Snowflake Question

Avatar for colomom99
iVillage Member
Registered: 03-28-2003
Snowflake Question
3
Tue, 04-26-2005 - 5:45pm
Hi! I have what might be a stupid question but it just occurred to me I may be doing this debt reduction wrong. I went to Quicken and put everything in. I've been using it a few months and of course the balances are starting to go down (sloooowly) but so, too, are the minimum payments due. I almost always pay more than the minimums on everything but that leaves me a little short at the end of the month. So, here's my question: I know you target one bill every month and pay ALOT towards it until it's gone and then roll over that amount to the next bill. But what about the other ones? Do you pay the minimums that you started off paying or do you pay the minimum as they stand each month? Ex: Mastercard wanted $250 a few months ago as a minimum. Now it is like $210. Which do I pay? Jenny
iVillage Member
Registered: 06-28-2004
Tue, 04-26-2005 - 5:58pm

I'm not exactly sure if this is the right answer, but I would keep paying the minimum that you started with, otherwise so that that bill will continue to go down as well? However, if you are coming up short every month, then maybe pay a bit less on the bill that you are trying to snowflake?

I haven't begun to start this year, as I just sat down today to figure out what I really owe, instead of playing a kind of Russian Roulette with the bills.

Good luck. I know that I need it...LOL

Jennifer

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Tue, 04-26-2005 - 11:26pm
If you can afford the "old" minimum payment, then keep paying it.
Sarah
iVillage Member
Registered: 02-06-2005
Wed, 04-27-2005 - 12:47pm
When we did our snowflaking, we always paid the minimums on all but our smallest balance, and put every extra dollar toward that one.
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