2018: The Official Savings Challenge

Copied  from and linked to the old...ahem...more mature forum here with the blessings of  speaking_of_art , who is this year's steward of the spreadsheet.

 

Hi Everyone! 

Welcome to the Savings Challenge for 2018 - spreadsheet (which hopefully will work!) can be found here. 

Thanks to @Budget_Ninja for creating the spreadsheet and @angiegypsy for hosting last year's challenge, which was a huge success with  $726, 926 saved. 

All are very welcome to join in, no matter the size of your goals/ savings purpose etc - claim your line on the spreadsheet and add your goals for the year to the thread below, 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. 

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  • €6,000 to home deposit (March €600)

    €1350 to emergency fund (150 in from Feb) at €450 inc 150 from Feb- €300 in March

    €100 to car tax in june and €100 to it in Dec €25 to June car tax (not good!)

    €600 towards insurance in June

    €500 for christmas (€20 saved :/)

    €8,650 total  Aim - March saved €945

    Reply Like 1
  • March check-in:

    after budgeting my first paycheque in ynab, I managed to put $50 toward my emergency fund in March. however, I only came up with 86 cents for the stork fund. that is not an April fool's joke. 86 cents. :P hoping this month will yield more as I get the hang of what my expenses really are!

    Reply Like 3
  • Oh, fun, I'm in! My goal for this year is to save a total of 10,000,000 KRW. I don't have an exact breakdown of where I want every won to go to, but it'll mostly be going towards an apartment deposit, with money also going towards my vacation, gift, clothing and Nintendo Switch funds. 

    In January I saved 1,072,942 KRW, which is about half of my monthly salary.

    In February I was able to save 1,265,402 KRW - a new record!

    March was expensive with my birthday, my friend's leaving party, etc, but I still managed to save 261,740 KRW, bringing me to 26% of my goal for the year, so basically right on track.

    Reply Like 3
    • Soymylk 

      Huge Congratulations for saving HALF of your monthly salary in January. That's MASSIVE :D

      P.S. I LOVE you've included funds for a Nintendo Switch ;) You a Zelda fan at all?

      PPS. HAPPY BIRTHDAY 🎂💐🍾

      Reply Like
  • Great job so far YNAB Savers!  Keep it up.

     

    My April 2018 Check-In (cross-posted in both forums - link )

    Big savings month for me. My 2017 tax refund of $350 and another $300 loan repayment from my sister boosts this month's savings amount from the $1,425 I carved out of my income to a nice juicy $2,075. I inflated my stretch goal by another $300 to adjust for the money received from my sister.   $7,500 saved so far for 39.47% of my new goal of $19,000.

     

    It's beginning to look like the funds coming in from my sister are going to come in very handy to replenish my medical category after the extra out-of-pocket costs for my upcoming eye surgery and new glasses. I have more than enough funds in that category to handle what is coming, but I know I'm going to want to rebuild the category quickly.

    Reply Like 2
    • HappyDance 

      Wowzers, Great bonus savings there ;) 

      I've got my fingers crossed that everything goes better than perfect with the upcoming medical stuff. 

      Reply Like 1
      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 1 yr ago
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      Toby Knight 

      Thanks.  I'm a little nervous about anything to do with my eyes, but it's cataract surgery and that is now so common and routine that people are very quick to allay my fears.  Almost everyone I talk to knows someone who has had cataract surgery, and so far no one has brought up any nightmare stories.  This is good.  My surgeon is experienced and highly respected and holds the lead seat at the local university medical school for cataract surgery.

      As for my savings rate, I'm having to stretch to meet my savings goal. I can stay on pace with $1,435 of my own money going to savings goals every month.

      I think I need me a windfall. 🙂

      Reply Like 1
  • an update to my March savings:

    I moved my 86 cents out of the stork fund to a different category, then moved $10 from my emergency fund to the stork fund. so now I have just $50 total savings from March, but it's much cleaner. $40 EF, $10 SF.

    Reply Like 2
  • Got my Tax back from last year which is a nice windfall! 

