Debt Snowflake Giveaway


debt snowflake

Most people who are trying to get their personal finances in order are well aware of the debt snowball. This is basically a way to pay down your debt in a quick and efficient way. What less people are aware of is the debt snowflake. The debt snowflake is basically finding small income opportunities and streams which can be done in your spare time to add directly to reducing your debt. While each of these snowflakes may be small in amount, by doing as many as you can over a long period of time, they add up to a significant amount that can be placed toward your debt.

It’s with the debt snowflake in mind that we have decided to try a new giveaway. Instead of offering a single large prize, we decided to feature 10 smaller prizes of five dollars in cash through PayPal (or if you do not have PayPal, buy gift card). The five dollars in itself isn’t going to make a substantial difference in your debt (just like a single snowflake isn’t going to cover the ground), but if you use it as an impetus to look for other debt snowflake opportunities (which we hope you will most definitely do), you may find that you have found a new way to speed up your debt reduction journey.

a Rafflecopter giveaway

We have put together this giveaway on a trial basis. That is, if there is interest from the readers and they believe that this is a good idea, we have some sponsors that are interested in doing this on a regular basis (a minimum of two times a month). On the other hand, if this is something that few find worth their time or effort, then Nate and I would rather spend our energy working on other projects that the members here would find more beneficial. We are therefore hoping that you are willing to share your candid opinion on whether you think this would be a good idea moving forward in the comments.

(Photo courtesy of hlkljgk)


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September 9th, 2012
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Reader Comments

Comment Number:
1
Written by:
benjamin
Posted on:
September 9, 2012 at 11:27 am

Truthfully, I think it’s a waste of time. $5 isn’t gong to help much. It makes more sense to concentrate on big ways to save money to reduce debt instead of wasting any time, even if it is a small amount, doing things like this.

Comment Number:
2
Written by:
leslie
Posted on:
September 9, 2012 at 12:09 pm

I totally disagree. I think this is a great idea and I hope it continues in the future. Some of us are fighting for every extra penny we can find to add to our credit card bills and this is an easy way that we can do it. If you don’t like it, you just don’t participate. I hope that I’m not the only one that supports this as I would love to see it done on a regular basis.

Comment Number:
3
Written by:
Petunia 100
Posted on:
September 9, 2012 at 12:14 pm

I think it is a fabulous idea! There are many, many people who would appreciate a free $5 snowflake. What a great way to generate new interest in Saving Advice!

Comment Number:
4
Written by:
jay
Posted on:
September 9, 2012 at 12:15 pm

Surely, every little bit helps, so am in favor, as long as giveaways are random!

Comment Number:
5
Written by:
Bben
Posted on:
September 10, 2012 at 3:29 am

Every little bit helps when you live on Social Security.

Comment Number:
6
Written by:
Ron
Posted on:
September 10, 2012 at 6:51 am

I think it is a good idea. Many people need a small chunk to bite off first. Then when they see results, they can increase their effort.

Comment Number:
7
Written by:
Jamie Herda
Posted on:
September 10, 2012 at 7:18 pm

I think it’s a great idea and a good way to make a point. Everything starts with baby steps….everything. Thank you for the idea!

Comment Number:
8
Written by:
Dana
Posted on:
September 10, 2012 at 10:57 pm

I love this idea! If I win the five bucks, I’m going to try my own experiment. I am going to spend five dollars on some raw material, make an item and put it up for sale online. When that sells, I will use the profits to buy 2x the amount of raw materials, then sell both of those. I hope to keep doubling like that and see how far I can go.

Realistically, I know I won’t end up filthy rich. But I think it’s going to be more fun than wasting five bucks on a lottery ticket or a cup of coffee at Starbuck’s.

Comment Number:
9
Written by:
Kathie
Posted on:
September 12, 2012 at 12:32 am

It’s a sweet gesture, and I’m glad you thought of it. I tell folks to pay their debts as often as possible, even the smallest amount, so they don’t associate getting out of debt with worrying about and waiting for “windfalls” or larger amounts of money to be available to pay down debt. Credit granters/collectors hate nothing more than to see no activity on an account, so pay as often as you can (weekly is great!), but as much as you can without going into further debt. Paying small amounts often reduces interest considerably, because the sooner the oldest debt is paid off (on which you’ve paid interest the longest), the sooner the newer debt can be paid off.

Comment Number:
10
Written by:
Kate
Posted on:
September 12, 2012 at 6:53 am

I think every little bits counts. I get happy when I find a quarter on the street. I get estatic when I find a dollar. Can you imagine if I find more?

Comment Number:
11
Written by:
Gail
Posted on:
September 12, 2012 at 7:03 am

I’m very happy to enter this contest! $5 is $5!!! Anything can help when you have bills that you have nothing to cover them, like the $19,000 medical bills from my uninsured hubby being hospitalized last month.

You really never know how a tiny thing can grow. Years ago I started selling some of my books on line and some sold, so we found more to sell and then some more and then switched to sewing patterns that sold. Then we found more patterns to sell and before we knew it, we had a fairly successful on line business that has become one of the backbones of our monthly finances. Never despise the days of small beginnings!

Comment Number:
12
Written by:
judyyy
Posted on:
September 12, 2012 at 8:17 am

I am a firm believer in the snowflake method and I love your idea. Thanks for the chance to win!

Comment Number:
13
Written by:
KI Blue
Posted on:
September 12, 2012 at 9:30 am

drops in buckets become full pails. brilliant, Jennifer!

Comment Number:
14
Written by:
creditcardfree
Posted on:
September 13, 2012 at 7:26 am

I like the idea of the giveaway, but I don’t like the method of entries. I don’t want to be connecting to facebook, twitter and so forth just to get $5.

Comment Number:
15
Written by:
Mel
Posted on:
September 14, 2012 at 4:07 am

I agree! Every little bit helps. I am definitely down!!

Comment Number:
16
Written by:
Melanie Pierce
Posted on:
September 14, 2012 at 6:33 pm

I will take all the help I can get! Thanks so much!

Comment Number:
17
Written by:
Elizabeth B
Posted on:
September 14, 2012 at 10:09 pm

As someone who has virtually nothing at the moment, including a place to call her own, $5 is an amazing amount. I do hope you continue with it!

Comment Number:
18
Written by:
carrie
Posted on:
September 17, 2012 at 5:17 pm

Agree :)

Comment Number:
19
Written by:
PatientSaver
Posted on:
September 19, 2012 at 4:28 pm

Sure, I like this idea.

Comment Number:
20
Written by:
CB in the City
Posted on:
September 20, 2012 at 1:22 pm

All for it! I love snowflakes!

Comment Number:
21
Written by:
randal defoe
Posted on:
November 27, 2012 at 9:14 pm

hey five dollars is five dollars i dont even pass up a penny if i see it on the ground good idea

Comment Number:
22
Written by:
ddf
Posted on:
January 9, 2013 at 12:18 am

Make your team learn discipline when someone on the team makes a mistake or doesn’t listen. Don’t make just that one kid run a lap, but make the whole team run a lap. It is a team sport, not an individual sport, so make the whole team pay for one player’s mistake.