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A well known personal finance method applied to meet other personal goals
One of my personal favorite personal finance tactics is "snowflaking." For those unaware,[link widoczny dla zalogowanych], "snowflaking" refers back to the idea that if one makes little frugal steps through the month, you simply add the number you saved with this method and can include the entire as an extra payment at the end of the month. So, for instance, should you used coupons in order to save $5 on your normal purchases,[link widoczny dla zalogowanych], you would add $5 to an extra debt payment at the conclusion of the month. This knocks $5 from the total amount you owe,[link widoczny dla zalogowanych], reducing your interest owed later on months and becoming eliminate the entire debt that much faster.
"Snowflaking" is almost always used in a debt-related context - the name itself originates from the popular "debt snowball" - but I've actually found that snowflaking can be quite powerful for almost any goal in everyday life. Actually, I use snowflaking constantly during my own life for bigger goals.
Bigger savings goals The biggest savings goal that Sarah and that i have right now is for our next home. We plan to buy a piece of land in the united states with a few wooded area onto it (expensive) after which develop a house to spec on that land (much more expensive), and also a barn (whew!).
That's an expensive goal,[link widoczny dla zalogowanych].
And so i keep that big goal i believe as often when i can. I have a picture of the home with a barn and some woods within the back that I look at constantly to maintain myself reminded of it. After i make a decision to save several bucks - buying something in bulk or some similar little effect - I log onto my online banking and transfer that amount to another checking account, not to huged until we're ready.
With every little choice, that account grows and we move just a little closer to our dreams.
Motivational goals I'd like to obtain a better pair of walking shoes. Rather than going out and buying a new pair, I merely pledge when I reach the 250 mile mark with my walking this summer and spring, I'll allow myself to purchase the shoes.
Again, this is snowflaking, just inside a tiny bit different form. If I don't have the motivation to go on a really long walk, I'll just talk myself into a short walk round the park near our house. I'll remove a mile and a half or two miles and become back in the house in less than a half an hour, but that tiny bit plays a role in my larger goal.
Cash snowflaking can function well alongside this non-cash goal. If I talk myself into walking to have an hour instead of renting a pay-per-view movie as well,[link widoczny dla zalogowanych], I'm able to contribute the savings for an account for that goal.
Splurges Let's imagine, hypothetically, which i wanted an iPad. I would want that in the short term, but still want to save for that bigger goal in the long run. Exactly what do I do?
I could simply split the snowflakes, putting half of the cash in to the big goal account and also the other half in to the iPad account. I possibly could also just go for a while goal now, putting everything towards the iPad and moving back to another goal once I have my gadget.
My preferred way,[link widoczny dla zalogowanych], though,[link widoczny dla zalogowanych], would be to snowflake in certain ways for one goal and snowflake in different ways for other goals. So, for instance, basically cut costs by choosing free entertainment rather than something with a price tag (like I might normally do),[link widoczny dla zalogowanych], I'd save that money for an entertainment splurge (as an iPad). On the other hand,[link widoczny dla zalogowanych], if I save money with smart food buying, that would go for the house instead.
Of course, this can be a hypothetical assumption which i want an iPad instead of, say, a great paperback.
To put it all simply, snowflaking is a superb tactic for any financial goal. It creates a strong connection between big goals and the little choices we make every day, often in an exceedingly tangible fashion.
Add/view comments about this post.
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The Christian Science Monitor has assembled a diverse number of the best economy-related bloggers out there. Our guest bloggers aren't employed or directed through the Monitor and the views expressed are the bloggers' own, out of the box responsibility for that content of their blogs. To contact us in regards to a blogger, click here. To include or view a comment on a guest blog,[link widoczny dla zalogowanych], please go to the blogger's website by clicking on the hyperlink above.
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