Friday, January 6, 2012

Debt Snowflake Challenge Week One and Having Fun!

Happy Friday fellow bloggers and followers. It has been a great week for snowflaking. It's so motivating to collect up my little "flakes" and package them for debt repayment!

Why I have never tried this, I will never know! For several years I have read lots of blogs which practiced this method. Everyone had wonderful success too, but did that motivate me? Nope!

Recently I stumbled upon this wonderful blog. Melissa will be updating every Friday. She had had some great luck this week with a unexpected deposit fee. Stop by and see what all the buzz is about!

The hubby and I have decided that all of our snowflakes will be tucked away in our new ING Electric Orange account.Then once monthly they will be assigned to the smallest debt to quickly clear up according to Dave Ramsey. I know its not the popular method over paying off high interest debts first but I like Dave's ideas. He the the "go to" guy in my book.

Here is the breakdown for this weeks "flakes".

Profit from my little baking gig $94.00

Rounding off my hubby's paycheck to the nearest ten dollar increment $8.65

A check for $2.84 from old insurance company

This makes a grand total of $105.49! In the old days this would have floated away somewhere on the weekend. What a waste! But no more, every dollar is going to work as hard as we do!

I am kind of still in limbo on what to do about my coupon savings $ and the balance in my grocery envelope. Currently they are hanging out together. The plan for now is to build a stockpile of no more than 3 each items of all our toiletry and household supplies. We have only two choices for grocery shopping in a 40 mile radius Walmart and Aldi. Not as great as I would like but I am determined so save regardless.

I welcome any input on this. I would love to hear how you all do it. You just gotta love feedback from the pros! Have a wonderful weekend and happy snowflaking. I am off to see how everyone else did with their first week.
Hugs, Deb!!!


Melissa said...

Yeah! Isn't encouraging to see how much "found" money there is to be had? I love the strategy of rounding your husband's check to the nearest ten. Great idea.

We snowflake our money every week just to make sure it doesn't get diverted somewhere else. :) Plus, that knocks down the interest faster because it lowers the balance, and I am a sucker for immediate gratification (which may be the reason we have some credit card debt to pay off). :)

Pam said...

Why have i never thought of rounding off Hubby's paycheck before? What a simple and practical way to save!

(I would consider Dave a go-to guy, too...)

Nice to meet you!

Mid-Atlantic Martha said...

Sounds like a good plan and one that is both easy and doable!