|Love getting money in my mailbox!--though only a little bit is a snowflake, the rest is reimbursement|
The term "snowflake money" has different meanings to different folks, but, at its simplest, is just extra money.
This year I've decided to keep track of my snowflakes, with a goal of earning $800-$1,000. I think this is a great way to save up money for travel/future expenses OR pay off debt (as is commonly associated with snowflakes).
Here's what I consider "snowflakes" and what I'm doing to earn them:
- Rebate overages--I previously mentioned I buy free after rebate items at Staples to help meet minimum spends and how you can often combine with a coupon to make the deal a "moneymaker" or MM. Here's the post explaining Staples rebates and here's a post with an example of a moneymaker. So, I only consider the MM amount or overage part of my snowflake. The rest goes to paying off the credit card bill when due.
- Bank deals--last year I signed up for a couple new bank accounts to get cash bonuses (ie Chase's checking promo). I plan to do at least two this year as well. Only drawback is that the bonus is reported as interest--thus I'll get a 1099.
- Amazon selling--recently I dipped my feet into the Amazon Seller world and have listed and sold a few items. I'm selling those free after rebate items (see above) and other things around the house I don't need. This has the added benefit of helping me declutter as well. The drawbacks are packing/shipping fees and that Amazon takes a chunk of your profit.
- Free money promos--last year I made a few bucks from signing up for some prepaid cards (Visa Buxx, Amex Serve, Amex Prepaid), and I won a gift card. I'm hoping I'll find similar deals this year.
What I don't consider snowflakes, but others might
- Credit card sign ups for miles/points bonuses--since I don't take the cash back option, I can't exactly convert these bonuses to money to deposit in my bank account. Besides, the point of those bonuses is to travel for cheap!
- Cash/gift cards from friends/family--I like to spend cash/gift cards to splurge on things I wouldn't normally buy for myself.
- Statement credits--Such as Amex Twitter/Facebook/Foursquare promos and Small Business Saturday, again not really cold hard cash that I can deposit in the bank.
Now that you know how I define snowflakes, here's how I did in January
Amazon sales $22.33
Duracell rebate gift card $25 (bought $100 worth of free batteries from Staples)
Staples MM $5.99