    But the exciting news is that I'll be finishing up my current job and getting paid all my annual leave that I've saved up... Should be about $4000, that's going to be going into savings, paying my way for the next few weeks until my first payment from the new job (going from paid weekly, to being paid monthly... rough change, but manageable). 

    But that should make a difference in my savings amount as a few bulk payments this month, but it may dwindle as I need to live off them until my first payment. 

    But still... Exciting times XD

    Reply Like 2
  • April Update: Got a fair bit of extra cash this April, so I have set aside $30. But very excited all the categories I've created with a savings goal got money too.

    Reply Like 3
  • April check-in: I increased my annual goal by $100/month, and I'm still 38% of the way there!  Paid off last credit card with interest at the beginning of the month, so May I'll be able to use that cash for savings and rainy day categories. And things are looking a lot better for my husband's job, so a lot of relief there. 

    Great work all YNAB savers!  

    Reply Like 4
  • this month I've added $50 to the emergency fund and $20.37 to the stork fund. I hope I can scrape up a little more as well to toss in before month's end. 

    Reply Like
      • Purple Hail
      • ynot?
      • Purple_Hail.2
      • 1 yr ago
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      ended up with a total saving stash of $80.84 this month, up from the $70.37 i originally reported :-).

      Reply Like 1
  • Well a surprising turn this week... I got quite a few BIG payments, some I was expecting, some I wasn't!

    So I had my Tax Return from last year, my owed holidays from a job that I just finished, and inheritance from a relative. So all up (minus a few big expenses mainly a new computer because my main computer was a work one), I just hit 92% of my savings goal!! I certainly didn't expect to hit it so soon. I'm incredibly grateful to everything that's happened recently, and all the amazing opportunities that's happened recently. 

    I will need to dip into it over the next few weeks a little bit until my first pay check from my new job, but I anticipate to either recover from this and actually get to 100%, or be extremely close to it! 

    So once I've hit 100% I will go into debt killer mode, and I do very much expect to do that next month! 

    Reply Like 3
    • Toby Knight Congratulations! Such a great feeling to have your savings goal almost met already and to know you can soon focus on paying down debt. So freeing!

      Reply Like 1
    • Thanks Spring Green Rain ! 

      I'm very much looking forward to having that buffer there as security for anything. 

      Looks like you're in a similar place in your progress too! So equal congratulations to you too! 😀

      Reply Like 1
      • Navy Blue Unicorn
      • Science is real.
      • Navy_Blue_Unicorn_6d071
      • 1 yr ago
      • Reported - view

      Toby Knight yay!!!

      Reply Like
  • Mid month check in €6,000 to home deposit (April €450)

    €1350 to emergency fund €144 in April so far

    €100 to car tax in june and €100 to it in Dec €25 to June car tax

    €600 towards insurance in June- 18.85 so far :(

    €500 for christmas 0 saved :/

    €8,650 total  Aim - April so far  saved €€637.56 (€945 in March) not great so far

    Reply Like
  • April Check in

    faboulus spring is here. And with him, pollen. Well however, at least my saving goals don't burn in my eyes ^^. The numbers for April are as following:

    Total saving Target: 

    Total: 25758 CHF

    • 1614 CHF Retirement (+350 CHF)
    • 300 CHF Fedcon (+100 CHF)
    • 340 CHF Edinburgh (+100 CHF)
    • 800 CHF Taxes (+200 CHF)
    • 3113 (+1501.40 CHF).

    Total: 6167 CHF (+2465.40 CHF) or 23.94%

    Sadly, i missed my target of a zero balance on my banking account by the end of april. But I'm close, very close. At least my savings here made a huge step

    Regards

    Orchid Beat

    Reply Like 2
      • Orchid Beat
      • On my way back to a Linux Geek
      • Orchid_Beat_b30dcd93535
      • 1 yr ago
      • 2
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      Orchid Beat Whoops, little copy/paste misstake. Retirement is +564 CHF, not +350

      Reply Like 2
  • My April check in: Ended up saving less than I'd like thanks to some unexpected expenses.  But I didn't add to my debt and still saved another $959 toward my 2018 goal. Now over 78% of the way there, but several challenging months ahead. Onward...

