{"id":1114,"date":"2020-04-14T10:21:46","date_gmt":"2020-04-14T18:21:46","guid":{"rendered":"https:\/\/undebt.it\/blog\/?p=1114"},"modified":"2021-02-04T19:08:36","modified_gmt":"2021-02-05T03:08:36","slug":"how-to-apply-extra-money-to-your-debt-payoff-plan","status":"publish","type":"post","link":"https:\/\/undebt.it\/blog\/how-to-apply-extra-money-to-your-debt-payoff-plan\/","title":{"rendered":"How to apply extra money to your debt payoff plan"},"content":{"rendered":"<h2>So Now You Have Some Extra Money &#8211; Now What?<\/h2>\n<p>This post is going to go over how to apply extra money to your debt payoff plan &#8211; and by &#8220;extra&#8221;, I mean extra <span style=\"text-decoration: underline;\">on top<\/span> of your existing debt snowball. There is a feature on Undebt.it called <em>Additional Payments<\/em> (aka <em>Debt Snowflakes<\/em>) that allow you to temporarily adjust your budget for a given month. The purpose of this feature is to plan ahead for any variations in your budget so your debt snowball can be flexible as needed. The nice thing about this feature is <span style=\"text-decoration: underline;\">it can be positive or negative<\/span>. You can even have more than one snowflake per month &#8211; the amounts will be totaled. Here are a few examples where this may help you budget your debt snowball:<\/p>\n<ul>\n<li>You know you will be getting a tax refund in March and want to put an additional $2,000 of that towards your debt. Normally your debt snowball amount each month is $500 but in March you&#8217;ll be paying $2,500 to your snowball.<\/li>\n<li><strong>You get a $1,200 stimulus check in April and want to throw it all at your debt.<\/strong><\/li>\n<li>You get three paychecks a month twice a year and you want to put $1,000 of your extra paycheck towards paying down debt. Create one for each month you get your extra paycheck.<\/li>\n<li>You plan on spending $400 extra around Christmas time so you create a negative debt snowflake. Therefore, since your regular monthly debt snowball is $500, it will be adjusted down to $100 in December.<\/li>\n<\/ul>\n<p>Before we get started, I&#8217;ll use an example of having a $1,000 regular snowball amount. I&#8217;m going to add a $1,200 debt snowflake. Here&#8217;s how the budget looks before the snowflake is applied to the current month<\/p>\n<div id=\"attachment_1117\" style=\"width: 116px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/monthly-budget-before.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1117\" class=\"wp-image-1117 size-full\" src=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/monthly-budget-before.png\" alt=\"This month's budget\" width=\"106\" height=\"57\" \/><\/a><p id=\"caption-attachment-1117\" class=\"wp-caption-text\">This month&#8217;s budget<\/p><\/div>\n<h2>Adding a New Debt Snowflake<\/h2>\n<p>Head over to the <strong>Additional Payments<\/strong> section to mange your debt snowflakes. You can create as many as you want, for as far out as you want.<\/p>\n<div id=\"attachment_1115\" style=\"width: 283px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/additional-payments.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1115\" class=\"wp-image-1115 size-full\" src=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/additional-payments.png\" alt=\"Additional Payments section on the main menu\" width=\"273\" height=\"91\" \/><\/a><p id=\"caption-attachment-1115\" class=\"wp-caption-text\">Additional Payments section on the main menu<\/p><\/div>\n<p>In the <em>Add a New Snowflake<\/em> section, fill in the info for the snowflake and press the <em>Save Snowflake<\/em> button<\/p>\n<div id=\"attachment_1118\" style=\"width: 449px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/add-new-snowflake.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1118\" class=\"wp-image-1118 size-full\" src=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/add-new-snowflake.png\" alt=\"Creating a new debt snowflake\" width=\"439\" height=\"459\" srcset=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/add-new-snowflake.png 439w, https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/add-new-snowflake-287x300.png 287w\" sizes=\"(max-width: 439px) 100vw, 439px\" \/><\/a><p id=\"caption-attachment-1118\" class=\"wp-caption-text\">Creating a new debt snowflake<\/p><\/div>\n<p>Now that you have added your debt snowflake, you can see how your plan will be affected. You can also edit or delete the snowflakes as needed. Here&#8217;s the new budget for this month (note that this number will only change if there is a snowflake on the current month):<\/p>\n<div id=\"attachment_1119\" style=\"width: 113px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/monthly-budget-after.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1119\" class=\"wp-image-1119 size-full\" src=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/monthly-budget-after.png\" alt=\"The adjusted budget amount\" width=\"103\" height=\"63\" \/><\/a><p id=\"caption-attachment-1119\" class=\"wp-caption-text\">The adjusted budget amount<\/p><\/div>\n<div id=\"attachment_1120\" style=\"width: 1043px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/snowflake-snowball-table.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1120\" class=\"wp-image-1120 size-full\" src=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/snowflake-snowball-table.png\" alt=\"The adjusted snowball table\" width=\"1033\" height=\"177\" srcset=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/snowflake-snowball-table.png 1033w, https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/snowflake-snowball-table-300x51.png 300w, https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/snowflake-snowball-table-1024x175.png 1024w, https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/snowflake-snowball-table-768x132.png 768w\" sizes=\"(max-width: 1033px) 100vw, 1033px\" \/><\/a><p id=\"caption-attachment-1120\" class=\"wp-caption-text\">The adjusted snowball table<\/p><\/div>\n<p>&nbsp;<\/p>\n<p>The extra money shows up in the <em>Add&#8217;l Payments<\/em> column. The <em>Total Payments<\/em> column shows the updated amount totaling $2,200. You can see that I have another snowflake scheduled for next month for $1,000.<\/p>\n<p>The feature works on both free and premium accounts. Please remember to share on social media if you like the site and thanks for your feedback and continued support.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>So Now You Have Some Extra Money &#8211; Now What? This post is going to go over how to apply extra money to your debt payoff plan &#8211; and by &#8220;extra&#8221;, I mean extra&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":1115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[86],"class_list":["post-1114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-snowball","tag-debt-snowflake"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2020\/04\/additional-payments.png","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3b4HR-hY","_links":{"self":[{"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/posts\/1114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/comments?post=1114"}],"version-history":[{"count":5,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/posts\/1114\/revisions"}],"predecessor-version":[{"id":1527,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/posts\/1114\/revisions\/1527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/media\/1115"}],"wp:attachment":[{"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/media?parent=1114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/categories?post=1114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/tags?post=1114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}