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Snowflakes (debt repayment)

Posted by on Feb. 15, 2013 at 1:09 PM
  • 33 Replies

 

Poll

Question: Have you made a snowflake payment this month?

Options:

Yes, I try to make extra payments monthly

Yes, though I generally don't

No, though I normally try to

No, I only pay the minimum monthly


Only group members can vote in this poll.

Total Votes: 24

View Results

Snowflakes are small extra payments made towards debt.  Sometimes they can be rather large, like the extra payment I made this week towards a student loan, and sometimes they are teeny-tiny, like when you round up your $787 mortgage payment to $780 or even just to the nearest dollar.  Every extra payment should be celebrated no matter how small and I thought it might be nice to have a place where we could list those mini-accomplishments.  Have you made a snowflake payment this month??

by on Feb. 15, 2013 at 1:09 PM
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Replies (1-10):
ivf_blessed
by Bronze Member on Feb. 15, 2013 at 1:33 PM
1 mom liked this
it's the only kind of snow I like :-)
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QuiltLover
by Jocelynn on Feb. 15, 2013 at 1:57 PM

We dont have any debt except for our mortgage (very small amount owed)and jeep payment, and yes I pay every two weeks and extra on the jeep...we actually are going to try and sell the jeep..its a wrangler, we had one for 12 years and loved it, but I feel I am too old to get the fun out of it now...it only has 50000 miles on it and just sits in the  garage..I never drive it...we just need to sell it....

pattya925
by on Feb. 15, 2013 at 2:00 PM

Good for you! I cannot wait til my car is paid off (later this yr) and my student loans will be paid off by next spring.  The mortgage will be a while though!

Quoting QuiltLover:

We dont have any debt except for our mortgage (very small amount owed)and jeep payment, and yes I pay every two weeks and extra on the jeep...


Bmat
by Bronze Member on Feb. 15, 2013 at 3:22 PM
1 mom liked this

I try to pay extra whenever I can to shorten the length, and cost, of the debt.

slw123
by Member on Feb. 15, 2013 at 3:37 PM

I always did this when we had debt.  We just paid off our mortgage last month.  We did it by putting every spare dollar towards the mortgage.  If we were 2 days away from the next payday and there was still money in the checking account, I would use it to make a principal payment.

baconbits
by Bronze Member on Feb. 15, 2013 at 4:16 PM
2 moms liked this

 I didn't snowflake my dd's student loan. I threw a whole snowman at it and it is gone! Now we're back to snowflakes on the last 4 loans of any type we have.

MistressMinerva
by on Feb. 15, 2013 at 5:02 PM
1 mom liked this

I don't have any debt payments. Thank God.

SweetLuci
by Silver Member on Feb. 15, 2013 at 5:16 PM
1 mom liked this

 We do this, but I've never heard it called a snowflake payment. Nice idea.

pattya925
by on Feb. 15, 2013 at 5:16 PM
1 mom liked this

I am trying really hard to snowman it :) lol 10K down from last year... 12 K to go!

Quoting baconbits:

 I didn't snowflake my dd's student loan. I threw a whole snowman at it and it is gone! Now we're back to snowflakes on the last 4 loans of any type we have.


MissyB1011
by Bronze Member on Feb. 15, 2013 at 8:00 PM
1 mom liked this
We do this with our mortgage. We have 4 years left on it. This has also helped with our budget. As school taxes have gone up, we had that cushion there.

We also do that on our payments for my DH's Lasik. The payments are interest free. They get smaller every month, but we still pay the higher amount like the first month, so the final payment in a couple months will be small.
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