    Reply Like 1
      • Navy Blue Unicorn
      • Science is real.
      • Navy_Blue_Unicorn_6d071
      • 1 yr ago
      • 1
      • Reported - view

      Spring Green Rain anytime you don't add to debt, you WIN!

      Reply Like 1
  • end of April/May check in:

    My Savings Challenge for this year is to teach myself to save for the sake of saving, and not include the savings I make for specific categories like vacations, as I consider that money to be spent.  Ideally, my goal is to have 6 months living expenses saved and start an investment fund.  Now, before, I have saved for those amounts but then would spend that money.  The money ended up being considered extra cash that got added to another expense. So, for this challenge I'm not focusing on the amounts, but building habits. The goal is next year, when my debt is cleared, I can move forward on those habits and build the reserves, while still travelling and enjoying life.

    Having said that, I've done something I'm impressed and shocked with, and I believe that is a part of the new habits I am creating. I have said no to going to 2 family weddings this year, as it required travelling out of the country. Really unheard of for me, so, I think it is a good start and shifting of priorities that I wanted to create.

    Also, I'm really happy with how my savings are going. For May I've added $40 to my savings, that is $10 up from last month. And every month I have increased my amounts, plus increased amounts I am putting aside in later expenses categories that I don't include here. And I'm still living on last month's pay cheque which brings me endless joy.

    Savings

    JAN  

    FEB  

    MARCH

    APRIL 

    MAY

    TFSA

    0

    0

    10

    10

    20

    Investment

    0

    0

    0

    20

    20

    Reply Like 3
      • Navy Blue Unicorn
      • Science is real.
      • Navy_Blue_Unicorn_6d071
      • 1 yr ago
      • 1
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      ISuckatMaths I love your strategy!

      Reply Like 1
      • ISuckatMaths
      • Where Budget and Math collide
      • ISuckatMaths
      • 1 yr ago
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      Navy Blue Unicorn Thank you so much. It's incredibly hard, especially because I don't earn normal incomes and have been unable to work properly. So, these small amounts are actually large amounts for me and what I get. That's also what I'm so happy about as I'm still saving.  

      Reply Like
  • Happy May, everyone!  Angela Brady : I totally hear you on the pollen, ACHOO!!  I'm still doing the dance of no credit card payment for May, I feel so happy about that!  Put my first half of savings goal away with the first paycheck of the month. Looking forward to spending some of my saved up money for a writing retreat on the coast in June!  

    Reply Like
      • Navy Blue Unicorn
      • Science is real.
      • Navy_Blue_Unicorn_6d071
      • 1 yr ago
      • 1
      • Reported - view

      Navy Blue Unicorn 40% of the way there!  yay!!!

      Reply Like 1
  • Well I jumped in on the 2018 Debt Smackdown, so what the heck, I'll get in on this one too.  However, I won't have any check ins for a few months as we are paying down debt first before moving on to savings.

    Our goal is $10,000 in an emergency fund.

    Reply Like 2
  • May 2018 Check-In (cross-posted in both forums - link )

     
    I added another $300 to my stretch goal for the money received from my sister.  $9,075 saved so far for 47.02% of my goal of $19,300.

    Reply Like 1
  • April check in, a bit late:

    Savings: 398.32 in the Wee travel fund

    352.98 in the Big Travel Fund (trip to Europe this month!)

    100 in christmas, for a total of 851.30. This is 3169.66 for the year so far, 59.975 of my goal.

    Reply Like 2
  • May check in: made the decision to transfer $500 to a new bank to take advantage of their offer of $400 to do so!  Have to leave it in there for 6 months, so I'm counting it as savings. Also funded college savings, summer savings, xmas fund, home maintenance fund, and writing retreat, which I put in the spreadsheet. Other smaller sinking funds I'm not tracking here, but did add to. hooray, I'm 53% of the way there!  yay!

