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The 12/12/12 project!

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58K views 809 replies 76 participants last post by  Ponderer 
#1 ·
They say imitation is the greatest form of flattery...

so The 12/12/12 project is officially up and running!!!

As of now my goal is to have all of my consumer credit and debt paid off by 12/12/12.

For me this translates into paying off what currently stands at $13,401.85 of debt, from 2 credit cards and 2 loans.

I am hoping for some company along the way so to one and all (whatever your goal may be)....jump on in and let's do this together!!!!

:welcome:
 
#31 ·
I have been thinking about when my first CC is paid off. This is a Bank of America Visa and it happens to be my oldest credit card. I have only had it since 2005 and the available credit limit on it is $2000. I have never amassed huge amounts of debt on credit cards. I have 2 and together the total available credit is only $7000.

I know the DR school of thought is to pay off and cancel cards. I am wrestling with this concept. Part of me understands where he is coming from, but I do not fear keeping the card and getting into trouble with it in the future. I could very easily keep it tucked away and never use it again. I do know I would be paying an annual fee to have it. My thing is...I do want to increase my credit score. I do not see myself having the net worth of DR and I think there is value in a high credit score.

So...I am just curious what the opinion is of those of you here in our challenge, that have an opinion on this matter. Do tell?
 
#32 ·
We kept our Chase credit card, but it doesn't have an annual fee. It's the only one we have, and it's tucked in our wallets and literally never comes out - ever since we started on the Dave Ramsey way of life. We are disciplined enough not to use it. The trouble is, many people *aren't.* That's why he says to cut it up. We have it just in case there is a huge emergency that does require a much bigger fund than our $1000. Or if hubby (the only one working) should lose his job and we simply can't make ends meet just to survive. It's our EF back-up fund, in essence, and we have never needed it, nor do we plan to need it - but it's there, just in case.

The only cards we have are charge cards for Home Depot, Kohl's, and Target. We use it for the discounts only, then go home and pay it off. We never let a balance sit. I pay Target almost once a week or so, or however often we need to run there. Kohl's we rarely visit, and Home Depot is once every few months, as well. But we most likely won't get any more of them, especially not right now (we just got the Home Depot one, so we don't want to mess with the scores anymore).

That's my $.02. :)
 
#33 ·
I am frustrated. I called my credit union where I have been doing most of my banking since shortly after I got the B of A card. I started out with a standard Mastercard from 06 to 08 and then I qualified for a card with much better rates. I canceled the first MC I had and went with the second, but unfortunately that would report as only being established since 2008. Every time I run my credit report I have absolutely no lates or negative items but it always says my score would be higher if my credit was established for a longer period of time.

I have no annual fee on my MC but it would show as just being activated in December of 08. That means if I cancel my Visa with B of A, which I really want to do, I would lose the benefit of having had that card since December of 05.

What's a girl to do. (sigh)
 
#35 ·
Were shooting for this date as well! We started last month and sold a car and an ATV, so we got a jump on it already, but we'll be making a pretty ambitious attempt at it. Heres the breakdown as of today...

Credit Card - ~$6200
HELOC - ~$11800
Student Loan - ~$6300

Total Debt $24500 left to pay from the $33000 we had started with last month.

This will be tough because ultimately we'll be cutting 40% of my take-home pay for debt repayment and our mortgage sucks up 35% of it as well...Heres to a frugal lifestyle!
 
#36 ·
This thread is pumping already, great to see!

I'm going to finish the 11/11/11 project even if it will be a month late and then I'll join in here to start saving our fully funded emergency fund and I can't wait to start doing that!

See you in a month!
 
#37 ·
Wow....I am thrilled to see you all joining us here. A big welcome to Cathy and ncblazek!

mango...I can hardly wait to watch your EF grow!! We will be looking forward to that. Woohoo!!!
 
#38 ·
I would like to grow my EF. I really will not know by how much. So much is up in the air. There will be some changes to our health insurance plan starting in January 2012, that determines a lot of it. Also car and household repairs have to be factored in too as well as dental for the year.

A2M
 
#39 ·
No, I'm not including the mortgage, just cc debt. I am so tried of all these bills,I'm putting everything I can on the first one and than down the line I go.
 
#41 ·
Welcome A2M & Sonnenwende!

I think it is going to be so fun to share our success and help each other when we need a bit of extra support.

I know that there is a lot of differences in all of our situations but it is really nice to get to know a group of individuals and all share the same ultimate goals.

I am just plugging along day after day being very mindful of my meal planning and food budget, and just waiting for my next payday when I can put another dent into that ugly number in my siggy!
 
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#42 ·
*Sigh*....someone cheer me up. I've been working very hard at determining what our debts are and I've created a spreadsheet for it all. I'm not done yet because I've got some sorting through confusing mail to do but I'm sooooo very much not liking the total so far.

To top it off, I need to pay $640 on my student loan to get it caught up and avoid garnishment of income. That will wipe out the $200 I put in BEF plus the $300 dividend check i got on my 401k and of course $140 from my upcoming check. After that it will be $160 per month which is manageable.

You'd think we don't bring home a bunch of money every month with all the debt we have, right? No...we make plenty but its all outgoing on one bill or another...and I've been working on our budget for 2 months.

