Just paid off bank loan!!!

iVillage Member
Registered: 05-19-2004
Just paid off bank loan!!!
6
Fri, 08-20-2004 - 1:54pm
Finally!! They usually take it out of my checking account- but since the balance was so low ($171)and interest is 9%- I just went in there and paid that sucker off early! I've been piling all my snowflake money on it for months. Now we have $224.75 extra each month! Can't even remember what junk that bank loan was for!!! Now onto snowflaking my last credit card ($5400, yuck!) .......

Nicki
Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Fri, 08-20-2004 - 2:38pm
congrats nicki

you are one step closer to becoming debt free.

mym

iVillage Member
Registered: 05-30-2003
Fri, 08-20-2004 - 5:23pm
Yay! Just roll that $224.75 on over to that next bill, and snowflake away-it'll be gone in no time!

Good for you!

Lisa

iVillage Member
Registered: 10-09-1999
Mon, 08-23-2004 - 1:12pm
Congrats!! What a great feeling. Its great to be organized and watch these debts disappear. Keep up the good work.

cindylee
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 08-23-2004 - 6:35pm
Yeah!!!
iVillage Member
Registered: 08-15-2004
Wed, 08-25-2004 - 6:15am
Hi,

In layman terms, can you explain the snowflake thing?

Thanks!

Nancy

iVillage Member
Registered: 05-19-2004
Fri, 08-27-2004 - 11:53am
Hi! Basically, when I completely pay off a bill (credit card, personal loan, student loan, etc) I use that money each month to apply to the next target bill(Snowflaking). For instance, I paid off a credit card 6 months ago. I had been paying the minimum due ($30) plus extra. (The total I paid them was $150 per month)

Once paid off- I sent that $150 to my bank loan each month plus the $224.75 that they already took out for the loan. Now that my bank loan is paid off- I will apply the $150 plus $224.75 to my last credit card in addition to the $120 I already send them. So that's a total of $494.75! You must be careful not to let that extra money get "absorbed" into your spending habits. I always start with the lowest balance bills first- it's a better motivater for me.

"Snowflaking" is also sending any extra money you come into right to your credit card(or whatever you're trying to pay off)!! Birthday money, overtime, bonuses, income tax, tips, gas bill was lower than you budgeted- send that money in and in no time your balance will diminish!! Hope that clears it up! Nicki