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Qube Cash Evaluation: Finest Digital Money Envelope App


Wish to be extra intentional together with your spending so you already know your cash is working in your objectives? Or do you wrestle with overspending and continually neglect to replace your price range? Qube Cash often is the excellent answer for you!

Early in 2021 my husband and I made the primary change to our budgeting system in 11 years to hitch Qube Cash, a budgeting and digital banking answer. And we’ve each fallen in love with the system.

So, it’s time for me to share my full assessment of Qube so that you might be extra intentional together with your cash too!

Desk of Contents

What’s the Qube Cash App?

Qube Cash is a revolutionary app and banking answer that mixes the facility of digital banking with the intentionality of money envelope budgeting (with out all of the monitoring or pesky money.)

By creating “Qubes” (envelopes) in your Qube Cash account that it is advisable to open prior to creating a purchase order together with your card, you develop intentionality together with your cash and preserve a real-time image of your spending plan.

Whereas different budgeting instruments, YNAB and EveryDollar, provide digital money envelope model budgeting, these apps aren’t tied to your precise spending. Which suggests to remain correct, these instruments must be up to date for each transaction.

With Qube, you’ve got a digital checking account that’s tied to your spending classes, making your price range and your spending built-in seamlessly.

4 Causes We Love Qube Cash

As we’ve used Qube Cash, we’ve discovered many causes to like the app. Not least of which is that it’s saving us cash! However for this assessment, I’ve rounded up my high 4 causes for selecting to make use of Qube for our household.

1 – Qube Cash is Proactive, not Reactive

Anytime you’re utilizing a budgeting app or software – even simply pen and paper – you might be reconciling what you’ve spent and the way a lot cash you’ve got after the very fact.

Because of this generally you sit all the way down to do your price range on Friday and also you notice, “Oh my goodness, I overspent on groceries once more!” And also you’re making an attempt to make changes to repair it after the very fact.

With Qube, since you’re opening that Qube within the second, you already know that that cash is there. And if there’s not cash accessible, you both want to vary your priorities and shift cash from one Qube to a different or simply notice you possibly can’t make that expense.

It stops it earlier than the transaction occurs!

That is the rationale that money envelopes have labored for thus many individuals, apart from the truth that they’re extremely troublesome to handle. No one desires to hold money round. And naturally that’s a significant safety danger.

I like that Qube offers you the power to be proactive and intentional together with your spending, whereas additionally avoiding the time dedication and headache of money envelopes.

2 – Qube Cash Makes Your Cash Safe

When you concentrate on spending with money envelopes or a debit card usually, your cash is in danger. In case you lose your money or your card, somebody can simply spend your cash and you’ve got restricted protections. (Particularly as extra debit playing cards have Visa and Mastercard logos and don’t all the time require your pin to make a transaction.)

Whereas your Qube Cash card is a debit card, it’s default stability is $0. There may be nothing to spend on the cardboard till you open a Qube.

So, even should you misplaced your card or somebody received your account quantity, nobody would be capable of make a transaction and not using a Qube being open.

There are additionally no overdrafts which means no overdraft charges!

The way in which the Qube card works, should you haven’t opened a Qube or there’s not sufficient cash within the Qube, it’s going to deny the transaction and you’ll strive once more. When a transaction fails, a notification pops up in your cellphone and provides you an alert that claims, “A transaction has been tried at Barnes & Noble however a Qube has not been opened. Would you wish to open a Qube?”

And it actually makes this entire factor safe and straightforward.

3 – Your Price range Is At all times Correct

With Qube, my price range’s accuracy isn’t depending on whether or not or not I’ve remembered to go in and replace transactions.

It doesn’t matter if I’ve been on trip and have forgotten for per week or two to go in.

It’s simply updated as a result of it’s instantly reconciling that expense as you spend. The app takes the cash out of the Qube you opened, making the transaction, and placing what’s left again in that very same Qube reflecting how a lot you’ve got left.