In the middle of all of this, DH and I have to somehow create a better relationship with each other. He said I'm too controlling of the money and I said Yes I am...so that one day we can retire without being broke! I'm doing my best to keep him updated on financial progress but he has no interest in it whatsoever. So....of course I'm the money manager and apparently controlling. Ughhh.

How about some good news? DH's SUV will be paid off in 5 months at most. That's $541 dollars that can be used elsewhere (debt or BEF). Then we'll only have one more car payment and less than a year on it. We have several "little" bills that can be paid off very quick.

There is one debt that we absolutely insist must be paid before all others though. That is $500 that MIL lent us. $200 has been paid back so far and I'm hoping to get that paid off asap.

I've been cancelling things left and right, magazine subscriptions, Audible, etc. We are keeping our Amazon Prime membership (we use it a lot!) and Netflix. I've been doing my best to convince the rest of the family that we don't need cable/satellite anymore but not making any progress there.

Since I've met my deductible for my health insurance this year, I'm now making some appts I've needed to make for myself such as an appt with an allergy and immunology dr and I'll probably make an appt with an ear, nose, and throat dr. I get recurring sinus infections and bronchitis. Better health should equal health care cost savings.
 
#43 ·
I know how you feel! It seems like every time you have them all totaled, you find another. I think once I have it all organized, I'll be able to get into the routine and see some progress. Good luck!
 
#44 ·
I found that calendaring every single due date - from mortgage to lunch money (especially the "blow" money that includes my Mister and me for the week) really helped start us on the path to controlling what goes out vs. what is incoming helped get us balanced.

I did the same as you, midlight, showed the Mister where were were and where we needed to be and my Mister was NOT happy for a while but he has now adjusted to only getting $20/week and it's tough but I am showing him how it has really helped and he is more understanding and less critical of my management now.

Hugs to you!
 
#45 ·
Clarissa....I am so glad you have been working on getting the picture of your situation. Good for you!!! I am also glad that although things are a bit rough right now you are in a position to have a plan to keep that student loan current and avoid garnishment. That is VERY important!!!

Hang in there girl....you can so do this!
 
#46 ·
Just popping in as a former 11/11/11 member to wish you all luck- I myself am excited by all of your enthusiasm! Perking me up a bit- feel like we've been in a planning 'slump' lately, you guys are getting me re-fired to really focus on our goals (and by that, I mean put an actual plan in place and maybe even pass 'go'). Good luck to all, be your date 12/12/12 or later!
 
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#47 ·
khaski...thanks for the encouragement! I will hope that when you get the next plan of attack outlined that you will join us here and post it.

On another note...I have been wrestling with if I should cancel my 2 credit cards or not when I have paid them off. I have decided, with the help of another thread in this forum (cancel the credit cards?) that I am going to go for it. Next month I will pay my first, and oldest, card off and will pick up the phone and call B of A to handle the situation permanently. Ok...I have now declared it to all of you and can be held accountable on the matter!!
 
#48 ·
I am going to hopefully get it done by 12/12/12 or sooner. This would be cc and other debts. Not Mortgages or property payments.
 
#49 ·
Welcome! Every time I see a new participant it just makes me smile with joy.

I dislike that we have debt...but since we do, I am glad we are all here together dealing with it once and for all!
 
#50 ·
I'm in for BS3 to be completed by 12/12/12!

I have a work trip to Nashville 11/12 so that is my debt free deadline so I can visit Dave.

So my 12/12/12 goal is a 3 mo emergency fund (minimum expenses) and then we will be saving for our first home!

I have been examining our expenses and am looking additional ways to save....We definitely made some mistakes this year and can do better!

For starters, we are going to a 100% cash envelope system. We haven't used one consistently and with my debit rewards program canceled by Chase, now would be a great time to start!

The gas for our two cars is our biggest variable expense so we need to work on that.

And most importantly, we are going to consistently say NO THANK YOU to all of the crazy requests to spend our money!
 
#51 ·
Happy Saturday night all! I am working on dinner and cruising the net a bit. Staying at home and not spending money....all part of the big picture. :)
 
#53 ·
I'm drinking a (free!) glass of wine and doing some work. Nothing like getting paid to work/relax on a Saturday night! (haha I could be the only person on earth who relaxes by doing a bank rec but I love it!) And at least I'm earning money instead of being out spending it!
 
#52 ·
Been busy working on our budget, creating an excel document to make it easier for us to track and budget. Hoping to add a couple hundred to the emergency fund (just before our next pay period) if all goes well. We have 10% of our BEF - once we get that saved, the debt will be next. Looking forward to see how much we can accomplish by 12-12-12. We're taking extra hours at work when we get them to help speed this along. I can't imagine we'll be out of debt by then, but we're aiming to be in a much better place by then :)
 
#55 ·
Just spoke to a lady who is lookig for a babysitter for her kids and it looks good. She is going to bring the kids and her dh over on Wednesday to meet me and talk about the details. If it all works out it will be another $500/month.
 
#56 ·
Had to get winter boots and snowpants for the kids - we were lucky enough to find what we need used and came in well under budget :) Felt great.
 
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