Snowflaking defined

iVillage Member
Registered: 08-04-2008
Snowflaking defined
16
Mon, 01-11-2010 - 1:30pm

We talk a lot about snowflaking on the board and every Friday everyone posts their updates on how they did for the week.




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iVillage Member
Registered: 08-02-1998
Mon, 01-11-2010 - 2:00pm

So, back to the question, how do you define a snowflake - amount to principle or amount over the minimum payment?

Ok in my mind "amount to principle" and "amount over the minimum payment" should be one and the same. Anytime I pay more than the minimum on a loan or CC it would come off the prinicple. Unless there are cards out there that give you a minimum which is lower than the interest payment you are making.

But I am interested in seeing what others think.

Sharon



iVillage Member
Registered: 08-24-2007
Mon, 01-11-2010 - 2:05pm

Wow, my definition was really off!

Kate


empty purse

iVillage Member
Registered: 07-15-2003
Mon, 01-11-2010 - 2:29pm

Thanks for posting this. I'm relatively new and was clueless about the snowflakes. :) I mostly lurk but read often and am always interested in strategies that work for people. I can't wait to read the definitions.



 


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iVillage Member
Registered: 07-24-2009
Mon, 01-11-2010 - 2:43pm
I'm with you small_change.
iVillage Member
Registered: 10-01-2008
Mon, 01-11-2010 - 2:47pm

In my opinion - if you have a set payment of $1000 and $800 goes to the principal and $200 goes to the interest.

Norma


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


iVillage Member
Registered: 04-12-2007
Mon, 01-11-2010 - 3:19pm

I have been reporting my snowflakes as those amounts over the minimums.

iVillage Member
Registered: 11-14-2008
Mon, 01-11-2010 - 4:53pm

I'm confused now.

Some people have CC Debt and some people don't. Others have auto loan payments with so much going to interest and so much to principal. Does that count? Or is it whatever extra you put above and beyond the auto payment?


iVillage Member
Registered: 11-02-1999
Mon, 01-11-2010 - 5:38pm

I define snowflaking as anything above and beyond the monthly minimum I am required to pay. For example, my Capital One card minimum is $15 monthly, and I pay $80 - that's $65 flaked. Once that card is paid off, I will flake to a high-interest loan; that monthly loan payment is $210.23, and I will roll my $65 flake to that loan, above and beyond what I am minimally required to pay.










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iVillage Member
Registered: 10-01-2009
Mon, 01-11-2010 - 6:16pm

Gosh this post is hilarious....


Snowflakes confused me from the get go so I never really posted anything as a snowflake....


Duke


PS...I feel that it should be anything against the principal of the mortgage or credit card etc.

iVillage Member
Registered: 08-04-2008
Mon, 01-11-2010 - 6:29pm

So see Newbies, even us old standys can't agree on this one.




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