Thursday, January 31, 2013

Tracking my snowflake money

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
Total $53.32
YTD: $53.32

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