January 2016 Snowflaking Report

A new thing I’m trying this year: a mid-month Snowflaking Report. A few reasons for this:

  1. We pay our minimum payment automatically around the 13th of every month, and I send our extra payment as soon as the payment posts to improve the likelihood that our Snowflaking payment will go entirely to the principal and not to interest.
  2. My monthly recaps are kind of long, so I’d like to take out some of the details to streamline them.
  3. Snowflaking will make or break the achievement of our 2016 Mintly Goal(s)!

Note: Beginning in March, we will be budgeting $1504 per month as additional payments to these loans, but as that money is budgeted as part of our strategy to meet our goal, I don’t consider it “snowflaking.”

What is Snowflaking?

“Snowflaking” can be defined as putting all of your extra income (often in small amounts) to your debt. For instance, if you do an odd job or have a side hustle, that money would go to your debt. If your mom sends you money for your birthday, you can send that money to your debt. If you get a refund on an item, that money can go to your debt. For more, see this.

Mintly Snowflaking 2016 by the numbers:

  • $239 – amount needed per month to pay off all of H’s loans by our target of February 2017 (for more information on our debt, including the amount, please see this)
  • $1091 – amount needed per month to pay off all four of our loans by our target of February 2017 (definitely our “stretch” goal!)

January 2016 Minimum Payment

I’m including this information because our snowflaking will continue to decrease the amount of interest we pay every time we make a payment, and tracking that decrease helps me see that we’re making a difference, even when it seems like we’re barely making a dent each month!

  • $391.83 – minimum payment we sent
  • $312.46 (80%) – amount that went to principal
  • $79.37 (20%) – amount that went to interest

January 2016 Snowflaking:

  • $281.99 – amount we sent
  • $281.99 (100%) – amount that went to principal
  • $0 (0%) – amount that went to interest

January 2016 Snowflaking Breakdown:

  • $33 – H’s side hustle
  • $25.31 – Pact (via Paypal)
  • $30 – Pact refund
  • $33 – H’s side hustle
  • $25 – H’s side hustle
  • $.37 – interest from checking account (Dec)
  • $50 – Swagbucks (<– referral link)
  • $75 – house services budget that was not needed


It was a stretch to reach our goal this month, and I ended up having to find money from our budget that I knew we weren’t going to use. This did really make me realize that setting a goal of getting at least $239 per month snowflaked will probably be something that will truly help me along this path to Debt Eradication! I don’t remember ever being this frantic about getting extra money sent to our loans – I always sort of felt like I was doing well if I was sending ANY extra, probably because the 2015 Mintly Snowflaking Goal was set pretty low (only $50 a month!).

I’m excited to see how far we get following this new method!

Does anyone else track the amount of their monthly payments that go to interest vs. principal?


2 thoughts on “January 2016 Snowflaking Report

  1. I love that you set a goal for your monthly snowflaking! Now that we are getting close to our debt free date I would really like to do something similar. We just put everything extra towards our debt, but I think if we had a goal we may be able to push ourselves to another $100 or so each month. Hmm… you gave me something to think about! Thank you! 🙂


    • Yay! It would be fun to be accountable – I think it’s interesting (and great!) that a goal of over $200 seems to be the magic number to get me working hard to find that extra money. I just needed to figure out what the number was, and now we’ll see if I can stick with it! 🙂


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