Snowflaking YOUR way; what works for you

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Snowflaking YOUR way; what works for you
10
Mon, 12-29-2008 - 11:48am

Since we have lots of new members (Welcome!) and I'm positive come January we will have an influx of many more when they get their Jan. statements/make new year's resolutions, etc...


Since Snowflaking is such an integral part of this board and those of us that have been on here forever, it's 2nd nature, we forget sometimes that it's not so easy for those starting out.


Here's my question for you all -- what is your favorite way to Snowflake?

iVillage Member
Registered: 07-02-2008
Mon, 12-29-2008 - 11:57am

My "way" of snowflaking is to take the interest I get charged and then add the minimum payment to that so I am paying the minimum plus the interest received that month. This works for my "smaller" credit card of $7500. Doesn't work for the BIG c/c bill of $18,000.


For example, if my minimum payment is $118 and my finance charges that month were $50 I will pay $168. LOL - actually I hate un-rounded numbers so in that case I'd pay $170. This way I am paying down the minimum payment.


Sounds weird but works in my head.

iVillage Member
Registered: 04-10-2003
Mon, 12-29-2008 - 12:13pm

My snowflaking is similar. I round up all my bills every month, and if they go down, I keep them at the same level. Example, car insurance was 88.05. I budget for $90.00. This year it went down to $85.96 but I still budget for $90.00. Enbridge is $126, I budget for $150 (since there is minor variation). Cell phone comes in between $35 and $45, I budget for $50.


At the end of the pay period, I add up all these "snowflakes". The first $10 (or part thereof) goes to my efund. The remainder goes to the CC.


I give myself $100 a week to spend on food and fun. If I don't use it all, I send the remainder to the CC (or I throw it in a jar and save it for any big expenses coming up).


Any extra money that comes in (gifts, refunds, rebates etc) goes to the CC.


Little things really add up. For a short time, I had $0 in my efund (had to raid it for various things) but by "snowflaking" to my efund (ie doing what I would normally do to the CC, but instead


Bex -

iVillage Member
Registered: 03-27-2005
Mon, 12-29-2008 - 12:16pm

Here's my question for you all -- what is your favorite way to Snowflake?

Avatar for sohappilyme
iVillage Member
Registered: 03-26-2003
Mon, 12-29-2008 - 12:33pm

I have a couple of favorites. One is to actually use spare change. I keep it in a tin and let my DS8 roll it when there's enough. Even if it's just pennies, it works. By getting it out of my car and my purse, I don't have to worry about spending it on a dollar menu somewhere, LOL.

The second is to use my "leftover" grocery money for the week. If my budget for the week is $100 and I only spend $85, I either get cash back to add to that tin for flaking or go home and immediately flake it to something via (free) online bill pay.

One other trick is kind of silly, but if I REALLY want something and I manage to walk away without buying it, I go home and flake it. One time I wanted this planner SO bad and it was $6. I walked away, got a regular one from the dollar store, and flaked the $5 difference.

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Goal #1:

Sarah
iVillage Member
Registered: 10-01-2008
Mon, 12-29-2008 - 1:41pm

I like your theory on the credit card snowflaking.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 12-29-2008
Mon, 12-29-2008 - 2:08pm

I just did it again...paid $2.75 to Capital One on line!

iVillage Member
Registered: 07-05-2006
Mon, 12-29-2008 - 2:46pm

Hmmm...I wonder if my Gap card would let me do that. I really need to get that balance down as they are the only card I have left that's still working...meaning, charging me insane interest!


Abbie

iVillage Member
Registered: 11-17-2007
Mon, 12-29-2008 - 2:49pm

We get paid on a month. After I take out all of the household bills and what the statements say is my credit card payments too, I take 250.00 a week by 4 or 5 depending on the weeks of the month and put that in for living money.

iVillage Member
Registered: 04-12-2007
Mon, 12-29-2008 - 3:23pm

I, too, do the "freezing" of the payment amount.


Also, if I get any extra checks - rebates, mileage, escrow, etc. - I deposit them and then immediately send a payment to a CC for that exact same amount before the money just disappears in the checking account.


I used to snowflake all of my grocery coupons/savings but haven't done that since the prices went up over the past few months.


Robyn


iVillage Member
Registered: 07-14-2008
Wed, 12-31-2008 - 10:27am
We have no credit card debt. So, our snowflakes go towards our car debt. We want to have enough cash to buy it out at the end of the lease in 2011. So, every week I have money taken out of my chequing account into my ING account with my car account. I have set myself a challenge that the first week of every month I will increase the amount. In January I am going to increase it by $2.00 per week. It's not much, but every little bit helps, and it will add up.
Tara