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Thread: Snowflakes do work
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02-11-2011, 09:13 AM #1Registered User
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Snowflakes do work
A while back I asked if snowflakes work.
I was told yes. Now I can see that they do.
By adding flakes when we could, in 5 months we knocked off 6 years off the "this is how many years you will pay if you only pay the minimum" on our highest interest rate. That makes me super happy.
We also have a 0% interest loan that will expire (will be paid off after this summer) so then I can take that money and make a snowball to throw at the other card. That will bring it down super fast.
Thanks for the encouragement."Everyday as your walking down the street, everybody that you met has an original point of view" -Arthur PBS
Imagine - Wife of 18 years to Hubby
Mom to Buddy (son 15) and Little Miss ( daughter 11)
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02-11-2011, 09:30 AM #2Registered User
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Great Job!
Kelly
Wife
to Steven for 9 years
SAHM to Three wonderful Children:
DD Robyn 10 
DS Riley 8 
DS Dalton 4 
Videl 
Shadow
Formally : GibblerKelly
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02-11-2011, 09:46 AM #3Registered User
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Thanks for the encouragement, Imagine, snowflakes are about all I have for my mess, its nice to know there's hope.
LDR
, 2 DD (one left the nest, one rarely home) More pets than money. More love than sense.
"If you can't see the light at the end of the tunnel, march down there and light it yourself."
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02-11-2011, 10:55 AM #4Registered User
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That's wonderful! All those snowflakes add up to one pile snowpile!
Dh Bob
FIL 
DS (21) at Lakehead U - go Thunderwolves!
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02-11-2011, 11:14 AM #5Moderator
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Congrats Imagine!! and mahalo for the reminder - need to gather a few snowflakes myself!!
Travel light. The baggage of the past can only hold you back.
“Decluttering isn't just simplifying your life. It's having a vision, setting new priorities and using those notions to get rid of obstacles.”
— Peter Walsh
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02-11-2011, 01:01 PM #6Rude and Vile Master
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Behold the power of
cheesecompounding!If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages,twooneno car loans,oneno credit cards, and a partridge in pear tree!
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02-11-2011, 01:24 PM #7Registered User
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Snowflakes - what a great way to look at it when you can only put a little extra towards your payment. Thanks for the inspirational post, and WTG!!!
Jen
30 yr old DD
3 kitties
(2 adopted from my daughter)
As of January 1, 2011------------------------ Updated June 10, 2011
Short term goals:
- $2,000: to set up my consulting business. DONE! INVESTED ANOTHER $5000!
- $4,000: down payment gift to daughter to bring her down payment on a house to 20% and avoid PMI. ON HOLD.... her offer wasn't accepted...
- $1,500: pay off Student loan ALMOST THERE!
- $1,200: pay off credit card (was disputing with creditor (ALL PREDATORY FEES charged on ZERO BALANCE), but I'm giving up the fight to make this go away...) PUT OFF till June/July
- $11,600: Pay off Cornerstone car loan by end of May 2011 DONE
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Long term goals:
Continue to follow a modified Dave Ramsey plan to pay off debt. Progress has been made, but there is much to do...
Balances January 1, 2011 -----------------June 10, 2011
Citimortgage on home: $104,500-------- $102,775
BofA Mtg on Rental: $27,000------------ $26,000(Est)
HSBC Equity Line on Rental: $11,900------ $9,902
Citibank car loan: $13,830 -------------- $11,663
Cornerstone car loan: $11,600------- PAID OFF!!
Student Loan: $1,500------------------ $320
Credit card: $1,200-------------------- $1,200
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02-11-2011, 01:39 PM #8Registered User
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The other cool thing about the flakes is that it brought down the minimum payment. We keep paying the same that the old minimum payment was (plus any flakes we have) that has helped to bring down the principle faster also.
What do you call that?
Is that snowballing or is a snowball when you pay off one debt and roll that payment into the payment of another debt?Last edited by imagine; 02-11-2011 at 01:54 PM.
"Everyday as your walking down the street, everybody that you met has an original point of view" -Arthur PBS
Imagine - Wife of 18 years to Hubby
Mom to Buddy (son 15) and Little Miss ( daughter 11)
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02-11-2011, 02:20 PM #9Registered User
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Snowflakes isn't my term I thought it was a DR term.
Originally Posted by cottageliving
Snowflakes - what a great way to look at it when you can only put a little extra towards your payment. Thanks for the inspirational post, and WTG!!!
Here is an article written by a blogger talking about snowflaking
"Snowflaking is a great method for repaying debt faster. It’s also very encouraging to see all the little flakes build up into a snowball. $15 you didn’t use from your grocery budget doesn’t sound like much, but combined with $10 from your gas budget and $20 from your eating out budget, you’ve got $45. Now if you earn $20 extra through little things, you’ve got $65. That’s a nice solid amount.
To make your snowflaking as efficient as possible, find out when and how to send it in!"
The Logistics of Snowflaking Extra Payments"Everyday as your walking down the street, everybody that you met has an original point of view" -Arthur PBS
Imagine - Wife of 18 years to Hubby
Mom to Buddy (son 15) and Little Miss ( daughter 11)
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02-11-2011, 06:22 PM #10Registered User
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Great job! Every little thing does add up.
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02-11-2011, 07:41 PM #11Moderator
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Using snowflakes sounds so much nices than snowballs - probably because that's where our finances are now. And how nice that they are so effective!!
Travel light. The baggage of the past can only hold you back.
“Decluttering isn't just simplifying your life. It's having a vision, setting new priorities and using those notions to get rid of obstacles.”
— Peter Walsh
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02-11-2011, 07:54 PM #12Registered User
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Great job! Every little bit (snowflake) helps!
~Kim~
Mom to 2 dogs and 1 cat - Sere, Blue and Shadow
2012 Fling Things - 275/2012
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