To take something from one sorce and use it towards another.

Many folks believe that this metaphor has its origin in 16th-century England, when part of the estate of Saint Peter's Cathedral in Westminster was appropriated to pay for repairs to Saint Paul's in London.
Jacob: I think I'm going to apply for another credit card so I can pay off some of my bills.

David: Robbing Peter to pay Paul, eh?! Just be carful not to get into debt.
by MoonCricket March 27, 2005
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The $45 ATM fee you have to pay when you end up drunk in Vegas and take a free limo to a strip club and realize you need to withdraw money from the ATM there.
Rob: "Hey, Peter, this stripper loves me, can I borrow $40 for a lap dance?"

Peter: "Dude, no. They charge a $45 ATM fee here."

Rob: "Come on, please! Peter Pay!"
by EDDIE FM March 12, 2013
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