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The cash envelope budgeting system has helped countless people and families manage their finances, get ahead financially and stay out of debt.
But trying to follow this system in today’s world is close to impossible.
I know because I’ve tried more times than I care to admit.
I have high hopes at the beginning, thinking I’ve found something that works, but ultimately I fail.
The main reason for this is the digital world we live in.
I rarely, if ever, carry cash with me.
I pay for things with one of three credit cards I use based on the rewards and what I am buying.
I also sometimes use my debit card.
And when I do have cash, like when I go out to dinner with friends, I pay with this.
Trying to make sense of it all quickly drives you mad.
But there is hope.
It is called Qube Money.
It’s a new app whose goal is to take the cash envelope budget and turn into a digital system that will help you manage your finances easily.
In this post, I share with you my complete Qube Money review, which includes the good, the bad, and some alternatives to consider.
Table of Contents
Qube Money Review
- Account Fees
- Ease Of Use
- Customer Service
Qube Money is a new digital cash envelope budget system that helps you make more informed spending decisions. With its use of technology, you can use this budget method in a cashless world. No other budget app offers what Qube Money does. Click here to create your budget!
My Complete Qube Money Review
What Is Qube Money?
Qube Money has been in the works since 2016.
At that time, Ryan Clark founded ProActive Budget which was the first version the Qube digital envelope budgeting method.
He created it because as a financial coach, he saw so many people struggle with budgeting, which caused emotional stress and even divorce.
He knew the power of cash envelopes for budgeting and how it helped millions of people.
But in today’s world, the traditional cash method just didn’t work.
The app officially went live in 2017 and in the first weekend, the transaction processing partner closed shop.
He quickly scrambled to find another processor, but there were limitations that made the app not all it was meant to be.
So ProActive Budget was shut down and Shane Walker was brought on board.
Through a lot of trial and error, Qube Money was born in 2019.
Today, the app is the only true digital cash envelope budgeting app for consumers.
It combines a bank account with a budgeting system to let you take control of your finances by making informed spending decisions.
If you are short on time, here is a quick video that lays out the basics of how Qube Money works.
How Does It Work?
Qube Money works a lot differently than the other budgeting apps out there.
To start, you visit QubeMoney.com and apply for an account.
You need to meet the following criteria to be approved:
- US resident
- 18 years old or older
- Social Security Number
When completing the sign up process, you will need to provide some personal information, including:
- Full name
- Residential address
- Email address
- Date of birth
- Social Security Number
- Current bank account login information
Once you create your account and download the app, you create budget categories, called qubes (pronounced cubes).
These are your digital cash envelopes.
After you create your qubes and allocate money into categories, you can start to follow your budget.
To spend your money, you open the Qube Money app on your phone and the select the qube you want to spend from.
The app is essentially your cash envelope wallet where you can see how much money you have spent in each qube, how much is remaining, and move money around.
For example, if you are shopping at a grocery store, you would pick your groceries or food qube.
Funds are instantly transferred to your Qube card for you to spend.
After the transaction is complete, any remaining money is taken from your debt card and placed back into its qube.
At the end of the day, Qube Money helps you to see your spending habits and are making better choices so you can reach your financial goals.
Qube Money Features
There are a lot of features that Qube Money has.
Here is a run down of the biggest ones.
Account Maintenance Fees: None
Income Tracking: Yes
Expense Tracking: Yes
Bill Pay: Coming Soon
Check Writing: No
ATM Access: Yes
ATM Fees: None
ATM Reimbursement: $10/Month Maximum
Mobile App: iOS and Android
How Much Does Qube Money Cost
There are a handful of options when it comes to the cost of Qube Money.
There are various monthly plans, and each has a different price, but overall, prices are very affordable.
The good news is there is a free version that offers plenty of features.
But if you need more features, they offer the Premium, Family and Platinum plans that each offer more features on top of the lower tier plans.
Check out the image below to see what each tier offers.
This free plan is a good option if you are unfamiliar with the cash envelope system and want to get your spending under control.
You get 10 qubes to set up, a single debit card, and the mobile wallet.
However, you cannot automatically transfer money from your linked bank account.
This must be done manually.
This is perfect for people who want complete control over their money.
For starters, you get unlimited qubes, multiple users, and budget automation.
This is also a great plan for couples as you each get physical debit cards and are instantly notified when each other spends money.
In other words, you will always be in the know when it comes to your budget.
This is a great plan for involving children and teens in the family finances and teaching them about personal finance.
Not only do you get everything in the Premium Plan, but you also get kid debit cards, teen debit cards, parenting permissions, and other tools to help your take control of your money and teach good money habits.
