all interest and cc rewards, which made a total of $1,550 budgeted to the categories I count in this savings challenge  in December and brought me to an all-time high for savings. 

    $16,608 of my 2019 savings came from my income and me working my budget like a pro.

    $19,592 of my 2019 savings came from what I would call extra, one-time, or unusual income:  $10,000 inheritance; $5,945 health insurance payout; $1,220 gift(s); $724 various tax refunds; $156 survey candy; $300 old loan repayment; $640 bank interest; $470 cc rewards and loyalty rebates; and$136 in lottery winnings.

    I'm looking forward to the 2020 savings challenge, and I think that I may set my stretch goal at $20,200 in honour of 2020. 馃檪

    Like 4
  • End of year check-in...

    Maxed out my Roth IRA for the first time ever and built up some of my EF. Thanks for an inspiring community challenge!

    Like 4
  • December Check-In

    Part of a bonus has gone towards the last of my goals and brought my end of year result to 109.77% of my goal! 馃暫

    I'm putting together lofty goals for 2020 to ensure the best use of the rest of my bonus and a 12% pay increase.

    Thanks for all the inspiration and encouragement, you'll see me again next year!

    Merry Christmas and Happy New Year everyone :)

    Like 4
  • Last check-in for the year. It has been a very rewarding 2019, and I feel grateful to having been able to contribute more than expected for the year.

    My final number is 鈧57,351.99 an amazing 124.63% result on a stretch goal of 鈧46,019. Never in wildest dreams could I have foreseen this result.

    I feel humbled and thankful. My goal is to become financially independent of paid work, and this year has been great both in terms of savings contributions as well as stock market results.

    I wish all of you a Merry Christmas and all the best for 2020!

    Like 3
  • Haven't updated here in a while, but have still been updating the spreadsheet, and I'm happy to be finishing the year at 108% of my goal. There was quite a few times this year when money was tight and it was tempting to allocate the spare $50 or $100 to the fun money or grocery categories, but the thought of not having a number to add to the sheet that month really helped! It wasn't always a lot, and there's certainly categories I could reduce, but it's been a good result for a goal that I thought was a bit ambitious for me to start with, so I'm very happy!

    Merry Christmas/Happy Hannukkah/Nadolig Llawen etc, and best wishes for everyone in the new year!

    Like 3
  • Closing up the year.  Haven't checked in in the last few months but I did just now go back and run the numbers.  My husband got his raise in September, we increased his retirement by 1% of salary, increased the kids' 529 contributions by another 1% of his salary, and put huge chunks of money into our vacation funds and new car fund, as well as bolstering the Xmas fund (we forgot to budget for the kids buying presents for each other and us!).  This month we received payment for an accident we were found not at fault for - the car is drivable, we want to replace it anyway, no point in repairing it, so that went into the car replacement fund.  We also received a large gift, which will go towards replacing our windows; we are planning on scheduling that in the next month or two instead of the fall of 2020. 

    We exceeded my goals for 2019 - 117% of my target goal.  I'm pleased.  Thanks to YNAB, our net worth has improved some 20% this year.  I've been YNABing for 11 months.  We've relaxed some, I started a new hobby and that's been expensive, but overall we're doing well.  

    Looking forward, 2020 will be a year of great expense and decreased net worth, as we plan on replacing the windows, repaving the driveway, taking an extensive vacation that we've been saving for for 3.5 years, likely replacing our oldest car, and beginning to replace the flooring and paint all of our bedrooms so that we may give each of our kids their own rooms.  Also paying largely out of pocket for orthodontic expanders for the middle Technicub.  AOM and DOB will tank, but these are planned expenses.  I'm not sure we'll be able to get away without a car note when we replace the car.  We've also mentioned trying to put off the car purchase or use what we've saved to replace the car to pursue a service dog for our son.  A local group trains service dogs for 'only' $12k for those whose applications are accepted, the other 20-30k is covered by donations.  I'm not a dog person but I can't help but think that a dog would be hugely beneficial for his emotional stability and energy levels.  It's something to consider, but I won't throw his name into the ring until we're back from our vacation.

    Like 3
      • Technicolor Cheetah
      • Not sure when I became a cheetah...but I'll run with it
      • technicolor_cheetah
      • 2 yrs ago
      • 1
      • Reported - view

      I should note that in January and February of 2019, we met with a financial advisor, who actually turned me onto YNAB.  During the course of 2019, we've been putting her advice into play, although it's not represented in YNAB.  I'd been sitting on an inheritance for over a year by that point that was in an off-budget account (budget accounts are joint money, our personal accounts are not part of our joint budget).  I put 1/3 of the money into my kids' 529s, 1/3 was invested into a brokerage account, and 1/3 was placed into quarterly CDs as our emergency income replacement fund.  The brokerage account and the CDs are now tracking accounts but I don't include those in calculating the increase of net worth.  

      Like 1
  • Its the end of the year and time for my last Savings Challenge Update.  Added another $1,137.48 to the pot and even had a little to add to the Next New Car fund! Yes, I'm already starting the process of saving for the replacement for this one since it will happen eventually. Rather start now than be rushing against the clock like I was this time around.

    • Retirement: $6,000.00 / $6,000.00
    • New Car:$5,824.52/ $6,000.00
    • Investment Accounts: $3,376.00 / $1,300.00
    • E-Fund:$5,476.81/ $6,000.00
    • Total: $20,677.33/ $19,300.00

    Hope Everyone Has a Happy New Year, Seeya in the Challege Thread! 馃コ

    Like 3
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