Would you like 2012 to be the year that you pay off your debt or make a significant dent in it?  Would you like to free up the money that currently goes to debt repayment and use it for something else?  Would you like the security that comes from being debt free?  If so, consider joining me in The Debt Snowflake Challenge.

As many people know, my husband and I are on a mission to pay off all of our debt, both credit card and student loan, by April 2013.  Considering our income and our debt load, this goal will take a significant amount of discipline.  Thus far we have made great progress since we became gazelle intense in mid-October, paying down several thousand dollars.  Part of the reason we were able to make such strides is because we snowflaked agressively.

What Is Snowflaking?

Snowflaking is when you take any extra money you make or unexpected money you receive and apply it to your debt immediately.  This money is in addition to your regular monthly payment.  In just the last nine weeks of 2011, we snowflaked $3,662 on our debt; that equates to $406 extra applied to debt EACH week!  The key to this strategy is to apply it to the debt immediately so you don’t have the opportunity to spend it.

What Is The Debt Snowflake Challenge?

If you decide to join The Debt Snowflake Challenge, you are deciding to get proactive with your debt.  Not only will you be paying your monthly payments, but you will be dedicating yourself to find new ways to make additional income such as taking on an additional job or selling stuff on eBay or Craigslist.  You will be agreeing to post weekly on your blog to report how you are doing or to come here and leave your progress in the comments.

How to Join The Debt Snowflake Challenge

To officially join The Debt Snowball Challenge, you will need to do two things:

First, declare that you will no longer accrue new debt.  That means put away those credit cards and quit using them.  It is hard to pay down debt when you are accruing new debt.

Second, set a goal for how much you would like to snowflake on your debt in 2012 and how you plan to earn the money.

Then, every week, come back here on Friday and report your progress.

Don’t spend another year deep in debt, unsure where the money for payments will come from and how you will survive financially.  All of us, working together snowflaking, can make a significant dent, or even better, achieve debt freedom in 2012.  Are you with me?  If so, show your commitment by commenting on this post.

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