What is snow ball savings?

I would love to know since in January I will be starting Rutgers full time & working full time but since Rutgers is a fortune I want to save more money!!

Anyone?
Anyone?
Bueller?
Bueller?

:santa:

Do you have a copy of The Complete Tightwad Gazette by Amy Dacyczyn? Read about her *snowball principle* in the book - that's what most people base their snowball savings on.

Hi mks70!

I haven't read the book, but am looking for it at G-sales.

Here is what I understand of the snowball thing.

If you have three bills, take the smallest one and start paying a bit extra on it....like $10 (you decide)

Then when it gets paid off, you take what you were paying on that first bill, add the $10 and consistently pay on the next bill in line.

When it is paid, take the first bill, the $10 (or more, up to you), and the amount on the second bill and put it all on the third bill.

VERY effective way to eliminate debt.

That is my understanding of it anyway, and the way hubby paid us out of debt years ago.

Melissa:smball:

There is a similar challenge in my view.

I call it "Gleening", like in the Bible when the land owners were supposed to leave the outsides of their fields for those in need to pick from....anyway....

Let's say you usually spend $400 at the G-Store on food, etc. You are getting good at shopping and have reduced your spendign to $280 per month, take the saved money and apply it to a bill to get it really rolling, or divide it into a saving envelope or jar to buy car, new appliance, or remodel, C'mas fund, etc.

Your used to NOT having the money, so you should be able to do with out it.

Hope this helps,
Melissa:smball:

Thankyou.
I did have the Tightwad Gazette.....all 3 books but I gave them away.

Guess I will be searching Ebay for those suckers now;)