Qoins: An App to Help You Clear Your Debt
Hey there! I wanted to share a bit about my personal journey through debt and the role of a cool app, called Qoins.
So here’s my story. I really hustled when I had to pay off my student debt. Imagine, I’ve dealt with hefty debts twice in my life! Seems daunting, right? Well, it was.
The first time was when I graduated from grad school. I was fortunate that my parents fully supported me, even during the recession in 2008 that hit us hard. They covered my tuition and rent but I had to ask them for the money every month – I must say, asking was the worst part.
Then, when I learned my dad wasn’t working much due to the economic downturn, I took up a job at Norway’s Insurance agency. It wasn’t my favorite, but it helped pay the bills and stopped me from asking money from my parents. Still, alas, I ended up graduating with about a $9k credit card debt.
The second round of debt came when I decided to return to school. Completing my degree left me with $30k worth of debts, including a family loan, a Sallie Mae loan, and more credit card debt. Trust me, this financial burden was a wake-up call. It took years to clear, but it triggered my journey towards financial independence.
I quickly realized that every bit counts, and any extra savings can speed up your debt repayment. I used a couple of automated saving services, Digit and Dobot, that were super convenient. They analyzed my spending and auto-deducted small amounts from my bank account, ensuring I wouldn’t notice the missing funds. Much to my surprise, I saved around $3k over two years with the help of these two apps.
Another app I tried called Acorns, boosted my savings by rounding up my credit card purchases to the nearest dollar and investing the change. Then I discovered Qoins. Qoins is nifty because it combines the best parts of these apps and adds a twist – it directly applies the saved money towards your debts.
Here’s the deal, Qoins charges $1.99 every time it sends out a debt repayment, deducting the fee from your saved amount. These repayments are made once a month. And if you ever need a break or got to pause it, Qoins is cool about it. You can pause it for 30-day intervals and they even remind you when it’s due to restart.
If I was still dealing with any sort of debt, I’d sign up for Qoins in a heartbeat. This blend of the excellent savings power and direct payments towards my debt would have been totally worth the small monthly fee.
So, what about you? Have you used Qoins or a similar debt-busting app? How’s your savings journey going? Let’s chat and support each other in this voyage of financial freedom. Pass this along if you find it helpful. Keep hustling, folks! Let’s get debt-free together!