I am a huge fan of using technology to simplify my life. And when it comes to budgeting and reaching my financial goals, there are a handful of apps that I am certain I couldn’t live without.
So when a friend recommended I try the Qoins app, I was curious. Could an app with a very simple premise – rounding up my purchases to the nearest dollar – really make an impact in helping me pay off my debt? Even I was surprised by what I found! Keep reading as I talk more about the app in this Qoins review.
What is the Qoins app?
Qoins is an app whose goal is to help you pay off your debt. Their service includes two main functions: rounding up your debit and credit card purchases to the nearest dollar and sending those amounts as payments to your lender.
How does Qoins work?
Think about the most recent purchase you made. I’m guessing it ended in a number that wasn’t exactly on the dollar. For example, let’s say your morning coffee was $4.37. When you use Qoins, your spare change goes to work.
Qoins will round up your purchase to the next dollar – $5.00 – which only “costs” you an extra $0.63. Qoins takes that $0.63 and all the other spare change amounts from your monthly purchases and saves it up. Then, at the end of the month, they send the total amount to your lender to pay off your debt. This could be your credit card, student loan, or any other debt you have.
What is the cost to use Qoins?
One thing I love about Qoins is that it has a super simple and straightforward cost structure. It’s $1.99 per month. That’s it. You can pause your membership at any time, which also means using Qoins is really flexible. However, since the cost is so low, I can’t even think of a time when you’d want to put Qoins on pause until you become debt free.
What kind of person should use Qoins?
If you’re someone who uses mostly cash, you probably won’t see a lot of value in Qoins. But for most people who live in the twenty-first century, the majority of our purchases are made with a debit or credit card. Linking Qoins to those accounts is fast, straightforward, and most importantly, secure.
I usually recommend Qoins to my friend who seems to have a mountain of excuses for why they can’t pay off their debt faster. Some examples:
Complaint: There’s no room in my budget for extra debt payments.
Qoins Solution: The extra debt payments are skimmed off the top of your normal purchases, so you don’t even need to think about making room in your budget.
Complaint: I want to pay off my debt, but I get caught up in the moment when I’m spending.
Qoins Solution: When you make a purchase, you’re giving Qoins the power to round up and put that spare change where you want it to go. No extra steps required.
Complaint: I live paycheck to paycheck. Unless I get a raise, there’s no way I could possibly pay off my debt early.
Qoins Solution: Every penny counts! Watch as even small extra payments – $20 or $30 a month – start to add up when it comes to your debt. Even making small extra payments can help you pay off your debts faster over time because every dollar you pay early is another dollar you won’t have to continue to pay interest on.
Will Qoins really help me pay off my debt?
After using Qoins, my review is absolutely, yes! Whether you have a lot of different debts that you’re working on or just a few, Qoins can help you make more progress towards your goals.
What I love about the app is that it’s simple, inexpensive, and totally effective no matter what your budgeting style is. Once you set it up, Qoins takes care of the rest. And when I see those extra payments toward my debt bring down my total numbers, I couldn’t be happier.
The bottom line is that Qoins is a great app that anyone trying to pay off their debts faster should use. Give it a shot and see how easy it is to start getting ahead of your debts!
