Last week six readers pledged their commitment to snowflaking money on their debt this year to get out of debt faster. If you haven’t joined the challenge, consider joining. What do you have to lose except the interest you are paying?
Ways to Find Money to Snowflake, Part 1
Often the greatest impact you can make financially is to re-evaluate your current expenses. If you are spending $200 a month on entertainment, do you really need to spend that much? Instead of going to the movie theater, could you rent a movie for free from the public library and watch it at home?
Here are some areas of the budget to consider re-evaluating:
-Cable. Do you have to have this? If you feel your family can’t survive without cable, then call the cable company and see if they are willing to give you a six month discount. Just ask. If they agree and cut your bill by $20 for six months, snowflake that $20 each month. If you save more by cutting cable entirely, snowflake the entire amount
-Insurance. Most of us pick an insurance provider, pay our insurance premiums and never do anything more. Pull out your current home or renters’ insurance policy as well as your auto policy. Call several agencies and tell them the exact coverage you want based on the coverage your bills show you are currently getting. Make sure to ask about a discount for bundling services. You may just be surprised that a different company than you are currently using offers lower rates. (Before switching, make sure to check online to see if other customers are satisfied with the insurance company.)
-Credit Card Interest. If you have a credit card balance, you are probably paying more than you need to in interest. Simply call your credit card company, tell them you are planning to aggressively pay down your debt and would like to have a better interest rate. Don’t ask them if you can have a lower APR, just nicely tell them you would like a lower one and wait to see what they say. If they say there is no lower rate or they are not authorized, ask to speak to the manager. Then, ask the manager. You will have success about 50% of the time.
Erin recently slashed her family’s annual budget by $8,000. Now that is a nice snowflake! Check out her post for more ideas to cut your monthly budget.
I’ll be sharing ways to find money to snowflake each week, but if you want to think of several right away, check out this post I recently wrote, Debt Snowflaking – 25 Ways to Find Extra Money and Pay Down Debt. Another great article offers other different ways to snowflake, Snowflaking: 30 Ways to Snowflake Your Debt Away.
Also, Blogging Away Debt is currently looking for someone who is working to pay down their debt and willing to blog about it 3 to 5 times a week. There is a bit of financial compensation and excellent exposure. The deadline to apply for the position is January 15th.
We were able to snowflake more than we planned, which is always a good feeling!
I unexpectedly got a temporary writing job. I have completed 1/5 of the job, but the client already paid me in full. After PayPal fees, I earned $239.95, all of which went on my credit card with the lower balance as a snowflake.
Unexpected temporary job: $239.95
I took on a new virtual assistant job recently, and since that is extra money that we don’t technically need to make our monthly budget, I decided that all money I make from that particular job will be snowflaked.
Virtual assistant job: $102
I also designated one different, small virtual assistant job to our snowflake. I make $15 at this job per week.
Second designated virtual assistant job: $15
And, for the exciting news, I closed an advertising deal for a year and made $720 after Pay Pal fees. I have never closed such a large advertising deal, so it is very exciting!
Unexpected advertising deal: $720
We did many different activities over the last week to find money to snowflake on our debt, and the result was that we were able to snowflake $1076.95 since my last report a week ago. In the last twelve weeks since we have gotten gazelle intense, we have “found” $5199.45 to snowflake!