;). MUSIC STORE - Make Money with Affiliate Business Website, Earn Money At Home! I saved up for and pulled the trigger on new laptop, new smart TV, new iPhone in 2019. Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $11,250.00 / $15,000.00 (75% complete). YNAB Review 2020 – Yes, You Need A Budget! I have the same 20/200 goal for my current vehicle. $55 for 2x tickets to a local holiday event. Ability To Transfer Money: N/A; Fees: The free plan costs $0. If you don't spend all of your funds in a given month, the leftover amount will contribute to next month's goal...when the new month arrives. we forever kick debt and rebuild our emergency fund.. Once our debt is wiped out (April at latest) I plan to start hammering the savings and the goal for 2020 is $15k (30k e-fund total but baby steps). PhysicsGal Do you find that it gets booked up pretty quickly and do you plan certain times of the year that just aren't available so you have time to yourself? If you do it, use Beyond Pricing to set your prices algorithmically. Very inspiring :). Hope your continued focus and the awesomeness that is ynab and the ynab community help you fully fund both of yours this year. 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 am setting my intentions early to avoid any creep that would see my raise disappear. Decide what you want to do with each dollar that comes into your bank accountbefore you spend it. Optimist The goal still works on a monthly basis, it just uses the weekly info in determining the amount that you need for the month. Total savings YTD: $10,967.90, which is 37.58% of our total goal! On average, new users save $600 in the first two months, and more than $6,000 in the first year. 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! $100 for extra holiday clothing (ugly Christmas sweaters, etc.). Unique Feature: The envelope system takes a digital form. KnitPurlKnit oooh, that $500 will feel really great when you get to choose where it goes! Nothing feels like adulting quite like maxing out retirement accounts and buying appliances! Goal tracking: Set goals and break them down into actionable monthly budget items. My truck was 18 years, had 182,000 miles on it, looked great and was very reliable. Emergency Fund = $500.00 / $1,200.00 (42% complete). Customer Support is available through a very advanced and user-friendly self-help platform. Now, we start saving all over again! I claimed line 34. :). Angel's Mom Excellent call on the replacement vehicle fund! Christmas, yes. Then the frame cracked. WORK, AT HOME, BUSINESS FOR SALE, MAKE MONEY. I've been working on a big emergency fund for a long time and should be able to finish in 2020. YNAB is solely a budgeting app, and it was built on a few seemingly simple rules:. 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. I'm saving for: Wishing everyone a Happy New Year and best wishes on your savings adventures. April check-in (complete): We saved $2,206.76 as outlined below. KEY FEATURES: Bank Syncing Easily connect all your accounts in one place and import your transactions, so you always have up-to-date information. Really hoping to pay for a new car in cash in a few years. ;). Unfortunately we are down one job due to COVID-19. I'm pretty sure I can get to $12K without breaking a sweat, but $15K will be a challenge. © 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. Unfortunately we are down one job due to COVID-19. Goal Tracking is a tool within the YNAB app that helps you set budgeting goals and stick to them. Annual Medical Deductibles for 2 people = $7,792.54 remaining. January to March are typically my lowest spending months of the year. I took line 27 - My overall goal is to have 30,000 as an emergency fund. You saw that right—YNAB's goals got a facelift! YNAB GOALS DECISION TREE Is this category for spending or savings? Last month, I used the savings to cover some medical expenses, and this month, I got reimbursed for those plus a rebate from something else allowed me to contribute extra back. YNAB is one of the most popular budgeting apps out there. I have a new overseas vacation to fund as well as elective surgery to pay for. Three years later and I'm on track to make an upgrade when I do need to replace my car. 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? You got this! bookyarncafe That's awesome! I have about $1,000 in savings right now for emergencies. Below are our revised savings goals for the remainder of 2020: July check-in (complete): We saved $1,350.00 as outlined below. The younger kids have been told they get a phone somewhere in 6th grade, so that's a known expense to plan for, and unfortunately, I fear my younger kids may be more prone to losing their phones...   $20 a month isn't a lot, but that's a new iPhone 7 in about a year. Currently, I don't have enough budgeted to reach that goal, as I'm also aggressively paying down debt, but goals are good, and I'm going to consider this $1,000 a stretch goal for 2020. Took line 22 - my goal is 10K in my categories that aren't everyday. Should leftovers count towards next month’s goal? We're also going to both max out Roth IRAs for the first time in 2020. Annual Medical Deductibles for 2 people = $112.08. You Need a Budget, often referred to as just YNAB, is a premium budgeting app that has a primary mission of helping you get control over your budget and finances. Eat out less frequently? This year I'm in replenishing the categories mode. 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 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. Our revised target savings goals for 2020 are as follows: As such, for 2020 our target savings goal = approximately $2,432.43 per month / $29,189.16 for the year. Work from home jobs! 2. The plus plan costs $7 per month or $60 per year. Electronics Replacement Fund (Computer, iPad, Kindle, iPhones): $281.43 per month / $3,377.16 for the year. Updates are still rolling into this thread, so I won't close it just yet, but the 2021 Savings Challenge is LIVE! I am hoping this challenge will help us stop ignoring them because we know that it will become necessary to replace these items at some point - or, if we fail to save appropriately, to live without them! My previous laptop and TV were both 9 years old, and the iPhone was a major step up from the Flintstone flip phone I stayed with through my debt smackdown and my e-fund building year. Stop impulse buying when you're out? See everyone at the end of January with my first update! Hi! What was once a  Target Balance goal is now Target Savings Balance, and they work exactly the same! Reports in the form of charts and graphs can help you gain a holistic view of your finances. Emergency Fund: $100.00 per month / $2,200.00 for the year. I also bought 8 months of an expensive OTC medication for my kid (at $50+ a month, it's pricy) and we tend to make end of the year charitable contributions to our charities of choice). I'm very glad to have found this challenge and I have claimed line 10. January check-in (complete): We saved $2,606.64 as outlined below. Christmas: $450.52 / $921.00 (49% complete). $100 for holiday fun activities out with friends. Hello from the UK (line 32)! Done. There's also a spot for your forum journal link in the spreadsheet if you'd like to share! Please use this thread every other week to discuss and receive critique on your YNAB categories! Annual Medical Deductibles for 2 people = $7,782.32 / $8,691.00 (90% complete). Yay for added security, extra buffering and more funds! We added another sub-category that we had forgotten. They figured out how to make budgeting fun. just_zoshin I had the same problem with autosave via my bank. CNBC Select can help you decide if it's right for you. We got serious about debt last fall and wiped out our Visa and MasterCard accounts. For me I just need to focus on not touching the money that is saved each paycheck. 2020 Official YNAB Savings Challenge Spreadsheet. I needed to use the emergency savings to cover out-of-pocket medical expenses. Simplifi by Quicken is our new top pick for the best budgeting app for most people. 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. It's not just Christmas, though, the last 2 months of the year are just expensive when it comes to expected expenses. Line 8 is mine. Building up the house fund. Also, I'd like to increase my "Condo" SF. Total savings YTD: $15,032.42, which is 51.50% of our total goal! (50% complete). Don't worry! 20% of gross seemed like such a high goal but then I realized you are counting your 401k/403b savings as part of that goal. You build these goals into your budget, and YNAB keeps track of your progress. June check-in (complete): We saved $4,103.43 as outlined below. I'm in again. You may have been able to meet some of your 2020 goals without putting forth as much effort as you had expected. Vacation - $200 per month ($2,400). Having to pay for house maintenance fees already so I'm putting a lot into that now (plus more than usual in emergency fund!). REVISED GOALS: We took a closer look at our savings goals and made some revisions. With that, I will stop sending contributions to my emergency fund. My 2020 Goal is $22,500 and my stretch goal is $25k. YNAB vs. But when there are so many apps, how do you choose which to use? Some expenses are fixed: utilities, rent, cable. I’m working off an iPad now and would like a computer again. Slate Blue Violin Let's celebrate that debt-free status as long as possible!!! 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. I am new to the forums and the challenges. Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $8,750.00 / $15,000.00 (58% complete). The most important thing is DO NOT TRY TO JUST FIGURE IT OUT YOURSELF. I maxed out my Roth for the 1st time in 2019 and it felt amazing. The best budget apps are user-approved and typically sync with banks to track and categorize spending. IT career goals 2020: Most-wanted technology and core skills. Done. Anything extra this year is going to paying off the car and student loans.   You got this! Homeowner expenses add up so so quickly. Wishing you well in 2020! The former By Date goal is now the By Date selection under Needed for Spending. Most went to his daily credit card that crept up there...Paid in full but still gets used. Emergency Fund = $2,100.00 / $2,200.00 (91% complete). 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! Take those dollars before you even notice them! 20% of gross seemed like such a high goal but then I realized you are counting your 401k/403b savings as part of that goal. YNAB will help you break the paycheck to paycheck cycle, get out of debt, and save more money. 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. Line 19 claimed! Claim your line on the spreadsheet below, and share a summary of your savings goals in the thread. Ivory Tiger  Congratulations!! Reports. Overview. 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. On average, new users save $600 in the first two months, and more than $6,000 in the first year. Will you spend all this money at one time? I claimed line 20. thebookishknitter These are great goals and I know future you will thank you! It's an interesting shift! This year, I'd like to focus on adding extra to my health and medical SF to have enough to cover potential maximum out-of-pocket for a year, which would be $6350. I find the alternative tempting, but we never make much overall progress that way. Our goal for 2020 is to get more consistent/intentional about paying ourselves first in order to avoid future debt. Try it free for 34 days. December check-in (complete): We saved $1,350.00 as outlined below. Monthly Rollover Fun. YRateMV.... Technicolor Cheetah Sounds like a great call! Top YNAB Alternatives. Welcome to the official YNAB savings challenge of 2020! You can even choose which day of the week you would like your Weekly goal to be funded by! YNAB is all budgeting, all the time. This year I am continuing goals like a Grad Gift, Christmas and Car Replacement fund. With all the chaos of 2020, it's more important than ever to shop small. Keep an eye out in 2021! Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $13,750 remaining. Ah, realistic pacing, the true sign of YNAB maturity. by George Windsor Updated: January 17, 2019 Budgeting Tools. We just moved in August, so I'd like to seriously bulk up our home emergency fund just in case. Are you saving the same amount each month? Annual Medical Deductibles for 2 people = $7,570.24 / $8,691.00 (87% complete). Rule 1: Give every dollar a job.You take the money you earn and allocate every single dollar you make to different expenses. We have a Gizmo and Gadgets category for repair/replacement of my phone/computer/the house wifi network equipment and backup hardware (spouse's work pays for his phone and computer). Our target savings goals for 2020 are as follows: As such, for 2020 our target savings goal = approximately $2,190.68 per month / $26,288.20 for the year. April check-in (complete): We saved $2,244.26 as outlined below. Hi! Read on to find which one might be ideal for your budgeting goals and needs. Keep Calm and Save Money How did your January turn out for savings? Bookmark the spreadsheet and come back to update your progress every month throughout 2020. These allow you to set a target amount that YNAB will prompt you to budget, and you can spend up to that amount without becoming underfunded. Annual Medical Deductibles for 2 people: approximately $724.25 per month / $8,691.00 for the year. November and December are high-spend months for us as well. Some of its features are bank syncing, on the go, personal support, debt paydown, reporting bliss, and goal tracking. If you search on Reddit or other popular money forums, you will see overwhelmingly positive reviews, and lots of fans that adore everything about YNAB. I'm participating in both this one and the debt challenge this year, I find that doing a bit of both makes me feel progress faster. Learn the ins and outs of spending and savings goals in YNAB, as well as when and where to use each goal type. It’s almost impossible not to fall in love with the budgeting tool called You Need A Budget, or YNAB for short. Annual Medical Deductibles for 2 people = $898.46. My initial goal was to save up enough to be able to replace my car and buy a comparable used car (another 5-year-old car) in 5 years (by 2022). Cadet Blue Cobra Welcome! 