Snowflake Saturdays

I am really into snowflaking and or snowballing debt repayment.  If you follow Dave Ramsey at all, this is the method that he uses in his book.  Anyhow, since I am gazelle intense (ha, another Dave reference) on paying things off, I thought I’d start a new series to hold myself (and you if you’d like) accountable.

So, what constitutes a snowflake or a snowball?  Essentially, for me, it’s any extra money that comes my way that I wasn’t planning on.  For example:

  • Things sold on eBay, craigslist, or unused items returned.
  • Extra paycheck if you are on bi-weekly pay.
  • Any extra money from a 2nd job or overtime.
  • Any raises received.
  • Any money received in bonuses.
  • Any tax refunds.
  • Any extra cash received as gifts, etc.
This past week I sold my Blackberry Bold 9930 from Verizon on eBay for $320.  I love that phone, however, I have the identical phone ordered for me at work.  I paid $199 for my phone and ended up making a tiny profit.  I also worked some overtime, and received $400 additional in my paycheck.  Those two things alone added to a $720 extra payment to my targeted debt, which in this case is my visa.  This payment is on top of the $650 that I just sent them on 3/1, making my total payment to them $1370.
On my spreadsheet I actually projected an additional payment of $1350 for the entire month of March.  This bit of extra money will make my goal achievable much faster.  I still have 2 pay periods left and just got a raise yesterday where I will have a bit of extra money coming in.  My biweekly payment of $650 will be increasing to $760, or approximately $1520 a month.  I haven’t had the time to play with my spreadsheet yet but I am certain that this will make me debt free sooner than May 2014!

4 thoughts on “Snowflake Saturdays

  1. ok, that is a LOT of money to throw towards debt — you are doing such a great job!! $1520/mo is amazing.. I’m at less than half that =\ haha I hope I can get my debt payments over $1000/mo by the end of this year.

    You set such a great example!

    • Thank you so much! I really struggled at keeping track of my spending and didn’t do so good in 2010 and 2011. I’m trying really hard to get my act together, so I really appreciate the comments and support! And, don’t worry – I think you’re doing great. Any extra money you can send to debt is a total win in my book.

  2. Like everyone said, that’s really awesome. If I may offer a tip, my advice is to not to adjust the spreadsheet and just leave the tentative date as May 2014. For starters, this will help in case murphy throws a curve ball your way and also, what I feel is the best reason to leave it as May 2014 is that if you finish before that you would be in for a major surprise.

    Anything you do is cool though. That debt is going down!

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