Frugal Village Forums banner
1 - 12 of 12 Posts

·
Registered
Joined
·
5,605 Posts
Discussion Starter · #1 ·
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.
 

·
Registered
Joined
·
687 Posts
Great Job! :)
 
  • Like
Reactions: imagine

·
Registered
Joined
·
2,372 Posts
Thanks for the encouragement, Imagine, snowflakes are about all I have for my mess, its nice to know there's hope.
 
  • Like
Reactions: imagine

·
Registered
Joined
·
26,302 Posts
That's wonderful! All those snowflakes add up to one pile snowpile! :)
 
  • Like
Reactions: imagine

·
Moderator
Joined
·
19,119 Posts
Congrats Imagine!! and mahalo for the reminder - need to gather a few snowflakes myself!!
 
  • Like
Reactions: imagine

·
Registered
Joined
·
8,566 Posts
Behold the power of cheese compounding!
 
  • Like
Reactions: imagine

·
Registered
Joined
·
480 Posts
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!!!:applause:
 
  • Like
Reactions: imagine

·
Registered
Joined
·
5,605 Posts
Discussion Starter · #8 · (Edited)
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?
 

·
Registered
Joined
·
5,605 Posts
Discussion Starter · #9 ·
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!!!:applause:
Snowflakes isn't my term I thought it was a DR term.

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
 
  • Like
Reactions: danni

·
Moderator
Joined
·
19,119 Posts
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!!
 
  • Like
Reactions: imagine
1 - 12 of 12 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top