We’ve all heard of the debt snowball and debt stacking method to get out of debt, but what about a fairly new method called debt snowflaking?
The debt snowball/debt stacking method are both great options to accelerate your way out of debt, but what if you can add some extra rocket fuel to get rid of debt even faster? This is where debt snowflaking comes in.
The debt snowflake method is a fairly simple yet powerful concept. The main goal is to create additional cash flow outside of your regular paycheck to apply to your credit cards. It doesn’t matter if it’s a giant snowflake or a tiny snowflake. As long as you’re applying the funds to your debt, you’re still getting out of debt faster than you normally would.
The key to a success is making sure you apply these payments immediately instead of spending this money. It doesn’t matter when your due date is; just apply the payment immediately upon receipt. The reason why most people fail is because they tend to wait until the payment is due, and then realize that they already spent this money elsewhere.
So how do you actually go about finding extra money? It’s going to take a bit of brainstorming, but I’ll help you get started:
Enroll in Focus Groups
Focus groups are a great way to earn anywhere from $20-$50 for an hour of your time. Look on Craigslist to find a focus group you can participate in your area.
Sell Unused Clothes
If you have a pile of clothes that you barely wear, maybe it’s about time to sell you’re unused clothing. Stores such as Plato’s clothing will buy your used clothes. Just to be upfront, you will not get a lot of money for your clothing. It doesn’t matter how much you paid for it, so don’t expect to make hundreds of dollars.
Rent out a Room
If you have a guest room that’s currently not being used, why not rent it out? You can list your room on AirBnB or Craigslist.
This is just the tip of the iceberg. There are hundreds of different ways you can make extra money; it just takes a bit of creativity and persistence. No matter if you make two dollars of ten dollars, the key is to make sure you apply your payments immediately.