I'm new..what is snowflaking?
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I'm new..what is snowflaking?
| Fri, 07-29-2005 - 7:31pm |
Hi all. I'm new to the board, though I have lurked for quite some time. I'm very much in debt and I am so ready to get off on the right path to a secure financial future. I have seen a lot of you talking about snowflaking, but I don't know what it is. I'm curious!
Thanks!

Glad you came out of 'lurk-dom'! Snowflaking is kind of like snowballing debts. In snowballing, you start with the smallest debt and pay as much as you can on it while paying the minimums on everything else. When you get that one paid off, you roll the payment you have been making onto the next debt, and so on.
Snowflaking kind of helps that snowball move faster. It came about when someone mentioned sending in smaller payments as she could, because as she put it, "I nickeled and dimed my way INTO debt, so I can nickel and dime my way OUT!" Basically, the snowflakes are ANY extra that you can come up with to add to your payment. Things like when you take your pop cans into recycle and get money (or are fortunate enough to live in a state where you get a bottle deposit back). I use money from coupons-if I save $2.30 by using coupons, I say (mentally, lol),"Whoo-hoo! A snowflake!!!" and come home and send it to whatever bill I'm currently bashing away at. Mostly, I keep track and send it once a week, or as I meet the minimum payment allowed. And, the great thing is, all the little amounts add up to one HUGE good thing-you're helping your snowball move faster!
It's fun, and it is made better by having a whole group of people who are right there with you! Be creative-that's most of the fun.
Glad you asked-
Lisa :)
Thanks, Lisa and Whiz! I'm so excited about learning more about how to get my debt under control. I can already see that this is going to be a supportive place for me to vent and get things out in the open and back in check.
Thanks again!
Angelpie41