Sentences with phrase «of debt snowflaking»

It's important to weigh out all of the advantages and disadvantages of the debt snowflaking method so you can use it to it's fullest potential.

Not exact matches

Debt snowflaking is a strategy that focuses on paying off a debt in extremely small chunks of moDebt snowflaking is a strategy that focuses on paying off a debt in extremely small chunks of modebt in extremely small chunks of money.

Debt snowflaking is one of those student loan repayment options that comes with a lot more transactions and payments from your bank account to different debts.

The great thing about the snowflake method is you can use it by itself or in conjunction with any of the payment methods mentioned above.This method will also keep you motivated to keep going so you give up on paying off your debt.

Instead of relying on just one debt paydown attempt each month, snowflaking encourages you to make a debt payment as soon as you get extra money — no matter how small.

To stick with the snowball theme, the strategy of making occasional extra payments above your normal budgeted total savings is referred to as snowflaking (see What is a Debt Snowflake?).

Debt snowflaking refers to taking little bits of money that you make each month and applying them directly to your lowest amount of dDebt snowflaking refers to taking little bits of money that you make each month and applying them directly to your lowest amount of debtdebt.

Of course, if you pay the snowflaking money towards your debt immediately, you can bypass any temptations very easily.

These small «snowflake» payments encourage the idea that small steps, taken over a consistent time period, can produce great leaps toward your goal of being debt - free.

However, if you need a few small, quick wins, and some help getting over the intimidation of your debt mountain, then the debt snowflake will be a good bet.

The short answer: The debt snowflake method is used to pay off large amounts of debt, or a single debt with a very large balance (like a mortgage).

Along with these two popular methods of paying off debt, you can also use extra «snowflake» payments to make your progress even faster.

Someday I will be out of debt — but I will continue to use the idea of snowflaking to further my financial goals and dreams.

One of the most effective strategies for paying down your debt quickly is to use the debt snowflake.

The popularity of Dave Ramsey's «debt snowball» method of debt reduction has led to a number of related debt reduction strategies related to winter precipitation, from snowflaking to the debt avalanche.

Debt, debt, debt... debt is kind of like a snowflaDebt, debt, debt... debt is kind of like a snowfladebt, debt... debt is kind of like a snowfladebt... debt is kind of like a snowfladebt is kind of like a snowflakes.

It has spawned derivative concepts, such as Snowflaking, the practice of making small savings here and there to apply to debt reduction.

Similar to the snowflake method discussed above, but where the snowflake method is meant to increase how much you put towards your debt, even just splitting the minimum payment into two payments over the course of the month can help.

As Melissa Batai from Money Crashers explains, «Snowflaking is the process of using extra money gained here and there to pay down your debt above and beyond your planned monthly payment.»

Have you heard of the snowflake method of debt repayment?

So we chose to attack our credit card debt, which was our highest interest debt, with the greatest vengeance, and focused the extra in our debt snowball as well as all of our snowflaking efforts upon it.

The snowball effect is the principle of devoting a specific amount of money every month to paying down your debts, while a debt snowflake is a one - time extra payment.

The next step we have decided to take and begin applying is taking every little bit of extra $ $ (Christmas gifts, bonuses, tax - refunds i.e. «snowflakes») dividing it in half and apply half to debt and half to savings.

As we are just starting our first serious attempt to get out of debt, snowflaking an extra $ 50 a month (all we can afford right now, really) just doesn't give any psychological payoff.

Though I didn't have a name for it at the time, snowflaking is the technique I used in the final stages of my own quest for debt elimination.

I just want to say thank you to Dave Ramsey and his family and his staff too... God bless you all... I am using your «SnowFlaking» program and the «SnowBalling» program each month to reduce and get out of «Debt»...

An extension of the debt snowball method is the «Snowflaking» idea proposed by Jaimie over at I've Paid for that Twice Already.