Qube Money Review: Is Digital Envelope Budgeting Right for You?

GOBankingRates Score

4.7
Our take: Do you tend to run out of money by the end of every month? Not sure what you spent it on? Luckily, Qube Money can help you get a leg up on keeping track of your spending. If you like cash envelope budgeting, then Qube Money is the app for you. Qube Money combines an app with a card to pair your budgeting with your banking. If you want to track your expenses and save money, the Qube Money app can help you start spending with a purpose.
  • Cost
    4.8
  • Customer Support
    4.6
  • Ease of Use
    4.8
  • Features
    4.7
How did we calculate this?

Pros

  • Real-time expense tracking
  • Joint account money management
  • Subscription customization
  • Save money and stop feeling restricted

Cons

  • Must upgrade to use with a partner or family
  • Must open the app every time you spend money
  • Can only contact customer support by email or webchat
  • Only 10 qubes available with the basic plan

What Is Qube Money?

Qube Money is a banking and budgeting app that uses the digital envelope system to help you develop healthy financial habits. The app allows you to track your expenses easily and automatically without having to carry cash around in physical envelopes. Instead, you divide your paycheck into “qubes” — digital envelopes with a spending purpose. You can spend from your qubes in stores and online. Using Qube Money will never cause your account to overdraft — when a qube is depleted, you simply can no longer spend from it.

Account for Every Dollar

The envelope system has proven to work for many consumers. The saying “give every dollar a job” is popular among personal finance gurus. The concept simply means creating a zero-sum budget by dividing your income into spending buckets before you spend.

The goal is to end up with every dollar accounted for at the end of the month, including your savings envelope. Qube Money shows you how to intentionally make your budget work in an increasingly cashless society. You choose how you spend before you spend, letting your budget determine your habits rather than the other way around.

With Qube Money, you use digital envelopes that organize your money. You choose a qube, and the app transfers the money to your Qube Money debit card. You see the available balance in each qube before you spend. Qube automatically tracks your budget and transactions in real time.

How To Use Qube Money and How It Works

Qube Money’s goal is to transform people’s spending behavior. The digital envelope budgeting and banking system is perfect for those who like the envelope system concept but don’t like carrying cash around. Here’s how to get started.

Opening an Account

You’ll need to follow these steps to open a Qube Money account:

  1. At the Qube Money website, enter your:
    • Name
    • Email address
    • Phone number
    • Verification code
  2. Select the type of account you want.
  3. Create a password.
  4. Choose your debit card design.
  5. Enter your physical address and verify your account.

Funding Your Qube Money Account

You need to fund your Qube Money account in order to use it. To fund your account, just link your external bank account. Once your Qube account is funded, divide your funds by category into different qubes. You can create qubes for any expenses you choose, such as mortgage, rent, groceries, utilities and entertainment.

Making Purchases With Your Qube Money Account

You can use your Qube Money account online or in person. Here’s how:

  1. Open the Qube Money app and select the qube you want to use for your purchase.
  2. Qube Money automatically transfers money from that qube to your Qube Money debit card.
  3. Complete your purchase as you would with any other debit card.
  4. Qube Money deducts the purchase amount from your debit card and transfers the remaining balance back to your Qube Money app for future spending.

Qube Money Features

Here are some key features of the Qube Money banking and budgeting app:

  • Secure deposit: Choice Financial Group, Member FDIC, holds and insures all money in your Qube Money account.
  • Real-time expense tracking: Accurate account balances create money awareness and help you make better money decisions.
  • $0 default debit card balance: Default Zero technology ensures no risk or liability if your Qube Money debit card is lost or stolen. You must activate your card in the app before making a purchase.
  • ATM fee reimbursements: Use your Qube Money debit card at any ATM, and Qube Money will reimburse you up to $10 per month for any ATM fees that you incur.
  • View statements at any time: View your monthly statement in the app on the Profile screen.

How Much Does Qube Money Cost?

Qube Money offers a free Basic plan and two paid plans — Premium and Family. Here’s a look at each option:

  • Basic: The Basic plan costs $0 per month and includes an individual bank account with 10 qubes, peer-to-peer transfers, subscription controls, Default Zero technology and a one-time instant card deposit.
  • Premium: The Premium plan costs $6.50 per month and includes all of the Basic plan features plus unlimited qubes, recurring transfers, joint account functionality, partner notifications and unlimited instant card deposits.
  • Family: The Family plan costs $11.50 per month and includes all of the Premium plan features plus the option to include up to 10 childrens’ accounts; adult, teen and kids debit cards; parent view; parent permissions; in-app money requests; and chore tracking.

Does Qube Money Really Work?

The app gets those who have trouble budgeting and saving into the habit of better money management. You can use Qube Money to:

  • Save for things important to you, like travel, college or a wedding
  • Stay on top of your bills and pay off debt
  • Improve your spending habits

Is Qube Money Worth the Cost?

Qube Money is definitely worth buying if you want to know where every dollar of your money is going each month. If you like the idea of envelope budgeting and prefer to use technology instead of carrying around cash, then Qube Money can help you easily track and manage your money.

Takeaway

Qube Money is an efficient combination of a banking app and a budgeting app and lets you track your expenses on the spot. Whether you budget solo, with a partner or with your family, Qube Money helps you see where your finances are at all times and become more intentional about your spending.

About the Author

Kathy Evans is a personal finance freelance writer and entrepreneur with a technical writing and instructional systems design background. She holds an MS in technical writing and informational design and is currently a doctoral student in instructional technology at Towson University. Through work experience in the federal government as well as commercial and nonprofit industries, she has focused her freelance writing on finance, investing and economic content with a specialization in budget coaching.  

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