Snowflaking is a wonderful concept. You can read about it here. I mean I love the idea of the debt snowball where you pay off one debt and then apply the amount you were paying to the original debt to the next debt and so on. But snowflaking gives you the sense of mini-successes which I love. They motivate me to keep working towards the bigger debt. Granted you are moving forward while working on your debt snowball but the successes seem fewer and farther between. Chinking away at debt in $2, $8, or $11 weekly increments makes me feel like I am doing something rather than having my successes a couple of months apart or more.
Where to find snowflakes:
- Change around the house - Look everywhere. I mean everywhere. In the couch, in the laundry room, all of the drawers in the house, in the car, the garage, everywhere. I found three dollars in change in the playroom. Who knew?
- Store mistakes - The other day I was at Harris Teeter and they were supposed to take off $3.00 for their store brand organic salsa making it $.29. When they rang me up it did not come off automatically like it as supposed to so they sent me up to customer service to get my money back. the lady at customer service said okay you'll get back $3.14. I asked her if she had to put it back onto my debit card or if she could just give me cash and she said she could give me the cash. I took the money and out it into my orthodontist envelope that I have sitting in my desk. I use any snowflakes to pay down my $1600.00 ortho bill for my son's teeth. But in my mind I had already committed and spent the $53.00 in the original transaction. Getting three dollars back and putting it back into my account seems counterproductive to me [this could just be my bizarre thinking!] but since I know that money has already been spent why not take it and spend it in a snowflake instead? If I had really been on the ball I would have quoted them their store policy which is when an item rings up at the wrong price you get that item free of charge.
- Refunds - Those of you who shop Walgreen's or CVS know the power of refunding. These stores have free items every month where all you have to do is purchase the items and send in the rebate forms and they send you a check or gift card back. They give away these items hoping that you are going to spend more money while youa re in there but little do they know that we hardcore frugal people will not buy anything but what we have gone in there to get. Instead of getting the rebate amount back in a gift card which means you have to spend it at their store get it in the form of a rebate check which is money free and clear that you can deposit at your bank. Take that money and snowflake it.
- Sell your stuff - no brainer here. Sell your stuff on Ebay, Craigslist, wherever you can. Yard sales, etc. You have this stuff sitting aorund your house that is worth money. Pretend it is money. Pretend that book on the shelf is $15.00. Pretend that those shoes in your closet are $21.00 laying on the floor. That figurine in the living room is $11.00 sitting on your entertainment center. If that was real money wouldn't you gather it all up and want to pay off your debt with it? What is stopping you?
- Windfalls - Any money that you were not expecting is considered a windfall. That could be an overpayment to your mortgage company, a rebate stimlus check (hint, hint), a birthday present, whatever.
- Coupon Savings - If you are a couponer at the bottom of your receipt it says how much you saved in coupons and card specials. Every time you go to the store check this amount and immediately throw that amount towards your debt.