Need to be extra intentional along with your spending so you understand your cash is working in your objectives? Or do you wrestle with overspending and continuously overlook to replace your finances? Qube Cash would be the good resolution 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 resolution. 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 along with your cash too!
Desk of Contents
What’s the Qube Cash App?
Qube Cash is a revolutionary app and banking resolution that mixes the ability 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’s good to open prior to creating a purchase order along with your card, you develop intentionality along with your cash and keep a real-time image of your spending plan.
Whereas different budgeting instruments, YNAB and EveryDollar, provide digital money envelope type 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 could have a digital checking account that’s tied to your spending classes, making your finances 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 device – even simply pen and paper – you’re reconciling what you’ve spent and the way a lot cash you could have after the actual fact.
For this reason generally you sit right down to do your finances on Friday and also you notice, “Oh my goodness, I overspent on groceries once more!” And also you’re attempting to make changes to repair it after the actual fact.
With Qube, since you’re opening that Qube within the second, you understand that that cash is there. And if there’s not cash accessible, you both want to alter your priorities and shift cash from one Qube to a different or simply notice you’ll be able to’t make that expense.
It stops it earlier than the transaction occurs!
That is the rationale that money envelopes have labored for therefore many individuals, aside from the truth that they’re extremely troublesome to handle. No one desires to hold money round. And naturally that’s a significant safety threat.
I really like that Qube offers you the flexibility to be proactive and intentional along 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. When 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 at all times require your pin to make a transaction.)
Whereas your Qube Cash card is a debit card, it’s default steadiness is $0. There’s nothing to spend on the cardboard till you open a Qube.
So, even when you misplaced your card or somebody received your account quantity, nobody would be capable to make a transaction and not using a Qube being open.
There are additionally no overdrafts which means no overdraft charges!
The best way the Qube card works, when you haven’t opened a Qube or there’s not sufficient cash within the Qube, it is going to deny the transaction and you may attempt once more. When a transaction fails, a notification pops up in your telephone 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 Funds Is At all times Correct
With Qube, my finances’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 every 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 could have left.
There isn’t any monitoring or categorizing bills, it occurs robotically as a part of the method. This protects us a lot time and let’s us make selections with persistently correct data.
4 – Qube Retains You On The Similar Web page With Your Accomplice
In most households, one particular person is the first supervisor of the finances. The opposite particular person’s information day-to-day relies on conversations which might be had with the primary supervisor. (Or, after they aren’t had, points are precipitated.)
It should 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 finances?” or “Do we’ve cash for this device I would like on the ironmongery store?”
May he have regarded in YNAB? Certain. But it surely 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 at all times correct, he feels far more assured with and accountable for our spending.
Qube saves us time – each from monitoring and conversations that are actually unneeded – and cash as a result of we each know precisely the place the finances stands always.
It’s a gorgeous 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
If you first arrange your Qube account (issued by Selection 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 show you how to get began utilizing the app.
After this Prompt Deposit, you need to 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 along with your card. So the following step is organising 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 could have limitless Qubes.
Nice beginning choices are Groceries, Eating Out, Clothes, or Enjoyable Cash, as these are typically 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 the way a lot you’re including whole throughout all Qubes versus what’s at the moment in your Qube Cloud.
If you’re prepared, hit “Fund Qubes”! Now you’re able to spend.
Step 4: Spend With Objective!
Now that the cash is in your Qubes, you’ll be able to spend it as you want along with your debit card, Apple Pay, Google Pay, or different digital wallets like Walmart Pay.
Merely faucet the Qube you need to spend from to open the Qube (hitting the quantity within the Qube opens it robotically). The cash from that Qube is added to your Qube card in seconds. Then, merely faucet your telephone 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 steadiness till you open one other Qube.
Your spending plan will at all times be updated and also you’ll be spending deliberately!
You Do not Have to Anticipate Your Qube Card to Spend!
As quickly as your Qube account is created, you’re issued a card quantity which you could find by clicking the three traces 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 employ, you can begin spending the identical day you be a part of Qube!
How A lot Does Qube Cash Value?
Qube Cash at the moment provides two ranges of service with a 3rd on the best way.
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/yr 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 continues to be within the works, however will add as much as 10 child accounts, child and teenage playing cards for managing allowance and youngsters’ spending cash, and guardian permissions. We’re wanting ahead to this, as digital allowance is a improbable lesson for youths who should handle cash in a digital age. And I love having the ability to maintain us all engaged on the identical platform.
