Newbie, with intro and questions...(m)

iVillage Member
Registered: 06-03-2003
Newbie, with intro and questions...(m)
5
Fri, 06-20-2003 - 11:14am
Hello! I have been lurker for the past few days and I am so glad I found this board. I am a mother of 2 (dd 18mo and ds 2.5 month old). I work outside the home and so does dh. We are desperately trying to clean up bad credit and trying to save for a home. I am very interested in the snowflaking idea, but we don't have credit cards. Is that the only thing I can use it for? I haven't opened my savings yet, I plan on doing that this weekend. Any tips would be appreciated.

Danyell

iVillage Member
Registered: 07-26-1999
Fri, 06-20-2003 - 11:21am
You can "snowflake" to any debt. The idea is just to pay off all debt-whether it's a credit card, personal loan, car loan, or whatever. The idea is to get out of debt as fast as possible. You can snowflake to any debt.

Hope that helps.

iVillage Member
Registered: 06-03-2003
Fri, 06-20-2003 - 11:24am
How do you snowflake?

Danyell

iVillage Member
Registered: 04-02-2003
Fri, 06-20-2003 - 11:41am
If you have no debt, you can always snowflake to savings.

Kathie

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Fri, 06-20-2003 - 6:54pm
Hi Danyell! Welcome to the DSG. It looks like our link to the snowflaking page is no longer working. Yikes! Here is the general idea of snowballing/snowflaking:

First you need to write down all of your debts (bills/loans/car/home/student loans/etc). Whatever you pay monthly. Be sure to write down the interest rate as well as the minimum due.

Next you need to pick one of those debts as your "target" debt (some people pick the debt with the highest interest rate, others pick the debt with the lowest amount due - it's your call). This means that everyone gets the minimum payment except the one bill that you've chosen to snowball. When that debt is paid off, you take the entire amount you were paying to them, and move it over to the next bill/loan in line for repayment. When that bill is paid, you take ALL the money you were paying on it, and move it to the next payment. Etc. So your payments "snowball".

A snowflake is a neat idea - the snowflake money is ANYTHING extra you can scrimp and scrounge and find - it's change in the sofa, at the bottom of the purse. It's $2 that you almost spent on a latte and then changed your mind. It's $20 in clothing that you were "this close" to buying at the store, and then you put the clothes down and walked out. It's money that was practically spent on other frivolous things, that you were ready to say goodbye to - and instead will now send it to your target bill for debt reduction.

I hope this helps! Sorry I couldn't link you to the snowflaking web page.

Welcome to the list!

Danni

All my best,
Danni

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Sun, 06-22-2003 - 8:55am
Welcome!!

You can snowflake to any debt, all you would do is just add the extra amount to your regular payment OR you can snowflake to savings too.

Here is the Snowflaking website, there is a page on there with some suggestions as to where to find the snowflakes.

http://pages.ivillage.com/cl-beckymk/snowflaking/

Hope that helps some.

Becky