There is no such thing as a monitoring or categorizing bills, it occurs routinely as a part of the method. This protects us a lot time and let’s us make selections with constantly correct info.

4 – Qube Retains You On The Similar Web page With Your Accomplice

In most households, one particular person is the first supervisor of the price range. The opposite particular person’s data day-to-day is predicated on conversations which are had with the principle supervisor. (Or, after they aren’t had, points are prompted.)

It’ll shock nobody that in our home, the supervisor is me. Which suggests that previously my husband would textual content me questions like, “How a lot is left within the grocery price range?” or “Do we’ve got cash for this software I want on the ironmongery store?”

Might he have regarded in YNAB? Positive. However it discovered it very overwhelming and wasn’t positive once I had final reconciled the numbers in there. That means he didn’t know if he might belief these numbers.

Now, as a result of Qube is all the time correct, he feels rather more assured with and in charge of our spending.

Qube saves us time – each from monitoring and conversations that at the moment are unneeded – and cash as a result of we each know precisely the place the price range stands always.

It’s an attractive factor!

How Qube Cash Works

To see an entire walkthrough of how Qube Cash works, from opening the app and funding your account to creating a purchase order, take a look at this clip of our assessment video.

Step 1: Deposit Cash Into Your Qube Account

Once you first arrange your Qube account (issued by Alternative Monetary and FDIC insured), you’ll have a one-time alternative to do a free “Prompt Deposit” of $25 to $100. This makes use of a debit or bank card to immediately add cash to your Qube account and assist you to get began utilizing the app.

After this Prompt Deposit, you should use an ACH switch, direct deposit, or money app to fund your account.

This accretion will go into your “Qube Cloud” and can must be moved into spending Qubes to be spent together with your card. So the following step is establishing your Qubes!

Step 2: Set Up Your Spending Qubes

Now it’s time to decide which Qubes you need in your account. With the free plan, you stand up to 10 Qubes however with the Premium account you’ve got limitless Qubes.

Nice beginning choices are Groceries, Eating Out, Clothes, or Enjoyable Cash, as these are usually many individuals’s drawback accounts. However you select what works for you!

Step 3: Allocate Your Funds

Head to your planning tab (decrease left nook) and add cash to your Qubes. As you add cash, you’ll see a complete on the high displaying you ways a lot you’re including whole throughout all Qubes versus what’s at present in your Qube Cloud.

Once you’re prepared, hit “Fund Qubes”! Now you’re able to spend.

Step 4: Spend With Function!

Now that the cash is in your Qubes, you possibly can spend it as you want together with your debit card, Apple Pay, Google Pay, or different digital wallets like Walmart Pay.

Merely faucet the Qube you wish to spend from to open the Qube (hitting the quantity within the Qube opens it routinely). The cash from that Qube is added to your Qube card in seconds. Then, merely faucet your cellphone or card to buy!

The quantity remaining in your Qube after the transaction is moved again into that Qube so your card as soon as once more has a zero greenback stability till you open one other Qube. 

Your spending plan will all the time be updated and also you’ll be spending deliberately!

You Do not Have to Await Your Qube Card to Spend!

As quickly as your Qube account is created, you’re issued a card quantity which you’ll find by clicking the three strains within the decrease proper then clicking “Card Info”.

By including your card quantity, expiration date, and safety code to Apple Pay, Google Pay, or whichever digital pockets you utilize, you can begin spending the identical day you be a part of Qube!

How A lot Does Qube Cash Value?

Qube Cash at present presents two ranges of service with a 3rd on the way in which.


Qube pricing desk as of 12/8/2021

Qube Cash begins with a free plan that provides a person checking account, 10 spending Qubes, subscription controls, and extra.

Their Premium plan provides joint accounts, limitless Qubes, invoice pay Qubes, and recurring transfers. It prices $8/mo or $78/12 months if paid yearly. That is the plan I’m on, as my husband and I wished a joint account and extra Qube choices.

