Years ago, our mothers went to the grocery store with cash to buy the week’s groceries. I still remember when I was young going to the grocery store with my mom. I was in charge of the calculator. For every item she added to the cart, I had to add the price to the calculator to make sure that she didn’t spend more than the cash she had available. However, as credit cards became more popular, fewer people used cash. Without the boundaries of cash, many people routinely overspent, and credit card balances increased.
Using cash envelopes is espoused by many financial experts such as Dave Ramsey and the Budget Mom. However, getting into cash habit can be tough. Some people forget the envelopes or feel unsafe carrying around a large amount of money.
Enter Qube Money.
What Is Qube Money?
Qube Money is a digital cash envelope system that gives you the discipline of using cash envelopes with the convenience of using a debit card. Designed by financial planners and coaches, Ryan Clark and Shane Walker, the program was originally marketed under the name, ProActive Budget.
How Qube Money Works
According to Scott Henderson, Marketing Manager at Qube Money, “When you create a Qube Money account, you’re opening a new bank account that comes with your own debit card. To use Qube, you’ll need to transfer funds from your bank into Qube. We do not store your funds. We partner with a bank that’s been in the industry for over 100 years and all funds are secured in an FDIC insured account [held by Choice Financial Group].”
When you set up Qube Money, you take your available money and separate it into different “Qubes” or spending categories. For instance, you may add $1,000 for groceries, $300 for gas, and $200 for spending, to name a few.
The debit card has a zero balance to help prevent unplanned spending or theft. When you pull up to the gas station, you go to your cell phone and click on the gas category in Qube Money. Your entire available balance in that category, in this instance $300, is loaded onto your card. You purchase your gas, let’s say for $40, and when the purchase is done, the remaining balance, in this case $260, is transferred back to your bank account.
Qube Money Features
Qube Money has a number of features that make it much easier to use than actual cash.
All Spending Is Tracked
Whenever I’ve tried to only buy things with cash, I find myself frustrated because I can’t easily track my spending as I can with a credit card. Qube Money solves this problem. You can see detailed purchases in each Qube, so it’s easy to track how you’ve spent your money. No more “Where did all my money go?” feelings.
Your Budget Automatically Updates
No discipline is required to track your expenses to keep your budget up to date. Qube Money does it all. As soon as you spend money from the category you designate, Qube Money shows your remaining balance. You can see in real-time how much money is in each Qube.
Qube Money Has a Helpful Blog
Qube Money truly seems to be interested in helping customers change and improve their financial behavior — both through the Qube Money app and their blog, which is well worth the read. Not only do they give updates on Qube Money, the product, but they also share useful articles that help readers learn to better manage their money. Articles such as “13 Main Budgeting Categories & 3 You Don’t Want to Forget” as well as “How to Change Your Money Habits” can help you become a better money manager.
How Much Is Qube Money
Qube Money offers four different plans with differing levels of service and cost.
Qube Money Basic
You can get Qube Money Basic for free, which is ideal for one person with basic budget needs. Some features include:
- 10 Qubes for your budget
- Mobile Wallet
- Peer-to-peer transfer
Qube Money Premium
Qube Money Premium is $8 a month and is a good fit for individuals with more budgeting needs or couples. The best features here include everything from the basic account plus:
- Unlimited Qubes
- Companion cards (for couples)
- Partner permissions
- Partner notifications
Qube Money Family
Qube Money Family is $15 a month and covers your family’s budgeting needs. This plan includes everything from Qube Money Premium plus:
- Up to 10 kid accounts
- Adult cards
- Teen cards
- Kid cards
- Parent view
- Parent permissions
- Chore Tracking
According to Henderson, the Teen and Kid cards are set up differently than the adult cards.
“Teen and Kid Cards require a primary account holder. A primary account holder must be over the age of 18 and they will have access to all features within the app. Parents can then invite a secondary account holder such as a child or someone they support and give them their own debit card. Parents and caregivers can help the younger generation build smart spending habits using innovative technology that’s easy to use.”
The Teen and Kid cards give children freedom while also allowing parents to guide them in their money-making decisions.
Qube Money Platinum
This level is coming soon and is $25 per month. Designed for power users, some of the features of this level include:
- Corporate benefits
- Qube Masters training
- QP Metal card
When Will Qube Money Be Available
If you’ve gone to the Qube Money website, you’ve probably seen that there is currently a waitlist to try the product. Feel free to sign up for the waitlist now. You can expect to have access to the product in early 2021.
As an extra bonus, Henderson states, “If [your] friends and family also join the waiting list using [your] link, [you’ll] be pushed to the front of the list. Also, if you know you’re going to want the Premium or Family features, you can pay once and never have to worry about paying again. [Qube Money is] offering lifetime memberships for a limited time.”
Making and sticking to a budget can be difficult and requires discipline. Qube Money is a tool you can use to make cash spending via debit card painless. You don’t need to manually keep track of how much you or your spouse spends because you’ll be able to see all of your spendings in the app. You’ll also see how much you have left in each category, which should help you stick to your budget. This product is the best of both time-saving technology and your grandmother’s wisdom.