{"id":245,"date":"2014-01-16T15:02:15","date_gmt":"2014-01-16T23:02:15","guid":{"rendered":"http:\/\/undebt.it\/blog\/?p=245"},"modified":"2021-02-23T14:01:10","modified_gmt":"2021-02-23T22:01:10","slug":"another-debt-paid-off-with-a-snowflake","status":"publish","type":"post","link":"https:\/\/undebt.it\/blog\/another-debt-paid-off-with-a-snowflake\/","title":{"rendered":"Another Debt Paid Off (with some help from a debt snowflake)"},"content":{"rendered":"<p>I just got back from the bank where I wrote a check for the payoff balance of one of my last credit cards. It was a card with a 12.5% interest rate and the highest balance was close to $5,000. Looking back through my payment history from years ago, I see that I was paying over <em>$100 per month<\/em> on this one card alone. Needless to say, it&#8217;s a pretty good feeling being able to wipe out one more obstacle on my way to debt freedom. What made it a little easier was that extra paycheck we get this month. This gives me chance to go over a particular feature of Undebt.it that you may not be aware of, the <em>&#8220;additional payments&#8221;<\/em> section located under the<em> My Debts<\/em> menu item.<\/p>\n<p><a href=\"http:\/\/undebt.it\/blog\/wp-content\/uploads\/2014\/01\/snowflake_payments.png\"><img decoding=\"async\" class=\"alignleft wp-image-246\" title=\"Debt Snowflakes\" src=\"http:\/\/undebt.it\/blog\/wp-content\/uploads\/2014\/01\/snowflake_payments.png\" alt=\"snowflake payments\" width=\"277\" height=\"167\" srcset=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2014\/01\/snowflake_payments.png 395w, https:\/\/undebt.it\/blog\/wp-content\/uploads\/2014\/01\/snowflake_payments-300x180.png 300w\" sizes=\"(max-width: 277px) 100vw, 277px\" \/><\/a>The <strong>additional payments<\/strong>, or <strong>debt snowflakes<\/strong> as some people come them, allow you to account for any extra income you may be able to apply towards a debt in a certain month. Since we get paid three times this month, I try and plan to earmark an extra $1,000 to put towards debt. It&#8217;s also a good time to make sure your emergency fund is in the black. These extra payments can make a big difference in your plan. Without them, it would take me an additional <em>four months<\/em> to be debt free. <a href=\"http:\/\/undebt.it\/blog\/wp-content\/uploads\/2014\/01\/snowflak_table.png\"><img decoding=\"async\" class=\"alignleft wp-image-248\" title=\"Debt Snowflake Table\" src=\"http:\/\/undebt.it\/blog\/wp-content\/uploads\/2014\/01\/snowflak_table.png\" alt=\"Debt Snowflake Table\" width=\"209\" height=\"305\" srcset=\"https:\/\/undebt.it\/blog\/wp-content\/uploads\/2014\/01\/snowflak_table.png 299w, https:\/\/undebt.it\/blog\/wp-content\/uploads\/2014\/01\/snowflak_table-206x300.png 206w\" sizes=\"(max-width: 209px) 100vw, 209px\" \/><\/a>This next screen shows how the debt snowball table handles these extra payments.<\/p>\n<p>You&#8217;re not limited to just adding one additional payment per month &#8211; you can add as many as you want and Undebt.it will total up the payments. You can even add a <em>negative<\/em> amount to bring down snowball payment for a month if needed. For example, if you know you&#8217;re going to have a property tax bill coming up in April, just add a negative additional payment so your budget will be more accurate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I just got back from the bank where I wrote a check for the payoff balance of one of my last credit cards. It was a card with a 12.5% interest rate and the&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[3,8],"tags":[],"class_list":["post-245","post","type-post","status-publish","format-standard","hentry","category-debt-snowball","category-features"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3b4HR-3X","_links":{"self":[{"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/posts\/245","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=245"}],"version-history":[{"count":6,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/posts\/245\/revisions"}],"predecessor-version":[{"id":1739,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/posts\/245\/revisions\/1739"}],"wp:attachment":[{"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/media?parent=245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/categories?post=245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/undebt.it\/blog\/wp-json\/wp\/v2\/tags?post=245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}