I have seen the term "snowflaking" referred to on other blogs but wasn't entirely sure what it meant. I thought perhaps it was a different spin on "snowballing" a strategy Gail Vaz-Oxlade uses in paying down debt. Pick the debt with the highest interest to pay down first while maintaining minimum payments on the other debts. When the highest interest debt is paid off combine, or "snowball", that payment into the next highest interest debt and get it paid off, then add that payment...well you get the picture.
So I googled "snowflaking" and came across a post by Matt at One Million and Beyond that explained the concept.
"The idea of snowflaking is pretty straightforward in that any extra money that you save or make is applied to a financial goal right away regardless of the amount."
Well I am proud to say that today we "snowflaked" (can I use it as a verb??) A few days ago my partner brought home 2 boxes of old LPs that a friend of his was going to give to Goodwill and today he exchanged them for $70.00!!! We immediately socked the money away in the Crofter's Lane Jar. We hope to...or should I say we PLAN to have enough money for gas and motel to and from PEI next summer for which we would need approximately $500-$600.
Have: $209.20 Need: $600.00
So over 1/3 of the way there!!
P.S. can anyone tell me the secret to making those financial goal bar graphy things in their sidebars??