If you’ve ever been faced with a large amount of debt to pay off, you know just how overwhelming it can seem. You just know it’s going to take a long time to pay off and you’ll end up paying a lot of interest.
The part that many people overlook is the power of chipping away at that debt with lots of small extra payments. This is referred to as snowflaking your debt.
Basically you do what you can to make extra money in your spare time and pay it directly towards your debt. It doesn’t matter how big or how small the money you make is. The key is that you consistently work at it and pay off as much as you can.
For some people it might mean taking on a side gig such as babysitting to delivering pizzas. For others it might be spending their time creating some kind of crafts that can be sold online or at crafts fairs. If you’ve got writing or design talent, you could offer your skills as a freelancer online. Or maybe it’s something smaller like returning your bottles and cans.
These amounts might seem like small payments, but when consistently made over time it can have a significant impact on your debt. When you see the impact it has on your debt repayment it is bound to give you the motivation to find other money making ideas.
Then once your debt is all paid off you could keep these side gigs going to work towards your other financial goals. That new car or vacation suddenly becomes that much easier to save up for.
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Do you use the snowflaking method when you are paying off debt? Or do you have any other strategies that have worked well for you?