CATEGORY FROZEN: Annual Medical Deductibles for 2 people = $8,206.48. Car Repair/Replacement - $388 per month ($4,656). Christmas: $66.78 which is lower than our regular contribution due to a change in priorities. Goals. So glad this challenge is back. I find the annual saving challenge even harder than the debt smackdown, maybe because I was mad at the debt and it's hard to be mad at building up savings? Some of its features are bank syncing, on the go, personal support, debt paydown, reporting bliss, and goal tracking. Emergency Fund = $1,800.00 / $2,200.00 (82% complete). I already have $1,000 from when I was paying off debt so the total I will have by December is $7,000. It brings its own set of fees and expenses, but they've been more than worth it in our experience. I also have a HELOC I want to pay down (this is on the Debt Smackdown Challenge), so we'll see how it goes. I’m working off an iPad now and would like a computer again. Emergency Fund = $300.00 / $1,200.00 (25% complete), Electronics Replacement Fund: $562.86 / $3,377.16 (25% complete), Christmas: $230.25 / $921.00 (25% complete), Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $3,750.00 / $15,000.00 (25% complete). I do have stretch goals in mind if I do reach some things early. I would like to do some other traveling too. On average, new users save $600 in the first two months, and more than $6,000 in the first year. 2020 Official YNAB Savings Challenge Spreadsheet. This year I am continuing goals like a Grad Gift, Christmas and Car Replacement fund. I'm in again. (50% complete). Added $1,000 from tax refund on top of our regular monthly contribution of $100. KEY FEATURES: Bank Syncing Easily connect all your accounts in one place and import your transactions, so you always have up-to-date information. I thought that it would be fun to see what all of your major accomplishments for 2019 were as well as your goals are for the upcoming new year. Once an order is processed it immediately goes to … Keep an eye out in 2021! Electronics Replacement Fund (Computer, iPad, Kindle, iPhones): $259.69 per month / $3,116.28 for the year. The fallout from the COVID-19 crisis has caused millions of people to be out of work. YRateMV.... Technicolor Cheetah Sounds like a great call! xgirlmama We are a small family with minimal gatherings... yet for all that, we had some unplanned Christmas expenses last year that we are trying to plan for this year to give us room to celebrate if we choose to do something. Unfortunately we are down one job due to COVID-19. HappyDance The need for security is high on my list as well. Unique Feature: The envelope system takes a digital form. With all the chaos of 2020, it's more important than ever to shop small. YNAB GOALS DECISION TREE Is this category for spending or savings? YNAB calls that “giving every dollar a job.” I'm very glad to have found this challenge and I have claimed line 10. I look forward to participating in this group and chatting with all of you! Do you need a specific amount by a specific date? Was watching Nick's YNAB Goals: How To Choose [June 2020 Update] video on YT, and he has a Goals column with dollar amounts in it. You can set a target amount that you would like to have available in a category and (optionally) set a target date. Oh cool, I can do this and the debt smackdown this year, since I've decided to make my own baby steps and invest in my Roth and Efund now rather than wait until I'm debt free for that. I found that getting that 1st 1,000 really helped prevent adding more cc debt and I felt so much calmer as I focused on paying down my debt. Faness The good news is I'm fully funding all of my True Expenses (or "sinking funds"), so the emergency fund is really just for the stranger emergencies, and since we had so many of those this year, I'm hoping we are covered for at least a few more months! Slate Blue Violin Congratulations on paying off your debt and welcome to the savings challenge. See everyone at the end of January with my first update! You may have been able to meet some of your 2020 goals without putting forth as much effort as you had expected. 2. YNAB vs. I have 2 a separate savings and checking with Capital One. Each one helps you reach your financial goals … And for once I'd like to have $300 in my Savings account to avoid the $5 monthly fee. Took line 22 - my goal is 10K in my categories that aren't everyday. Done. And I hear you. I maxed out my Roth for the 1st time in 2019 and it felt amazing. I find it difficult to move money out of those very responsible savings categories once they're there. I could save more per month but there are other things I want to save for too. NEEDED FOR SPENDING: BY DATE* EXAMPLE USES: recurring bills vacations holiday spending With that, I will stop sending contributions to my emergency fund. It's not just Christmas, though, the last 2 months of the year are just expensive when it comes to expected expenses. YNAB Review 2020 – Yes, You Need A Budget! Done. I claimed row 29, and I have a goal of just $1,000 for my emergency fund. My retirement savings comes out of my paycheck automatically so I just track the account instead of budgeting to it. Anything extra this year is going to paying off the car and student loans. Electronics Replacement Fund: $1,970.58 / $3,377.16 (58% complete). Three years later and I'm on track to make an upgrade when I do need to replace my car. You’ll define your expense categories (including savings goals) and make a plan for how you’ll allocate every dollar of your income for the upcoming month. My 2020 Goal is $22,500 and my stretch goal is $25k. Decide what you want to do with each dollar that comes into your bank accountbefore you spend it. With the latest edition, YNAB has been rebuilt from the ground up. KEY FEATURES: Bank Syncing Easily connect all your accounts in one place and import your transactions, so you always have up-to-date information. I also like to declare my savings for the month at the beginning of the month, when I budget, rather than gambol along to the end of the month and see what's left over. Done. I grabbed line 1 (mainly to make sure the spreadsheet worked as planned ) and I'm excited to be in the savings challenge this year! As I wish you too. When you do squeeze those extra dollars in a particular grocery trip, do you move the money into the savings category right away or do you wait to see what's left over at the end of the month? It’s mostly really cool. all other categories below). Reports in the form of charts and graphs can help you gain a holistic view of your finances. Among the 2020 Best Small and Medium Workplaces, ... Orr Rebuffs Robertson on Adding House Prices to RBNZ Goals. Now, we start saving all over again! CATEGORY FROZEN: Electronics Replacement Fund: $3,511.93. What an eye opener. I will not include the funds I budget to true expenses this year, only what I budget to the following: HappyDance I love that plan of stretching the goal just enough to feel it, but also be so proud of it! MUSIC STORE - Make Money with Affiliate Business Website, Earn Money At Home! I am saving a little in an RRSP, building my emergency fund back up and saving for graduate school. YNAB will help you break the paycheck to paycheck cycle, get out of debt, and save more money. Unless it's for a vacation - I'm very passionate about those savings categories . It's a great call to set those intentions for future raises. Then we need to save for eventual HVAC repair/replacement and the eventual new roof in 15 years or so. Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $6,250.00 / $15,000.00 (42% complete). As of October 30, I have saved $906.58, and am 91% of the way to my goal! Annual Medical Deductibles for 2 people = $898.46. I also have a referral code, but isabel got there first, and I'm just a ML lurker, so I'll leave that to her. You got this! Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $1,250.00. Do you want to budget by the week or by the month? I’ve decided to connect all of our spending and savings accounts that we use regularly. Powered by Help Scout. We have been laser focused on paying off our debt but I just can't NOT throw some money in savings and build towards that emergency fund, so I will be doing both challenges this year. 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