This plan is coming soon and will include rewards, corporate member benefits and more.
The scheduled release for this plan is 2022.
And, for a limited time there is an option for a lifetime membership on both the Premium and Family plans for early adopters as well.
These lifetime plans will save you thousands of dollars over the years.
Advantages And Drawbacks
Cost. There is a free version and a few paid plans that allow you to pick the perfect version for you.
Fraud protection. No worrying if you lose your Qube card as there is never any money on it unless you transfer money from your qube for a purchase.
Real time updates. Get immediate updates on spending activity.
Link current checking account. You can link your bank account to the Qube card. There is no need to switch banks.
Custom allocation. If your pay varies by paycheck, you can set up custom allocations to make having an irregular income easier to budget.
ATM reimbursement. Up to $10 a month in ATMs are covered, saving you money.
Must use Qube card. In order for the system to work, you have to use the provided Qube debit card.
No earning rewards. With Qube Money’s debit card, you won’t earn cash back or other rewards like you do with credit cards or some debit cards.
ATMs. There is no word on how many free ATMs you can make cash withdraws from.
Alternatives To Qube Money
There are a lot of budgeting apps out there, but not many envelope budgeting apps.
Here are two alternatives to Qube Money worth considering.
This cash envelope alternative is from Dave Ramsey and follows his approach of Baby Steps to help you get out of debt.
With the free version of the app, you get 10 spending categories or envelopes to begin tracking your spending.
With the paid version, called EveryDollar Plus, you can sync your bank accounts so the tracking of your spending is automated.
The major difference here though is that with either version, you don’t get a debit card for spending.
So while you can set up a digital envelope budget with this app, you need to do a lot more work to get it to function correctly.
Formerly known as Easy Envelope Budget Aid, GoodBuget is a basic cash envelope app.
There are two versions, a free and paid version.
The major difference between the two is that with the paid version, you get unlimited envelopes and you can connect multiple accounts, like a checking account and a credit card account.
With either plan, you have to manually categorize your transactions, as the app doesn’t do it.
There is no debit card either, and to make changes to your budget, you have to log onto the website. You currently cannot make edits on the mobile app.
Non Cash Envelope Budgets
Of course there are other budget options out there.
Most popular is a spreadsheet budget.
There is a work that needs to be done setting it up and manual upkeep to stay current.
This drawback is why people look more towards a budget envelope system.
However, there is the option of Tiller Money.
This is a spreadsheet budget but offers a template to use as well as automating transactions, saving you loads of time.
At the end of the day, you have to find the budget that works for you, as this is the one you will stick with long term.
Frequently Asked Questions
I get asked a lot of questions about Qube Money.
Here are the most common.
Is Qube Money safe?
For starters, Qube Money uses the latest 2456-bit level encryption banks use to keep your data safe from hackers from accessing your account.
In addition to this, they use Default Zero Technology for their debit card.
With this, there is never money on the card that can be spent unless you move the money to the card.
And any money that is moved over, automatically transfers back to your bank account, so it can’t be used for any reason.
Is my money safe?
Your money is deposited to Choice Financial Group and is FDIC insured just like at other banks.
Is Qube Money free?
Yes and no.
There is a basic free version that allows you to take advantage of the digital cash envelope budget.
There are also a few paid versions as well that you pay per month to use, so you can find the right plan for your needs.
Who is Qube Money For?
It is for anyone who is struggling to get ahead financially.
By using this version of the cash envelope system, you have greater control over your money.
You also make more conscious spending decisions since you will get real time updates as you spend your money.
Finally, it helps you to build healthy money habits over the long term.
Overall, if you are tired of struggling with money, this app is worth considering.
How do I contact customer service?
The best way to get help or support is to use the built in chat tool on the website.
This is the fastest way to get assistance.
Alternatively you can send an email and a customer service representative will get back you to.
What if I lose my debit card?
In the instance of a lost card, you would reach out to customer service to have a replacement card sent to you.
Note that funds cannot be spent on the lost card since there is no money on the card.
So there is very little risk with losing your card.
Is Qube Money available on iPhone and Android?
The app is available on both mobile devices.
Technology is great.
But as we progress, some of the great things we love to use become obsolete.
The cash envelop budget is one of these things.
For a while, many people struggled with a budget because the old way just didn’t work anymore.
But with Qube Money, the cash envelope method has been transformed into a modern way to track your spending, helping you to save money.
If you are a fan of this type of budgeting, I encourage you to try it out and see just how powerful it is.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.