Technicolor Cheetah ACK! We tried other budgeting tools before YNAB, ... YNAB’s goal tool lets you save by either allocating a monthly saving rate or choosing a target balance by a particular date, for irregular bills like car registration. Even being down to one income, you've been able to maintain great progress towards your goals! Because my cards are paid in full, I don’t actually need to budget any money for these categories. I'm claiming Line 11. YNAB GOALS DECISION TREE Do you spend from this category every month, or are you saving for a future expense? Learn the ins and outs of spending and savings goals in YNAB, as well as when and where to use each goal type. You can link your bank accounts to YNAB, set financial goals, and grow your savings. November and December are high-spend months for us as well. Christmas, yes. House purchase/fund £2,400 (£200/month) Xmas/birthdays £350 (£30/month) Running shoes £150 (£12.50/month) Vacation/course/retreat £1200 (£100/month). Veronica Congratulations on paying off more debt than you could have imagined! It brings its own set of fees and expenses, but they've been more than worth it in our experience. Do you want money in this category to build up over time? Total savings YTD: $17,192.11, which is 58.90% of our total goal! My husband has a professional conference he goes to each November, we have to pay multiple large bills (lawn service, life insurance, car insurance). With the new By Date goal, you can now choose if you would like it to repeat every given number of months, up to 2 years. As an added bonus, you can now choose on which day of the month you would like to have this goal funded by choosing from the Every selection bar. We have an automatic savings transfer set up for $2000 monthly, so the 24k should be automatic and is moving us closer to buying property for our forever home in 2021/2022. Last year I was in the Debt Smackdown Challenge and I am also this year. I was thinking 20% of gross in excess of what you contributed to your retirement plans. Done. So if I say I need $100 for groceries every week, it will tell me the monthly goal that I need to budget is $400 in months with 4 Saturdays, and $500 in months with 5 Saturdays. It was founded in 2004 after real-life couple Jesse and Julie Mecham realized they needed a better system to budget their money. It's harder to spend what we never see and now with YNAB, we only have the income we have to make our budget with, so IMO it's better to preplan raises and expected additional income events like tax refunds or extra paycheck months. I claimed line 20. thebookishknitter These are great goals and I know future you will thank you! I'm sure that feels great. It looks like you've got great plans! Try it free for 34 days. YNAB will prompt you to budget a certain amount each month to stay on track to meet your goal. Some of its features are bank syncing, on the go, personal support, debt paydown, reporting bliss, and goal tracking. It's a great call to set those intentions for future raises. Reports in the form of charts and graphs can help you gain a holistic view of your finances. Powered by Help Scout. It’s mostly really cool. Next year I will just add to this total. HappyDance   Congrats on doing so well! The AC will hit expected lifespan between 2023 and 2028, the furnace between 2026-2030. Decide what you want to do with each dollar that comes into your bank accountbefore you spend it. NEEDED FOR SPENDING: BY DATE* EXAMPLE USES: recurring bills vacations holiday spending I needed to use the emergency savings to cover out-of-pocket medical expenses. For me I just need to focus on not touching the money that is saved each paycheck. Took line 22 - my goal is 10K in my categories that aren't everyday. It is sad that we can only do $15k per year but since the 2017 collapse of our finances, my wife and I have become experts at making a real budget with real sinking fund categories for things that need to be replaced in the short term and long term saving us another collapse. This is a brand new option where you can choose to set a Weekly goal; you will be prompted to budget your target amount weekly, and spend up to that amount without becoming underfunded. Slate Blue Violin Let's celebrate that debt-free status as long as possible!!! Eat out less frequently? I am always super reluctant to pull funds back from a savings category after I've checked in on the challenge and posted the amount for the month. This is my first YNAB savings challenge. Follow YNAB to get support and lots of great ideas on budgeting. Among the 2020 Best Small and Medium Workplaces, ... You Need A Budget (YNAB) ... Orr Rebuffs Robertson on Adding House Prices to RBNZ Goals. On average, new users save $600 in the first two months, and more than $6,000 in the first year. I wish you continued success with your car savings! TC Jackie I know exactly what you mean about it being more difficult to define the right amount for this challenge. It’s a good goal to have! r/ynab: A discussion subreddit for popular budgeting software You Need A Budget. June check-in (complete): We saved $4,103.43 as outlined below. Emergency Fund = $500.00 / $1,200.00 (42% complete). Below are our revised savings goals for the remainder of 2020: July check-in (complete): We saved $1,350.00 as outlined below. Annual Medical Deductibles for 2 people = $7,792.54 remaining. Our 2020 swag sale has ended. Juggler I'm excited to see your progress this year on those goals! We suggest having enough in savings that, should something happen, you don't have to go back into debt to deal with it. So far the solar has been worth it, but we'll need to keep monitoring to be positive. I'm now putting $50/month into electronics for the next round of replacements/upgrades. Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $15,000.00 / $15,000.00 (100% complete). May check-in (complete): We saved $2,159.69 as outlined below. October check-in (complete): We saved $1,350.00 as outlined below. Can I change my order after it’s been processed? As I wish you too. Here's to a healthy and Happy New Year for everyone! ;). Updated July 29, 2020. On average, new users save $600 in the first two months, and more than $6,000 in the first year. YNAB vs. Quicken: Which Budget App Should You Use in 2020 I can't wait to see your progress this year! 