Snowflaking April 30, 2008
One of the most interesting and valuable concepts I’ve learned from reading personal finance blogs is that of snowflaking. Basically, its the idea that all sorts of found and extra money can be directed towards your debt, in small amounts. I like the idea, so I’ve set up a new Electric Orange checking account at ING Direct to hold all the extra bits of money that I can generate, and make sure that I funnel it all towards my debt. As of right now, the account has $192.00 in it - I transferred over $10 from my ING Savings account to get it opened, then added my $25 bonus from opening up a Revolution Money Exchange account, as well as $20 in referral money. I then got a $3 check from Pinecone Research, and my $134 State Tax refund. I’m planning to leave the initial $10 in the account (I have this fear that accounts with no balances will be closed), and add my federal refund and my stimulus payment to the account when they arrive.
I know it will be slow-going, but every little bit helps, right?
[...] of the newer blogs to the Snowflake Revolution, Waiting For The Great Leap Forward, has recently started snowflaking and shares how she started. It illustrates a great point that is often overlooked - it doesn;t matter how you start [...]
Great blog on snowflaking. I am just perfecting the art of the snowflake myself, and finding myself always on the lookout for any little snowflake I can add.
Sometimes it is hard to remember that the little amounts can really add up and make a big difference! I started selling on ebay…and was thrilled with my first .99 cents sale. My husband thought I was silly to get excited about something so small, but 6 weeks later and I have cashed out over $200 and still have almost another $100 in my paypal account. All of that goes towards my debt. He doesn’t think I am as silly any more!!