Join the 2021 SMART Savings Challenge!

kpeck · January 4, 2021, 9:49pm

I can only do $50 a month right now. but hopefully I can create a little nest egg with that.

markluther256 · January 5, 2021, 8:33am

I want to save to start a small community store better known as sari sari store in my country.

Moonwaves · January 5, 2021, 11:03am

It all matters. Even if you could only do 5 per month, that’s still more at the end of the year than you would have had otherwise.

For me, 50 per month is a bit of a mental block thing as well. So after managing to save that much every month for a couple of years, I decided it was time to try for more. But instead of upping the amount going to that savings pot, I started using an entirely different account. It’s silly really, because I’m still saving the same amount, but I just don’t send any monthly payments of more than 50 to any one savings account.However, it works in my head and that’s what counts.

karisa · January 5, 2021, 6:47pm

Thanks for sharing! No goal is too small Why is paying off your car important to you?

karisa · January 5, 2021, 6:48pm

Welcome @kpeck! This is an awesome goal! Can you share why creating a nest egg is important to you?

karisa · January 5, 2021, 6:51pm

Thanks for sharing @Moonwaves! I think setting your savings aside in a completely separate account is a great idea. It sounds like it’s helping to make the commitment more solidified in your mind.

princess76 · January 8, 2021, 7:04pm

My goals are to pay off my car loan of $6,700 and save $7,000 by December 2021.

Laraphipps · January 15, 2021, 7:01am

I would like to pay off our credit card around $2,800 by end of first semester (June) and saved at least $1000 Emergency Fund by end of 2nd term (December).

karisa · January 16, 2021, 12:14am

Hi @princess76 Those are awesome goals! Thanks so much for sharing.

karisa · January 16, 2021, 12:15am

Welcome @Laraphipps! Thanks for sharing Lots of folks are tackling debt and/or building emergency funds, so you’ve come to the right place!

Aperaham · January 26, 2021, 3:05pm

I’m April, I need to build my Emergency Fund, $1000, fully by April 1st!

karisa · January 29, 2021, 1:04am

That’s a great goal! Earlier in January, we asked folks to share why their goal is important to them. Why is your emergency fund important to you?

karisa · February 3, 2021, 5:04pm

February Update!

Hi Goodbudgeters - We’re one month into our 2021 SMART Savings Challenge. Congrats on getting here! By now, you’ve had at least one chance to set your savings contribution aside or make a larger (or additional) payment on your debt. While it might feel like a drop in the bucket now, these payments will quickly add up to something great as you keep going.

Now we want to know:

How much did you set aside (or pay down on debt) last month? Was it more or less than your intended target amount?
How much do you plan to set aside this month?
If you’re budgeting with a partner, how are you involving them in the money goal? Monthly check ins? Something else? If you’re budgeting solo, how are you talking about your goal with people you trust?

Leave a comment and let us know!

MEJKnowles · February 3, 2021, 6:07pm

Since I just heard about this, I don’t yet have something specific in mind, but I do want to start saving. I’m going to start with $50/month & put aside more when I’m able.

Lori_Compton · February 3, 2021, 6:13pm

I want to pay off my off my creditcard debt and still be able to tithe to my church.

karisa · February 4, 2021, 5:44pm

Thanks for sharing, Lori! It’s so cool that you’re hoping to pay off credit card debt while still making giving to your church a priority.

Over the last two months, we’ve posted some questions to help folks reflect on their goals. Let us know, why is this goal important to you? Whether you’re budgeting with a partner or solo, how are you talking about your goal with people you trust?

karisa · February 4, 2021, 5:46pm

Sounds like you might be setting aside funds for a rainy day, and that’s awesome!

We’ve been posting questions to help folks reflect on their goals. If you haven’t yet, leave a comment and let us know why this goal is important to you. If you’re budgeting with a partner or solo, how are you talking about your goal with people you trust?

karisa · February 4, 2021, 5:47pm

Hi there - How did your first month go? Were you able to make a payment on your car like you planned?

princess76 · February 5, 2021, 2:05am

Hey. I have not made any extra payments on my car yet. I have been making extra payments on my house. I’m going to start next month.

wjb1492 · February 17, 2021, 3:43am

I’m on my own, so conveniently make all the decisions!

I’m saving for a bathroom remodel, hopefully this summer. I was able to add $1000 to my fund in January, the COVID relief check plus my planned $400.

I’m also finding that I’m very conservative in my budgeted spending with this goal at the front of my mind - much less discretionary spending on eating out and entertaining!