When the amount of money saved equals or exceeds the cost of an item or service, usually through an extended period of time.
This is very often used as a means of promoting a good or service, such as gutters, food processors, juicers etc. As in:
"Now with Debby Meyer'sgreen bags, you never have to throw away your produce due to spoilage! Produce lasts up to 7 times longer, saving you money and time. This product nearly pays for itself!"
Because Jack bought a home coffee grinder, he can grind his own beans at home! He no longer has to buy more expensive pre-ground coffee, so in essence his new machine pay(s) for itself.
another term for a station wagon, mini-van, or any other kind of vehicle that is targeted at the "family" demographic(also M.A.V.)
"Tactical advantages aside, the M.A.V. is top of the line for the holy warrior troop transport manufactured by the Church of Latter Day Saints Military Industrial Complex. Also great for family trips...to heathen lands."
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.