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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:
 
#86 ·
I too have a BEF. That is the first step with Dave Ramsey and since this is a forum based on his plan, I think that is a standard step for all of us. :)

Edited to add...I suggest everyone do the best they can to not have a tax return, though sometimes it is unavoidable. When doing the proper deductions, and tweaking throughout the year as necessary, then one uses their own money instead of letting the government use it all year long.
 
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#87 ·
Well, I will not be making another debt payment this month as planned!

After much consideration, my husband quit his job!!
I know this sounds crazy and irresponsible, but he was in a terrible situation where his integrity was being compromised and I just didn't have the heart to continue to pressure him to stay because the job was great on paper. Things reached a boiling point, and we decided together that the only solution was to quit.

We do have a BEF, and additional money in the bank, and I earn enough to cover our basic expenses including health insurance. Our only debt payments are federally insured student loans which *could* be deferred, but I don't plan to go that route. And my W2 bookkeeping job will be full time + o/t from Jan-April so will have extra income to put in the budget.

He has a second interview on Tuesday, so I'm praying that things will work out.

I WILL be posting new snowball amounts at the end of this month!

This is scary, but not nearly as much as it would have been a few years ago. Thanks to DR, we have a plan!
 
#88 ·
Being put in a place of having one's integrity, morals, ethics, etc. potentially forcibly compromised is an animal all of its own. I am sorry your DH had to go through this but I trust and pray that God has something better in store for him.

I am also glad you have a plan in place and that you will be sticking around. I am really glad of that!!! :)
 
#89 ·
Woah, my mom just quit her job for almost the same reason last week! Only they have no EF... And no plan... Except for her to get a job ASAP. 8-/
 
#90 ·
I'm plugging away towards my 12/12/12 goals and it's now starting to ANNOY me that OldMan gets paid every OTHER week... I want to see those numbers DROP DROP DROP!

I did revamp my entire budget to hopefully help reach my goal in time.

:cheer4: for everyone, even if you think you haven't made much headway, or face unemployment... YOU ARE HERE! :cheer4:
 
#91 ·
Two somewhat unexpected side jobs came in for DH this week. If these jobs go well, could be a great side business for him.

He is also staging tonight at a restaurant so hopeful that it will work out. And it happens to be in one of my favorite towns in this state!

I really trust (for once!) that everything is going to work out.
 
#92 ·
g marie, glad to hear of the opportunities that are coming your dh's way and that you have DR in the works.

We were able to keep our small transfer that we have each month from our checking to savings actually stay in the savings these past two months and this month we will be able to even add some additional dollars to savings. This will be the re-birth of our EF that was eaten up this year by hospital and dental bills. What a great feeling. So scary not to have an EF.

A2M
 
#94 ·
I will be getting the electronic version of my paystub today, for payday on Friday. This will tell me exactly where I stand for bill paying. The goal is to pay off the Visa at $1,285.49 and possibly be able to push the envelope and pay my 2012 HOA dues at a total of $229. This is based on the $2000 commission amount in this check, but the tax rate on this money is steep.

Keeping my fingers crossed!!! :)
 
#95 ·
We now own my education in FULL! Graduated last December, loans came due for payments in August - paid off just now :)

Also paid down the medical by $180. Next week another van payment is auto-paid. And I think that is about all we'll be able to accomplish for 2011. Not done but great progress nevertheless for this year considering our circumstances and challenges.

We are very blessed and have much to celebrate as we head through the holidays and into the new year. Look out 2012. Here we come.
 
#96 ·
The payment for my B of A Visa card was entered Wednesday for payment today. It should clear early next week to the tune of $1,285.49. My statement date for the card is around the 16th so that should give me the interest due for the last month and I will pay that immediately and then cancel the card (which is a big deal for me but I am going to do it!). This timing works out well because the renewal of this card is the month of January and that is when a $45 annual fee is charged.

I will also be putting $250 towards the 2nd target on my original list of 4 debts.

