The 12/12/12 project!

**Ponderer** · 11-09-2011, 09:41 AM

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!!!!

**mango** · 11-09-2011, 08:47 PM

Go ponderer! Having a goal like 11/11/11 this year has really helped me focus on paying down the debt. Didn't quite make it and am now aiming for 31 December but it finally feels so close. I can't wait to post in the Success thread !

**justann** · 11-09-2011, 09:52 PM

Have been away from FV for a long time and I am ready to be back here regularly. I have missed it! The 12/12/12 project is just the motivation and accountability I need. I will set a goal of paying off the next 3 cc on the list at least by the goal date. I am just finishing FPU. I am ready to get started on this new goal!!! Look forward to the encouragement and motivation here!

**Ponderer** · 11-10-2011, 09:24 AM

Yay...hello to all!!

mango you helped me so very much with your 11/11/11 project that I must say for the record...thank you and you rock!!!

justann I am glad you are here!

I found a snowball spread sheet online and put all my data in. I am on track now to meet my goal but I think I will push myself if and when any extra money comes in.

I suspect that I will have a Christmas bonus next month (last year was $1,250 before taxes) and I also have met a 4th quarter goal that will gross me another $2000 commission before taxes. I will probably reserve some of those funds for a bit of holiday fun, but the majority will go to the snowball. December should be a really good payment!!

**mango** · 11-10-2011, 10:55 PM

Thank you ponderer!

You sound like you're starting off the 12/12/12 project with a bang, well done!

Go justann, will be cheering you on!

**Ponderer** · 11-10-2011, 11:42 PM

I have been pondering my debt total and decided that I need to add a loan that is being processed via a payroll deduction. I was fortunate enough to have assistance from my boss for a medical situation and although it is paid via payroll deduction monthly, I am opting to put it in my total. Even though the payment is automatic...it is still a payment I am making and so I need to put it in the total and give myself an honest and complete snapshot of my situation.

I am still on track for the 12/12/12 date...but the total I am starting with on the record is $23,005.20 THAT....is hard to write.

**nuisance26** · 11-11-2011, 08:34 AM

~$23K to pay off in one year? You are ambitious! I'll be rooting for you!~

**Ponderer** · 11-11-2011, 10:13 AM

I know it sounds crazy, huh!? LOL

The way I look at it I have been putting $250 per paycheck into savings (I am paid twice monthly). Since I have $1250 in savings I am just now using those funds going forward each payday into my snowball instead. As far as the additional debt I just added to my tab, that has already been a payroll deduction of over $500 monthly since April of this year, which has not hampered my ability to do the $250 twice monthly. So in theory....this should work.

Everything but the payroll deduction loan will be paid off in October of next year. That will give me 1 1/2 months to pay the remainder of the work loan. That is currently scheduled to be paid in full in April of 13 so I will have to hit it really hard at the very end to meet my goal. I can do this...I just have to remember to put any extra money into the snowball, even when I don't want to!

If anyone wants to jump in here and tell me I am not crazy...that would be great! LOL

**Frizzysky** · 11-11-2011, 11:32 AM

If we continue as we are (DH is just working part-part time, but looking for FT employment), we should get one car and two credit cards paid off by 12-12-12.

We will still have my car, 2nd mortgage and a student loan to go, but you just have to work at the pace you can.

I am praying DH does find full time work, but if he doesn't, that just means we'll get things paid off a bit slower. I won't abandon the get-out-of-debt lifestyle though!

**Ponderer** · 11-11-2011, 12:27 PM

Originally Posted by Frizzysky

If we continue as we are (DH is just working part-part time, but looking for FT employment), we should get one car and two credit cards paid off by 12-12-12.

We will still have my car, 2nd mortgage and a student loan to go, but you just have to work at the pace you can.

I am praying DH does find full time work, but if he doesn't, that just means we'll get things paid off a bit slower. I won't abandon the get-out-of-debt lifestyle though!

Getting one car and two credit cards paid off with part time employment is not too shabby at all!!! I pray your DH finds FT work too!

**justann** · 11-11-2011, 07:27 PM

Thank you Ponderer and Mango for the welcome! Looking forward to visiting here often and checking in on everyone's progress. I have started writing down every purchase and I am going to work on meal planning on a regular basis. Thinking of other ways to tighten an already tight budget to meet my goal!

**Ponderer** · 11-11-2011, 08:38 PM

Sounds like meal planning is on the agenda for a few of us. That is on my mind and is something I am doing this weekend too. I will be cooking the next couple of days to try and have some things ready to go next week.

So far I am planning on doing fried rice with teriyaki chicken, creamy spaghetti casserole and I picked up a package of 50% off Johnsonville Italian brats at the store tonight, so I will come up for a plan with them too.

**Wendy99** · 11-11-2011, 08:54 PM

We are struggling to make ends meat right now & to be honest often they don't , so we have done up a budget (have yet to get it balanced - we are short), but we are working on it. it would be so much easier for us if we had no debt - would free up about $200 a month for us. so we are in. we won't be out of debt by 12-12-12, but heck if we can lower it at all we'll still be in a better spot. great idea for the challenge. our emergency fund is currently at $106 and our starting debt amounts are.
cc#1 $46
cc#2 $265
loan $5875

**Ponderer** · 11-11-2011, 08:59 PM

Wendy...welcome! I look forward to hearing about your success and hope that I can be encouraging to you along the way. :-)

**Sumacaroni** · 11-13-2011, 08:56 AM

I wasn't able to meet my debt-free goal by 11/11/11 but the challenge thread certainly kept re-focusing me! I second the Kudos to mango for starting that challenge and appreciate this new 12/12/12 challenge, Ponderer!!

So, here's my progress in a nutshell: I joined FV last January with the aim toward building and keeping within a budget to maximize our income and reduce our expenses. We had a coupla setbacks throughout the year but the goal-setting has really helped our family budget and decision-making!

My focus right now is to be debt-free except for the mortgage by April 2012 and that appears to be the best we'll be able to do. Fabulous, really, considering where we've come through 2011.

With that said, I'll be using this challenge thread to track meeting that goal and focus on building our 6-month FFEF by 12/12/12. That means we'll need to have $12600 banked by next December 12. If our income remains the same and we have no major setbacks, I projected our budget figures already for next year and it appears we should be able to meet the goal.

Thanks for the thread!