This challenge was started by a member of the Dave Ramsey forums and I thought I would tell everyone about it and see if anyone wanted to join in. The way the 8-week challenge is designed is simple.
1) If you sign up you need to commit to pay off (or save if you are debt free)the following amounts.
$250 Gerbal
$500 Hamster
$1000 Bulldog
$2500 Piggy
$5000 Hippo
$7500 Rhino
$10000 Elephant
$15000+ Whale
I'm going for the Hippo($5,000). The amounts include any minimums that you're already paying. I'm debt free so I will be using my funds to pay extra on mortgage, adding to vacation fund, and saving to buy a new computer or IPAD.
2) Make a plan on how you will do it and share.
3) Post weekly updates/progress report on the weekend outlining your success.
Another part of the challenge is to make a vision board and share with everyone but I will make this optional. If you do decide to make one, please have it posted by Mar 11th.
I will keep a running tally of everyone that decides to join, any takers!!!
The BIGEST LOSER of DEBT 8 week Challenge Begins 1 Mar
February 28th, 2012 at 06:55 pm
February 28th, 2012 at 07:37 pm 1330457877
(1) I'm in and going for the PigDog $1,750 (hybrid, but suits my budget/goals).
(2) Of that, $1,250 is "normal" and I will find the rest by judicious spending of the money coming in and will attempt to limit the money spent on unnecessary items (for me trips to Target or the resale store for recreational outings). There is an additional paycheck this month, so that will fund some of it.
(3) I will hope to pay $350 to the remaining debt at PNC.
February 28th, 2012 at 08:30 pm 1330461051
February 29th, 2012 at 03:06 am 1330484783
Good luck to all who join in!!