    Reply Like 2
      • Yertle
      • Yertle
      • 1 yr ago
      • 1
      • Reported - view

      Navy Blue Unicorn Which bank? That sounds like a great offer!

      Reply Like 1
      • Navy Blue Unicorn
      • Science is real.
      • Navy_Blue_Unicorn_6d071
      • 1 yr ago
      • 1
      • Reported - view

      Yertle Hi Yertle, I got the offer from Key Bank; it just showed up in my mailbox. I checked them out and they seem to be a decent bank. I like my credit union better, and it will cost me $7/month to keep my money at Key, but I still end up $358 dollars better to pull out in 6 months and move back to my credit union!

      Reply Like 1
  • YNABers: we have collectively saved over $379,000!!!!!!!  WAY TO GO!

    Reply Like 4
  • In May, I will put $55 to my emergency fund and $28.24 to the stork fund. will update if I have any more to contribute to it.

    Reply Like 2
      • Purple Hail
      • ynot?
      • Purple_Hail.2
      • 1 yr ago
      • 3
      • Reported - view

      Just wanted to add that I have modified my savings goals (as in purpose, but not amount) for this challenge. I had divided this into beefing up the emergency fund and a stork fund for an eventual baby #2. I am now bumping down the amount that I was going to add to the EF, and adding that amount to a new goal of a small Moving Fund. because if I do get pregnant, we gon' need a new house. so my savings for May is now $85.59 total.

      Reply Like 3
      • Purple Hail
      • ynot?
      • Purple_Hail.2
      • 1 yr ago
      • 2
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      Purple Hail finals savings for the month $88.64. 

      Reply Like 2
  • My May check in:  Saved another $983, so I'm now over 79% of the way to my 2018 goal.  Was slated to save more, but yesterday I finally got the chance to buy Hamilton tickets for when the tour comes to my town. Now I'll be going to see Hamilton during my birthday weekend this Fall! And best yet, I was able to buy tickets from the theater,  avoiding the secondary market's over-inflated prices.  So I dipped into my other categories to reassign dollars for the $383 for 2 tickets, and it is worth Every. Single. Penny!  There's the YNAB flexibility working toward my priorities yet again!

    Reply Like 3
    • Spring Green Rain So I was able to add almost $200 more to my savings for this month, making it a little over $1156, and now I'm over 80% to my goal.  I'll take it.  One month at a time.

      Reply Like 1
  • Hello, June Check in

    So this month I'm maintaining my amounts. That's because I've consolidated my debt and very close to clearing another debt, so savings I'm keeping low. But within the next two months I hope I can increase the amounts.  However, I'll have to see as I have a huge cost coming in during Aug/Sept that I wasn't able to save enough for and won't be able to avoid.  But at least I'm learning the concepts of sacrificing the now, to benefit for the later. Which has been good, as I've always been about the now.  Patience is starting to be a wonderful thing, especially, if it's treated as a game :P

    Savings 

    JAN   

    FEB   

    MARCH 

    APRIL  

    MAY 

    JUNE

    TFSA 

    10 

    10 

    20 

     20

    Investment 

    20 

    20

     20

    Reply Like 4
  • May Check in

    Fedcon is already passed, what was saved for this year is used, but my savings here are for Fedcon 2019. This means: i still count this counter upwards. The rest is as usual. The numbers for May are as following:

    Total saving Target: 

    Total: 25758 CHF

    • 2178 CHF Retirement (+564 CHF)
    • 400 CHF Fedcon (+100 CHF)
    • 400 CHF Edinburgh (+60 CHF)
    • 1000 CHF Taxes (+200 CHF)
    • 3538 (+425 CHF).

    Total: 7516 CHF (+1349 CHF) or 23.94%

    Sadly, i missed my target of a zero balance on my banking account by the end of may too. reason for it is written in the debt smackdown challenge. It is mostly the public transportation

    Regards

    Orchid Beat

    Reply Like 1
  • June 2018 Check-In (cross-posted in both forums - link )

     

    I'm right on track to hit my stretch goal of $19,300 by December.  🙂

    Reply Like 1
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