Qube Cash Options You Cannot Miss
Simply the flexibility 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 purpose to fall in love with Qube. However there have been just a few particular options that we predict may 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 several quantities, based mostly on when objects are shipped. So, while you see an Amazon transaction in your account after the actual fact, it’s laborious 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. If you’re about to put an Amazon order, you open a Qube and hit “Spend” (little inexperienced field with an arrow to the correct). 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 robotically as they arrive via.
You possibly can even fund your Amazon Orders Qube from a number of spending Qubes, when you’re buying objects that needs to be lined from a number of classes.
No dealing with it after the actual fact or clicking via invoices!
Pre-Authorization Characteristic
If Qubes need to 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 characteristic!
We have now 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 robotically opens the Qube and processes the order, matching it with the pre-authorization.
However you need to use this characteristic for planning as nicely!
If 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 capable of 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 finances.
Subscription Administration
Qube has Invoice Qubes to allow you to handle recurring transactions. You possibly can fund your invoice Qubes with the quantity of the invoice, set the quantity and due date, and Qube will you’ll want to course of the transaction on that date.
This makes positive that payments are paid on time and that you simply aren’t overcharged!
But, it has a particular talent relating to subscriptions like Netflix, Hulu, or some other membership.
Lately, I had a sticker membership I wished to check. (Market analysis for my facet hustle, Wildly Sufficient.) Nicely, 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 can shut down my membership. Simple peasy. You could have whole management of who will get paid and when.
Prompt Inner 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 extra money for Gas or Groceries, merely assessment through which money you may need a little bit further money. Then, make an inside switch between Qubes to place your cash the place you want it.
Inner transfers are prompt, so you may make the acquisition it’s good to straight away and keep on along with your day.
Your finances must be versatile as a result of life is unpredictable. Prompt inside transfers makes that doable.
Drawbacks of Qube Cash
No cash administration is ideal and continuously in search of one that’s will maintain you switching round till the top of time. (And never truly constructing a constant intentional spending behavior.)
As an alternative, it’s good to discover a system that’s drawbacks are greater than offset by it’s advantages. And you could work with in your life. So, let’s handle a number of the drawbacks of Qube.
1 – Cannot Spend With Credit score Playing cards
If you’re spending along with your Qube account, you’re utilizing a debit card and never gaining bank card factors. That is the primary concern we hear from folks new to Qube and when you’re not prepared to cut back your use of bank cards, Qube will not be for you.
However whereas bank card factors might help you journey or acquire different rewards, analysis reveals that individuals who use bank cards spend considerably greater than individuals who don’t. Even when you pay your card off in full each month, you’re seemingly not aligning your spending along with your objectives and values as a lot as you might.
(Everybody issues this isn’t them, however attempt utilizing Qube for 30 days and see the distinction. There are some fascinating psychological issues at play right here. I might have sworn we have been very intentional with our cash however have been saving tons of 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 may you’ll be able to 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 finances classes associated to your particular Qubes. It doesn’t present your financial savings accounts, different checking accounts, bank card bills, or funding accounts.
This will make it troublesome for folks to see the entire image of their monetary standing in the event that they use accounts aside from Qube.
We’ve discovered that Qube is the best possible choice to handle our day-to-day spending. All of our common spending classes (groceries, eating out, gasoline, medical, children’ 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, it’s possible you’ll not want a second device. However you need 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 assist you to observe and categorize bills not made along with your Qube account. Different financial institution accounts, bank cards, and so on.
The discharge date just isn’t but set, however there’s a resolution 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 device that’s progressive and altering the best way we finances and financial institution. And it doesn’t make your cash any much less safe. Your Qube account is issued by Selection Monetary Group and is totally FDIC insured as much as $250,000.
Nonetheless, Qube continues to be continuously releasing new options, responding to buyer requests for brand new instruments and improved interfaces, and rising. This will imply having to take care of slight modifications to how issues are achieved 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 for sure that Qube is saving my household time, cash, and sanity as we handle our most energetic spending classes.
I extremely advocate downloading the Qube Cash app and attempting it for 30 days (you even get two months of Premium free of charge with the code MONEYMAMA.) You possibly can select simply two to a few of your most troublesome spending classes to maneuver to Qube. Then, after 30 days, think about how a lot you’ve saved and how you’re feeling managing these classes with Qube.
I’m assured you’ll be feeling extra accountable for your spending!
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