Get Out of Debt Quicker with the App: Qoins
I am always looking for plans, tips, or tricks to climb my way out of debt quicker than my snowball method will allow me. Each month I download my statements each month to review how many frivolous times I’ve swiped my card. I’ve spent up to $700 more than what I should have. $700 that could be used to pay down other debt, or pay for a trip, or get me four new bundles of hair from Madali Hair and an install with 4 washes after its installed and lashes. Whadahell did I spend that money on that month?!?! I’ll tell you! Ebooks, food, school needs, baseball something. Did I mention food? Such as the food truck that comes to my job once a week. Ugh! But my friends, look no more! The Qoins app helps people get out of debt an average of 2 years early. Let’s explore!
1. About Qoins
Qoins was developed by two guys out of Atlanta, GA that felt that people “shouldn’t have to pay off debt for the rest of our lives.” SOLD! Ok maybe not but let’s look further into their creation. They developed an app that scans my everyday purchases and automatically rounds up them up to the nearest dollar. It then sends them out once a month to the debt you list for them to pay.
Oh, my goodness?! I don’t have to feel so bad about my frivolous purchases anymore. This does come at a cost. $1.99 per month, which is taken out of the total withdrawn for the month. (My first month I didn’t get charged.) But the process is simple. I downloaded the app. Attached the card I use the most for purchases. (More than one can be used.) Give the information on the debt you want to pay down. Then I swipe.
Qoins withdrawals are based on the day. I normally wake up to an email stating a withdrawal has been initiated. Of course, the amount is based on spending. My amounts are on average between $5-$6. And those little amounts, which I would’ve spent on a happy meal for me during lunch, adds up! You also may pause the withdrawals any time.
3. Debt Payment
I chose my Target card! Laawwd the devil will not let me live down the choice of working there and getting a card! I seriously used to get paid on Friday. Then I would work Friday-Sunday. I’d give Target back half the check they had just given me! Price Change Team knew me and would tell me first what was on clearance. However, I have hope and this extra money is going towards my Target Card because it is the next debt on my snowball. A payment is sent on the 20th of each month. I put a note for them to add on the memo line “payment towards principle only.”
4. Referral (and my link)
When you refer others you AND they get $3.00 added to your balance. I got my mama, my best friend, coworkers, and strangers to sign up for this. It’s a no-brainer. (Click my link for $3.00.)
5. My Experience
I love the hell out of this concept. I don’t feel as guilty as I should feel for spending an extra $700 on mess each month. More than 10% will still go towards debt! Now I was shocked when they rounded up their own withdrawal. I was like, “why does this count and why are y’all double dipping?!!?” I was shocked when something that ended in $.00, a whole full dollar was withdrawn. But when I think about where that dollar could be going instead of to debt, I calm down. I started this journey with them on 8/23/17. So it wasn’t for the full 30 days. But when they sent a payment of $67.49 to
Target and seven days later Target told me they received it?! I was jumping for joy! On the flip side, I don’t swipe my card as much. I think about purchases more as a part of evaluating my behavior. I definitely also think about the withdrawals that will affect my bank account.
This Qoins is awesome. As of now with 2 weeks to go in the month, I am at $51.15 sitting and waiting for other amounts to meet up with it. I thinking a whole $100 will reach them. It will, in fact, help me to pay off my card 3 months earlier than my current snowball date. I didn’t even have to change-up my life! Please use my link or not! Just try it out if you are digging yourself out of debt. I’d love to know of your progress!