I am setting a goal to save for a down payment to buy our first home. Goal is to save $7500 by June 1 (going to save $1500 per month starting January).
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I’m Brian, and I would like to save enough to contribute two extra principal-only payments to pay off my car loan.
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My goal is to pay off my car loan of $11,000 by Dec. 2021.
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Great job coming up with a SMART goal!
Paying down debt is an awesome goal! Do you have a date you’d like to complete that by?
By Dec 31, 2021, I want to have made two additional payments. So I’d like to do one in June, one in December.
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My goal for 2021 is to pay off $12K in credit card debt and save money for christmas. So i can focus on paying off my mortgage by 2024.
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I’m George and I would like to save an $1,000 emergency fund by 30th June 2021.
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My goal is to save/cashflow the €3,400 I need to pay for a 52-week programme at a weightloss clinic at my local hospital. Technically, I already have the money saved but since the start of the programme keeps getting postponed because of COVID, I’m going to see if I can pay for it without touching the actual savings account. Money should come from side-gig income and anything left over at month-end that was budgeted but not spent.
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Welcome @Moonwaves! Saving up for your program rather than dipping into savings is an awesome idea! Can’t wait to hear more about your saving progress throughout the year.
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My goal is to pay off 8k in consumer debt by December 31, 2021, raise my credit rating and start building an emergency fund with a minimum of $200 per month
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January Update!
Hi Goodbudgeters - Welcome to the first official month of the SMART Savings Challenge. Great job coming up with your specific, measurable, attainable, relevant, and time-bound goals for 2021! You’ve decided what you’re saving for, how much you want to save in total, and when you want to finish.
Now we want to know:
- How much will you set aside each month? Make sure this fits with the rest of your budget so you can put your plan into action.
- Why is your goal important to you? Keeping this in mind throughout the year will help keep you motivated, and it will help us cheer you on too.
Leave a comment and let us know!
My original goal was to save $4000 over 16 months for a bathroom remodel - $250/month. With the new stimulus checks and a larger than expected tax refund, I now only need $2200 to reach my goal. So I’m going to really stretch and try for that by the end of May, which will be $440/month. I’m honestly not sure it’s doable, but it would be so great to do the bathroom this summer instead of waiting another year!
I bought my house 10 years ago, and the bathroom is original to the 1950s when it was built. I’ve wanted to remodel all along, but something more urgent always jumps in line (furnace, AC, water heater, and pipes). It’s functional, but ugly and covered in way too much tile. This is the final “big” cosmetic update to make my home really suit my needs and taste.
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I’m Lexi and I want to max out my 401k, Roth IRA, and HSA for the 2021 year and I want to add $5000 to my emergency fund by end of 2021!
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Paying off debt and building an emergency fund are two goals that make a good pair!
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Good thinking to put those windfalls to use so you can make quicker progress on your goal! It sounds like crunching the numbers on how much you will try to set aside each month helped you see that it might be possible to speed things up a bit. And thanks for sharing why this goal is important to you!
Welcome, Lexi! It sounds like you’re focused on tax-advantaged savings and your emergency fund. Have you thought about how much you’ll set aside each month to help you reach your goal?
Thank you! Now to figure out how much money to dedicate each month to attain my goal
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Hey, Kaitlyn here. A small goal, but I want to save $100 a month so I will have $1,200 next year to pay off my $6,000 car loan. I’m already making monthly payments, but a lump sum would feel so satisfying! One step at a time!
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