Saving Money Snowflakes

I received a payment from a sponsor of $77 for How I Save Money. I am snowflaking this payment out into two different areas. $50 will be a snowflake payment to the Citi Visa card and the remaining $27 will be snowflaked over to my Never Go Back To Fresno Fund, which is my Emergency Fund.

I am happy that I received this money and while it would be good to put a larger amount into my emergency fund the interest rate on the credit card debt is higher than the interest rate on the savings account.

I am putting that small snowflake payment down to go as soon as the money clears so that way I will have a balance on the credit card that is $50 less to pay interest on.

My electricity bill was also about $33 less than what I had budgeted for so I will be sending that $33 as a snowflake payment over to the Citi card to take down the balance even more.

ING makes it Easy.
I love using my Electric Orange account from ING because I can simply go in and click to send the checks for each of those amounts. Since it is a check I am not limited in the number of payments I can make to the card and it is refreshing to see the balances go down each time I save money somewhere.

Author: Lulu

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  1. Would you like to eliminate that credit card interest?
    Apply for a new card that will let you do a FREE balance transfer that has no interest for 12 to 18 months. Then make arrangements through your bank to have them make the payments 2 to 3 days ahead of the due date. Try to pay double the amount every month. You can also use a new credit card to earn money if they give a cash back reward. Just take the amount of money you would normaly pay for something and put in your bank then when the payment is due pay it all in full. Never pay an interest if you can help it or get around it. Most CC companies will work with you and reduce the interest, You just have to ask. Sometimes all it takes is a call telling them you are thinking of doing a balance transfer to another CC with no interest or a lower interest and they will do almost anything to keep you as a customer.

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  2. Ditto on the ad management. 🙂

    Seriously, that’s a great start. But I am starting to see the snowflake concept because the more snowflakes you make, the easier you can make a snowball with to throw at your debt and smash it for good. It is certainly a lot easier than one big snowflake.

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  3. Hey guys!!!

    I like the snowflaking because it is easier to send the extra when I have it and because I use ING it does not cost me anything. 🙂

    I don’t get the satisfaction of seeing a huge chunk taken out of the debt all at once but it is slowly going down and slowly but surely wins the race right?

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  4. The other nice benefit of snowflaking is that it keeps you more in tune with where you stand and potentially makes you more likely to not let the debt payments tail off over time.

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  5. Is “snowflake” or “snowflaking” a term that’s used in the personal finance world? I actually have never heard of it.

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