The Household Plan remains to be within the works, however will add as much as 10 child accounts, child and teenage playing cards for managing allowance and children’ spending cash, and guardian permissions. We’re trying ahead to this, as digital allowance is a unbelievable lesson for teenagers who must handle cash in a digital age. And I love having the ability to hold us all engaged on the identical platform.

Qube Cash Options You Cannot Miss

Simply the power to trace our Qubes and have this digital money envelope system that connects with our debit card and stops us earlier than we make an expense is sufficient motive to fall in love with Qube. However there have been just a few particular options that we predict can have you dashing to obtain the Qube Cash app too!

Amazon Transaction Qube

Anybody who has ever budgeted earlier than is aware of the ache of categorizing Amazon transactions.

One buy can truly be processed at a number of instances and in numerous quantities, based mostly on when gadgets are shipped. So, whenever you see an Amazon transaction in your account after the very fact, it’s arduous to know what merchandise it’s with out downloading your entire invoices. (As a result of the transaction quantity isn’t the identical quantity as your order worth.)

Not with Qube!

Qube has an automated Amazon Orders Qube. Once you’re about to put an Amazon order, you open a Qube and hit “Spend” (little inexperienced field with an arrow to the precise). Hit “Amazon Order” and enter the overall quantity together with tax.

This with authorize that whole buy quantity to Amazon, from the class you’re spending from, and the Amazon Orders Qube will handle approving these transactions routinely as they arrive via.

You’ll be able to even fund your Amazon Orders Qube from a number of spending Qubes, should you’re buying gadgets that ought to be lined from a number of classes.

No dealing with it after the very fact or clicking via invoices!

Pre-Authorization Function

If Qubes must be open for a transaction to undergo, how do you deal with transactions the place you don’t know precisely when they’ll course of? The pre-authorization function!

We’ve a Grove Collaborative subscription for our cleansing and family provides. However the worth of that order modifications every month based mostly on what we want. So, once I verify my order with Grove for the month, I merely pre-authorize a transaction of that quantity from our Family Items Qube. Then, when Qube sees a transaction of that quantity come via, it routinely opens the Qube and processes the order, matching it with the pre-authorization.

However you should use this function for planning as nicely!

Once you create a pre-authorization, it reduces the cash accessible within the associated Qube by that quantity. That means, you don’t overspend and find yourself not in a position to cowl the pre-authorized expense sooner or later.

So, when buddies name to ask us out to dinner in two weeks, I merely create a pre-authorization for a way a lot I anticipate to spend at dinner, title it for our buddies, and successfully put aside that cash.

It retains us from ordering takeout 4 nights earlier than our dinner date (as a result of we’ve forgotten, clearly) and ending up over price range.

Subscription Administration

Qube has Invoice Qubes to allow you to handle recurring transactions. You’ll be able to fund your invoice Qubes with the quantity of the invoice, set the quantity and due date, and Qube will be sure you course of the transaction on that date.

This makes positive that payments are paid on time and that you just aren’t overcharged!

But, it has a particular talent with regards to subscriptions like Netflix, Hulu, or every other membership.

Lately, I had a sticker membership I wished to check. (Market analysis for my aspect hustle, Wildly Sufficient.) Properly, after a month I requested for it to be cancelled. They stated it was, however I used to be charged once more the following month. And once more the following month. So, after arguing with them for a refund twice I merely turned off the Invoice Qube for that subscription.

Qube gained’t course of anymore funds, which is able to shut down my membership. Straightforward peasy. You’ve whole management of who will get paid and when.

Prompt Inside Transfers

We set our budgets with the perfect intentions. However, life occurs. What can I say, we aren’t fortune tellers.

So, when it seems you want more cash for Gas or Groceries, merely assessment by which money you may need a bit of additional money. Then, make an inner switch between Qubes to place your cash the place you want it.

Inside transfers are immediate, so you may make the acquisition it is advisable to immediately and keep it up together with your day.

Your price range must be versatile as a result of life is unpredictable. Prompt inner transfers makes that attainable.

