Comments on: Debt snowflaking

By: ed

ed — Thu, 30 Apr 2009 16:45:56 +0000

I love the idea of snowflaking and am looking for things around the house we can get rid of. However, I’m wondering if it would be better to donate things to charity. When I have used tools such as Deduction Pro, the amount they say I can deduct for an item is a lot more than I can make selling it (I understand I only get a portion of that for the tax deduction). As an example (just making this one up, I would need to check the real numbers), I can sell a hardcover book on Craigslist for $1-2 but deduct $12 for donating it. This seems to be true more for small items than large items. Selling furniture/large items I think would be better than donating.

Not sure if it matters but I have mortgage and home equity line of credit debt but no credit card or similar debt. Husband and I are also in the 30-35% tax bracket. I feel I would be getting “more” from saving money on taxes than by selling things. I would like to hear other’s opinions on this or if there is another board where I can post this question for feedback. Thank you very much. Good luck to all!

By: * Dave Ramsey’s Debt Snowball

* Dave Ramsey’s Debt Snowball — Wed, 08 Apr 2009 02:05:27 +0000

[...] about Debt Snowflake:Snowflaking – A Primer at I’ve Paid For This Twice Already… Debt snowflaking at Gather Little By LittleFinding Snowflakes to Add to Your Snowball at Being FrugalWhat Are Debt [...]

By: Coupon Savings…..What Now? « All Things Financial

Coupon Savings…..What Now? « All Things Financial — Tue, 17 Mar 2009 00:28:35 +0000

[...] cash goes toward a specific financial need. The financial term for directing this money is called snowflaking (taking extra to tackle other expenses). Below are the steps I suggest you take regarding your [...]

By: Link Love - Home and Money Edition « Saving Money Ideas

Link Love - Home and Money Edition « Saving Money Ideas — Sun, 15 Mar 2009 02:41:15 +0000

[...] Gather Little by Little: Debt Snowflaking [...]

By: Juanita

Juanita — Tue, 10 Mar 2009 19:28:49 +0000

Thank you for this idea!! I’m currently tackling $39,950 debt. I use the snowball method by paying low interest rate cards first, but a key element in my method is actually getting the lowest interest rate i can get, using balance transfers or negotiating with my cards. I’ve never appreciated the idea of snowflaking until i read this article. paying an extra $10 a month to a $40K debt has always seemed so futile, but i gladly pay $10 for brunchtime starbucks just to handle my stress. Now i can appreciate that if i really want to get serious, i can get out of debt all that much sooner if i apply my fun money to my debt. I need to learn to take pleasure in this. The payoff is that i will reach my goal sooner. It turns out, it won’t be only $10, it could be as much as $100 a month if i let go of all those little habitual treats.

By: Carnival of Debt Reduction: Spring Forward edition | Mighty Bargain Hunter

Carnival of Debt Reduction: Spring Forward edition | Mighty Bargain Hunter — Mon, 09 Mar 2009 06:13:37 +0000

[...] Gather Little By Little describes the phrase that’s taking the personal finance blog circuits by storm: debt snowflaking! [...]

By: Choice Articles of the Week | Financial Independence in Your 20s | Studenomics

Sun, 08 Mar 2009 17:21:55 +0000

[...] at Gather Little by Little talks about debt snowflaking. An excellent article for those that find themselves gaining more and more debt over [...]

By: Good Reads: I Love Tea : Domestic Cents

Good Reads: I Love Tea : Domestic Cents — Sat, 07 Mar 2009 07:56:55 +0000

[...] over to Gather Little By Little to read about Debt Snowflaking. You’ve heard of the debt snowball right? Well, this goes along with that. What happens when [...]

By: Do You Dave Ramsey?

Do You Dave Ramsey? — Sat, 07 Mar 2009 04:04:28 +0000

Good commentary… I think we get so desensitized to paying bills and making payments and paying bills and making payments… it is this trend that gets us into debt but then even when we’ve turned the corner and we’re spending our money wisely we’re still reduced to making paying bills and making payments – even if they are larger and more focused…

In this way, snowflaking is the true essence of getting out of debt because it truly unlocks the changes in our priorities and behaviors that will forever change how we related with money.

Thanks for revisiting this great topic.

Dave

By: Michelle H.

Michelle H. — Thu, 05 Mar 2009 06:48:12 +0000

How ironic that I found this post tonight. After listening to Dave Ramsey, I started my own debt snowflake towards my car and I made my first snowflake payment today! It was for $94! Basically I got the cash from online surveys or cashs sites. I also sold a few small items on ebay. I also have more money coming from these same sources. So I already have more extra money to put down next month!

I like the idea of putting the gift card money towards your debt too…that would add a little extra to what I’m already doing.

Anyway, I have already bought into this concept. I know that I can pay my car off so much faster than the 3.5 years I currently have left. I can’t wait to see what the final result is if I keep on keeping on. My wish is to knock off 1.5 years!