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It’s meant for an individual or just those who want to see how the system works. It includes a mobile wallet as well as transfers to others, similar to any other bank account.

#QUBE MONEY REVIEWS FREE#

QubeMoney Basic is free and is meant for individuals who want to track fewer than 10 qubes. QubeMoney has four “plans” – which includes a free basic plan. This can help facilitate money management for couples because you have to allocate the funds together How Much Does QubeMoney Cost? It’s really the same as when you have a solo qube account, but when a transaction occurs, both phones get a notification. Qube for couples links up two debit cards to one plan account. It can someone like a grandparent or a babysitter.

You can give these cards to anyone if it helps facilitate running the household. With your QubeMoney Family plan, you get up to 10 cards.

#QUBE MONEY REVIEWS HOW TO#

Qube Family PlanĪs you can see, the QubeMoney system lends itself quite nicely to helping kids and teens learn how to manage their money. Since your card is “default zero,” with no money on it, no transaction will succeed without you knowing about it beforehand. One other benefit of this is that you can’t have any surprise transactions. But if you really want to envelope budget, it’s far better than carrying around all of your cash in envelopes. This means that before every purchase, you have to go into the app to essentially pre-authorize it. If you have $1,000 in your “groceries” qube and you spend $100 at the store, $900 is returned to the “groceries qube” after the transaction completes. When you make a transaction, it deducts it from that qube and returns the remaining balance to the qube. You have to go into the QubeMoney app and select a qube to load onto that debit card. They call it “default zero.” If you take your card and try to use it, it’ll fail. Here’s where I think the innovation lives – your debit card has no money on it. You can also have qubes for long term savings goals such as a trip or an emergency fund. You can have qubes for groceries, restaurants, gasoline, clothing, and other usual expenses. When money comes into the account, it’s put into the “cloud.” You then transfer funds from the “cloud” to a specific qube.

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In the app, you establish a series of “qubes,” or budgeting categories, to help you manage your spending. When you open a QubeMoney account, you open a real bank account and get a debit card that you use to spend your money. QubeMoney is a bank account that enables you to implement envelope budgeting without relying on physical envelopes or cash. For all practical purposes, your relationship is with QubeMoney. It’s not a large bank as it only has 20 branches in 2 states but it’s FDIC insured and that’s really all that matters. Choice Financial Group ( FDIC #9423) has been in business since 1906 and chartered as a Non-member of the Federal Reserve System.

When you open a QubeMoney account, you’re opening a bank account with Choice Bank, a division of Choice Financial Group. What separates QubeMoney from a lot of other budgeting apps is that it’s more than a budgeting app – it’s a full-service banking product. They built QubeMoney to solve that problem. Cash envelope budgeting is one of the most successful ways to budget but it’s tough to keep track of these days as cash is becoming less popular. They were financial planners and coaches who were working with clients who were frequently failing at budgeting. Based out of Utah, it was founded by Ryan Clark and Shane Walker. They started years ago (2016) as ProActive Budget but rebranded to QubeMoney in the Spring of 2020 (hard to build up a brand when you’re up against a skincare behemoth). The name QubeMoney is new but the company isn’t.

QubeMoney is a financial services company that helps you execute envelope budgeting using an app, a bank account, and a debit card. The trouble with envelopes is that we are living in a cashless society and it’s probably not a great idea to carry around all of your cash in envelopes.Īnd that’s the problem that the founders of QubeMoney hope to solve – how to bring envelope budgeting into the modern era through the use of an app and a debit card. When you get paid, refill the envelopes with the money you need. You can keep track of each month in a spreadsheet to collect a history but the basics are super simple. Stick cash into a few labeled envelopes, spend from those envelopes, and reallocate as necessary. It’s one of the oldest ways but hasn’t gotten much attention because of how simple it is. Envelope budgeting is one of the most effective ways to set and stick to a budget.

Qube money reviews