Drawbacks of Qube Cash

No cash administration is ideal and continually in search of one that’s will hold you switching round till the tip of time. (And never truly constructing a constant intentional spending behavior.)

As an alternative, it is advisable to discover a system that’s drawbacks are greater than offset by it’s advantages. And which you can work with in your life. So, let’s tackle a number of the drawbacks of Qube.

1 – Cannot Spend With Credit score Playing cards

Once you’re spending together with your Qube account, you might be utilizing a debit card and never gaining bank card factors. That is the primary concern we hear from individuals new to Qube and should you’re not prepared to scale back your use of bank cards, Qube is probably not for you.

However whereas bank card factors can assist you journey or acquire different rewards, analysis reveals that individuals who use bank cards spend considerably greater than individuals who don’t. Even should you pay your card off in full each month, you’re probably not aligning your spending together with your objectives and values as a lot as you could possibly.

(Everybody issues this isn’t them, however strive utilizing Qube for 30 days and see the distinction. There are some attention-grabbing psychological issues at play right here. I might have sworn we had been very intentional with our cash however have been saving a whole bunch of {dollars} a month extra since switching to Qube.)

Probably the most you earn again from bank card rewards is normally 1% to five%. I’d anticipate you’d save much more than that utilizing Qube, and might you possibly can put that financial savings in direction of what issues most to you.

2 – Qube Does not Present Holistic Image of All Your Cash

Qube solely accounts for cash in your Qube account and price range classes associated to your particular Qubes. It doesn’t present your financial savings accounts, different checking accounts, bank card bills, or funding accounts.

This could make it troublesome for individuals to see the entire image of their monetary standing in the event that they use accounts apart from Qube.

We’ve discovered that Qube is the very best choice to handle our day-to-day spending. All of our common spending classes (groceries, eating out, gasoline, medical, youngsters’ bills, household enjoyable, and so on.) are managed in Qube. 

However, for a longer-term and broader view of our cash, we nonetheless use YNAB. We merely have a line merchandise in YNAB for funding our Qube account. Qube saves us from having to replace all these little common bills in YNAB and YNAB lets us arrange long-term sinking funds and see our cash throughout all accounts.

In case your saving and spending outdoors of Qube is basically on auto-pilot, you might not want a second software. However you wish to be sure to have a plan to get a full view of your cash.

Upcoming Options: Monitoring Qubes

Qube is engaged on releasing “Monitoring Qubes” that may permit you to observe and categorize bills not made together with your Qube account. Different financial institution accounts, bank cards, and so on.

The discharge date will not be but set, however there’s a answer to this limitation within the works.

3 – Qube Cash is a Comparatively New Firm

Qube Cash being a startup has many advantages. It means a software that’s revolutionary and altering the way in which we price range and financial institution. And it doesn’t make your cash any much less safe. Your Qube account is issued by Alternative Monetary Group and is totally FDIC insured as much as $250,000.

Nevertheless, Qube remains to be continually releasing new options, responding to buyer requests for brand spanking new instruments and improved interfaces, and rising. This could imply having to take care of slight modifications to how issues are executed inside the app.

I’ve discovered Qube straightforward to make use of with restricted bugs – and I’m excited to see lots of the new options Qube is rolling out (like their Household Plan and child accounts) however a quickly rising platform isn’t a snug alternative for everybody.

Is Qube Cash Proper For You?

Nobody budgeting system is ideal for everybody. However I can say no doubt that Qube is saving my household time, cash, and sanity as we handle our most lively spending classes.

I extremely advocate downloading the Qube Cash app and making an attempt it for 30 days (you even get two months of Premium without cost with the code MONEYMAMA.) You’ll be able to select simply two to a few of your most troublesome spending classes to maneuver to Qube. Then, after 30 days, contemplate how a lot you’ve saved and how you’re feeling managing these classes with Qube.

I’m assured you’ll be feeling extra in charge of your spending!

Qube Money App Review and Tutorial

The submit Qube Cash Evaluation: Finest Digital Money Envelope App appeared first on Good Cash Mamas.

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