When Do You Snowflake
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When Do You Snowflake
| Wed, 01-02-2013 - 10:10am |
Hey everyone. I was wondering when you snowball. Do you do it at the end of the week, month or pay period? For instance, I get paid every other week. Would you snowball the day of the next check? Some other time all together even? I am curious when everyone snowballs their debt. I have been saving for a few months and I was thinking of putting a little more towards it but decided to snowball my debt instead. I have 3300 in savings so I am good for the time being.
Thanks!
Michele
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Hi Marie:
Yes, I meant snowflakes, not snowballs. lol I was trying to be all fancy with my lingo and then I went and messed it up.
Thank you for your reply.
Michele
Hi Marie:
Yes, I meant snowflakes, not snowballs. lol I was trying to be all fancy with my lingo and then I went and messed it up.
Thank you for your reply.
Michele
A good time to flake is in the pay period with out the big expense in it, your rent/mortgage. It hurts less. Come up with an amount of what is left over that you want to flake and stick to it, otherwise it just gets spent. I'm excited for you and your journey! Good Luck!
Bex -
Not sure if getting higher credit scores is a priority to you at this time. I found out if I pay my credit cards in smaller chunks 4 - 5 times a month vs. once a month (either way, I don't keep a balance), my credit scores go up slightly.
What happens is they take a snap shot of your credit card balance when they calculate your scores. Even though I pay the entire balance every month, at any given time, if the balance is higher than, say, 10% of the available credit, my scores would often drop 5 to 10 points. And vice versa.
At this point I don't really care about that 10-point difference as I have no plans of applying for a loan. (Nor would it affect insurance rates as I already have very competitive rates with a professional organization). However, I just thought it is something interesting to share. So if it is not too inconvenient, and if improving credit scores is one of your goals, I would snowflake as often as possible.
I always snpwflake on our paydays 2x each month and I also love to do little snowflakes all throughout the month ...sometimes $5 at a time . I do it whenever I don't spend money on something. Like if the Kiddies make a b-day card for a family member or put back an item in grocery store. If I decide not to go somewhere I put $4 .. gal of gas right to CC. It all adds up.