Using rebates/rolled coins to payoff a loan

**alabamagirl** · 07-13-2005, 11:57 AM

Does anyone else do this?

My credit union with our car loan is just down the hall and several times a month I'll take in small rebate checks or rolled coins to apply to the principal of the loan. They may roll their eyes behind my back but it's my way of making sure that the money I save goes directly to debt reduction.

Any other tips to ensure that savings will actually help build your wealth and not get frittered away?

**Darlene** · 07-13-2005, 01:45 PM

Good for you Alabamagirl, it all adds up to paying down debt as quick as possible & that's a very good thing. Hold your head high & smile knowing that you're a smart cookie.

One of my fav ways not to fritter away money is not to read sales circulars(except food) and stay out of stores.

**alabamagirl** · 07-13-2005, 02:22 PM

I so agree with you on not reading about sales - then I find things I "have" to have because they are a bargain!

Guess it would be different if I was looking for something specific.

**Mom23boys** · 07-13-2005, 02:48 PM

Yes, I use my rebate checks to help pay off our debt. I find every little bit helps!!

**many houseapes** · 07-13-2005, 04:47 PM

wow, that is really a good idea...i just finished raiding the change jar & rolled nearly $20 worth of change....we so desperately want to pay of our beast (van) as soon as possible

**alabamagirl** · 07-13-2005, 05:47 PM

I once heard a financial guru describe cars as "metal money monsters."

**Mojjo** · 07-13-2005, 08:03 PM

right now i'm using those for vacation in August, but I think it's what I'll start in September...what a great idea.

Thanks!!!

**Mamaw** · 07-13-2005, 10:21 PM

I have not rolled the change as yet but my change jar is earmarked for debt reduction. I will probably apply it to a debt when it is half full or so.. You just keep on doing exactly what you are doing and you can laugh when your bill is paid off sooner!

**Budgetmom** · 07-14-2005, 10:10 AM

That is a terrific idea! You'll get your debt paid off, and you'll have the last laugh!

**Telephus44** · 07-14-2005, 09:23 PM

I keep all my change in a large bottle towards a down payment on a house (have about $330 so far). All of my rebate checks go into my savings account - it acts as my EF, savings for a sports car, and I make my yearly IRA contribution out of it.