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! My truck was 18 years, had 182,000 miles on it, looked great and was very reliable. April check-in (complete): We saved $2,206.76 as outlined below. You can even choose to repeat this goal, up to every two years. YNAB calls that “giving every dollar a job.” Recruiters and tech execs speak. Emergency Fund: $100.00 per month / $1,200.00 for the year. Super excited to join this challenge and I look forward to following everyone's goals! Christmas - $50 per month ($600). With the latest edition, YNAB has been rebuilt from the ground up. Veronica I owe about 15k on my car right now, interest rate is below 5% so not too bad. Take those dollars before you even notice them! I maxed out my Roth for the 1st time in 2019 and it felt amazing. With that, I will stop sending contributions to my emergency fund. Not this year! So glad this challenge is back. A $25 left over in January means I fund groceries with $25 less in February, so I'll add it to a savings category then. IT career goals 2020: Most-wanted technology and core skills. I just installed/setup the Toolbar for the first time, and when I load up YNAB, my goals column only shows a S/M/D but no amounts. Line 26 reserved! 2021. Maybe by 2020 I'll only be in saving mode! Done. YNAB will help you break the paycheck to paycheck cycle, get out of debt, and save more money. Annual Medical Deductibles for 2 people = $898.46. Done. Done. Nothing feels like adulting quite like maxing out retirement accounts and buying appliances! We recently updated our goals, and they now have new names, along with new customization options. Do you want to budget by the week or by the month? One of our family dreams is to spend summers in Ireland, so I'm interested to hear more about your plans for Canada! I usually get a new phone every two years but am trying to stretch how long I go between phones. You may have been able to meet some of your 2020 goals without putting forth as much effort as you had expected. thebookishknitter How did January go for you on this challenge? I claimed line 6. It's so weird that both are online, but one "feels" further away. Slate Blue Violin Congratulations on paying off your debt and welcome to the savings challenge. At the rate I'm going ($150/month), I'll have enough to be able to buy a 2-year-old version of my car in 2022, and even though my current car turns 10 this year, I've been taking good care of it and expect to last much longer than 2022. 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! You can even choose which day of the week you would like your Weekly goal to be funded by! Aiming to save $5,000 (above accounts plus some extra) this year! Our goal for 2020 is to get more consistent/intentional about paying ourselves first in order to avoid future debt. YNAB is a software platform that can be used across desktop computers, the iPhone and Android operating systems, iPads, Apple Watches, and the Amazon Echo system.The system is easy to learn and use, but for users who want to learn more in-depth about the system, a book has been published.. Electronics Replacement Fund: $3,095.73 remaining. A couple birthdays, end of year giving. While the interest rate is very low (0.9%), I'd really like to get rid of that $500 monthly payment. Ivory Tiger  Congratulations!! Make money from your mobile phone! Line 2 claimed, and I'm declaring my stretch goal of saving $15,000 in 2020. YNAB does pretty much only one thing – help you create a budget and stick to it – and it does it really well. Some expenses are fixed: utilities, rent, cable. Christmas: $450.52 / $921.00 (49% complete). Although our initial goal is complete, we plan to continue contributing $100 per month as this is a high priority savings category for us. Not quite as fun, but it takes care of that need for security so I can sleep at night. I already have some sinking funds which I contribute to monthly - Christmas, travel, electronics. Does this spending occur monthly? Homeowner expenses add up so so quickly. The 2019 savings challenge resulted in over $1,565,000 saved and we're still seeing updates added in! Christmas: $76.75 per month / $921.00 for the year. Medical - $100 per month ($1,200) - this is for office visits, prescriptions, etc. I do  know that I am less tempted to blow windfalls, tax refunds, and cash gifts on momentary treats or pleasures because I'll want to get that extra on my stretch savings goal as soon as it comes in. Goal Tracking is a tool within the YNAB app that helps you set budgeting goals and stick to them. This year I'm setting the bar a bit lower *shakes fist at car loan*. I am new to the forums and the challenges. 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. 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? 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. Stop impulse buying when you're out? I want to be one month ahead with expenses so this $300 will go towards that goal. internettie Building onto your emergency fund is a great goal for this challenge! I'll be honest, I … Cadet Blue Cobra Welcome! https://www.forbes.com/advisor/personal-finance/best-budgeting-apps I typically see those discretionary not-spent dollars added in the next month. It's a beautiful thing! Hope your continued focus and the awesomeness that is ynab and the ynab community help you fully fund both of yours this year. Cheers! You can also use it for expense tracking. You've got a lovely mix of should's and want-to's in your savings goals this year. The "old"  Monthly goal is now the Monthly selection under Needed For Spending. 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. You Need a Budget (YNAB) is a very competent personal finance package that is reasonably quick and easy to use with a raft of features that let you keep tabs on incomings and outgoings. November check-in (complete): We saved $1,350.00 as outlined below. YNAB is all budgeting, all the time. Also, I'd like to increase my "Condo" SF. There is a tendency to believe I can't possibly make it without some unexpected luck, so I will really pin everything down really tightly in the earlier months of the year. 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