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Interest For Snowflakes

July 4th, 2014 at 02:59 pm

We earned $27.72 in interest on our money market account in the month of June. Currently, we simply just leave our interest in the account to earn a little more interest and grow our savings. Since rates are so low, it does not add up fast.

I could pull the money out of this account each month, or even just twice a year and count them as a true snowflakes towards our debt reduction goal. An extra $300 or so off the mortgage wouldn't be a bad thing.

If you have your emergency fund in a savings account and are earning interest you might consider using the interest earned as a snowflake or extra payment towards your debt. This is especially a good idea if your interest on the debt is very high.

Do you count your interest earnings as a snowflake? Do you use your interest earned to pay down debt? Do you save your interest like I do?

Posted in Snowflakes | 3 Comments »

3 Responses to “Interest For Snowflakes”

  1. Ima saver Says:
    July 4th, 2014 at 04:29 pm 1404491361
    1404491361

    I save my interest each month and add it to the $20 challenge. The best rate on savings that I can find right now is only 1% and that is only for 6 months. I remember when my savings use to pay 5-6% each month.

  2. CB in the City Says:
    July 5th, 2014 at 12:20 pm 1404562821
    1404562821

    I'm not currently counting interest as a snowflake but I am considering it.

  3. FrugalTexan75 Says:
    July 5th, 2014 at 03:51 pm 1404575496
    1404575496

    I guess you could say I save my interest, although right now I'm doing withdrawals from my savings rather than inputs ...

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