I have worked and re-worked this months budget, and although I will leave a cushion until after the holiday which will then give me my 2nd payday of the month as well as my Christmas bonus, it looks like I will be paying another $1,409.51 on debt by the 25th. I should also be able to pay my 2012 HOA dues of $229.

The bottom line is that for the month of December I should be able to pay $2,945 off of debt and $229 for dues...totaling $3,174. This is a huge deal for me as a single wage earner, and it is going to take a lot of discipline, but I really want to make this month count as much as I can.

Wow...these are some crazy numbers to me, and I feel really truly blessed to be able to do this. I am very fortunate.
 
#97 ·
I started a debt snowball in September and will have all of my debt (three credit cards, personal loan and car loan) paid off by next December. That will be two years early for the car! Since I started my debt snowball, I actually look forward to paying my bills each month. I just love looking at that spreadsheet coming down in amounts owed.
 
#98 ·
Looks like this might be a good group to join! I admit, I've been a bit hesitant to set goals lately. Back in October, I finally laid out all our debt, made a more defined budget, created a debt snowball and made goals off of what I thought we could accomplish. I'm realizing now that I made those dates based off of best-case-scenarios and we have not had those at all. If anything, we have had minor set backs, so I'm feeling a bit frustrated with our lack of progress :(

For 12/12/12 I would like to have our BEF done, all 4 cc's paid off and DH's student loan paid off. We need to increase our monthly debt payments by $150 in order to do this. I am attempting to pick up 1 extra shift a month. When possible, it brings in another $250 net. If I can do this consistently, we should be able to meet this goal. Wish us luck!

BEF: $600/$1000
My CC#1: $370
My CC#2: $210
DH CC#1: $525
DH CC#2: $650
DH student loan: $3625
Total: $5780
 
#99 ·
I used to budget with best case scenario, and it only created frustration (and confusion for DH when looking at the budget). Now I budget with minimums, and add any extra income in my excel spreadsheet as I earn it...and of course any extra goes to the snowball.

But, we had a LOT of off-budget expenses last year (new laptop, laptop repairs, new car, etc). That is my goal for this year. Well, that and getting DH back to work. :)
 
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#102 ·
Updated my signature: down to $41,620 of debt.
Holding snowball money until DH figures out job situation. Would like to at least pay off $1620 by the end of the month and start Jan with an even 40k. We'll see.
 
#103 ·
I changed my sig too... couldn't wait for Friday :lol:

As of Friday's paycheck, we are DEBT FREEEEEEEEEEEEEEEEEEEE! :cheer4:

The rest of the project will be on saving for the 3 month expenses.
 
#105 ·
So happy for you!
 
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#104 ·
Congrats LadyV, what a wonderful Christmas pressie for you and your family! We'll be debt free on Thursday so will be joining you very, very soon!
 
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#106 ·
And you too, Mango!
 
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#108 ·
I am reading about several people who are about to be debt free and then I realize....today is 12/12/11 and I have every intention of being able to say I am debt free.....in 1 year!!! WOOHOO!!!
 
#109 ·
I decided I might as well share some good news here. I talked with my boss yesterday and although technically I only earned 3 of the 5 possible commissions at my job this year, and I have already been paid for the three, I decided to talk with him yesterday because I feel I deserve 4. He agreed!!

So this past paycheck had an extra $2000 on it and my next one on 12/23 will too. This is not even my Christmas bonus and according to the money man that should be a bit more then last year and that was $1250 gross.

I am so beyond blessed right now and I just cannot believe it. Near as I can tell I should have a $10,000 gross income month. WOW..that is really huge for me!!
 
#110 ·
So onto the next step, saving for our FFEF!! The 12/12/12 Project has begun!
 
#111 ·
I would love to join...ours is a goal of paying at least $20,000 in 2012 on the mortgage principal...so that on December 12 2012 the principal will read 60,000.00 or less...We also want to have 22,800 put into RRSPs...and $7600 given to charity. I'd love to have people to keep me accountable as I'am a recovering shopaholic.
 
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