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. We also need to paint the exterior in a couple years and since I just said it out loud, it's not an emergency and we'll need to save for that! Since that time, I've discovered how freeing it is not to worry if I actually had the money after making "normal" purchases like groceries and fuel for the car. Create reports: YNAB can output graphs, line charts, pie charts, spreadsheets, trend reports, and other reports to help you better visualize and understand your financial situation. I have the initial emergency fund, but I now want to take the next step this year by having a fund for insurance deductibles. Keep Calm and Save Money I love that you're saving and paying for grad school as you go! Everyone is welcome to join in on this challenge, regardless of the size of your goal or the date you get started. We've got the world's worst dishwasher at the moment and some workarounds for the washing machine We know we have to paint the house exterior and we have a solar contract up in 14 years (we're in Arizona and it was paid for in full by the previous homeowners) that we're considering saving to renew. Goals are at the heart of every successful budget, and now they’ve got some fresh new updates. So far the solar has been worth it, but we'll need to keep monitoring to be positive. I like this method, as it allows you to create a goal amount for everything in your budget. all other categories below). I'm sure this is heavily location-based, but I find that intriguing! 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. No_Worries Welcome to the forum and the challenges! You can set six different types of goals with YNAB, two for spending, two for savings, and two for paying off your credit card debt. $200 for extra groceries needed for the holidays. Here are 2 more articles to see how YNAB compare with other budgeting apps: Mint vs. YNAB 2020 | Is YNAB or Mint Better for Budgeting. And I hear you. If I say it aloud, it will happen - right? Stacy C Hubby got a Christmas bonus from work yesterday. I'll be honest, I … Unlike YNAB, PocketGuard offers multi-factor authentication tools to keep your data protected. First is going to be working on my EF and vacation, but I just created a Wish Farm entry for paying off my AC loan, which I picked up when my central AC busted and had to get a new unit. Escrow items (2x Car Insurances, Homeowners Insurance, Earthquake Insurance, Property Taxes): $6,250.00 / $15,000.00 (42% complete). No interest, no late fees, no credit … Updated July 29, 2020. I look forward to participating with all of you. YNAB vs. Quicken: Which Budget App Should You Use in 2020 It looks like February's calculations may have had a typo but this total is correct for March. If you nerd out on data, YNAB gives you the ability to run both macro- and micro-level reports on your finances. In about 20 minutes, you can build a customized zero-based budget from scratch. It's a great call to set those intentions for future raises. The AC will hit expected lifespan between 2023 and 2028, the furnace between 2026-2030. After those home maintenance jobs, we need to replace the carpeting in the house with vinyl or laminate (dang allergies). Goals. Our Verdict. Note: This post is part of our roundup of the best budgeting software. Last year I was in the Debt Smackdown Challenge and I am also this year. 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. I want to be one month ahead with expenses so this $300 will go towards that goal. The 2019 savings challenge resulted in over $1,565,000 saved and we're still seeing updates added in! A few times I've noted $10-$20 worth of items I was going to buy but walked away and moved it right away and I find that helps too. This is for all my necessary expenses and cutting out cable and subscriptions for three months. I am aiming for $52,000 of savings which should be pretty doable based on our income and current levels of expenditure. This is my first YNAB savings challenge. As of August 31, I have saved $686.04, and am 69% of the way to my goal! By purchasing one of these items, you're supporting the dreams and families of fellow YNABers. Total savings YTD: $23,968.93, which is 82.12% of our total goal. Does this spending occur monthly? I started playing with YNAB about 7 months ago to see if it would work for me. For more information on weekly goals, check out the web and mobile articles! I'm looking forward to spending this year with all of you! 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Like this method, as it allows you to create a goal of $... Realistic pacing, the True sign of YNAB maturity to every two years still used! Between 2023 and 2028, the last 2 months of the Insurance deductible!!!!