Qube Money Review | Digital Cash Envelope Banking

Qube Money Review:

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Alright so if you're familiar at all with Qube then you probably know that their entire platform is built around the idea of a digital version of the envelope budgeting method. So yes…Qube is very similar to other options we've looked at like Envel, One Finance, and Douugh however there is one very important difference and that is that every other digital envelope platform that we've looked at tracks your spending and budget AFTER a purchase which honestly defeats the whole point of the envelope system in the first place. Remember the original envelope system where you would literally put cash in an envelope was extremely effective because when you're monthly restaurant envelope ran out of money for example suddenly you stopped going out to eat because you literally had no more money to spend in that category. So the fact that a lot of these platforms track your spending after the fact and then tell you that you might be over on your budget rather than actually stopping that transaction before it happens or at the very least reminding you that hey this might not be the best idea is a very important difference and an area where Qube excels.

With this platform, you're going to have two financial tools that work in conjunction to keep you on track which is going to be the Qube app that is on your smartphone and your cube money card which is essentially your debit card. Now at first glance, this looks identical to the dozens of other platforms we have looked at but this platform is much more heavily focused on the budgeting side of things which is actually really good if you ask me. So for starters when you first open up your account you will connect an external bank account so that you can move funds into your Qube money account and from there you can start creating your various cubes which are essentially your budgeting categories or envelopes if you want to think of it as the envelope system but this is where things start to get really unique. Instead of categorizing your expense after the transaction is made, you have to first physically go into the app, select the cube that you want to pull your transaction from, and the best part, if there aren't enough funds available in that cube for the transaction that you want to make then you either admit to yourself that that's probably not a wise purchase to make or you actually have to transfer the funds from somewhere else in your budget which in most cases will probably stop you from making that unnecessary purchase.

The features that you're going to get are really going to depend on which tier of this platform you decide to go with. Now the good news is that the basic version of this platform is going to give you pretty much everything you need to get started and it's completely free. With the basic tier, you can create up to 10 different cubes and other standard features such as peer to peer transfers, a bills cube, and the ability to get paid up to two days early. The premium plan is $8.00 per month and gives you an unlimited number of cubes in case your budget is a little more complex, you can also create cube groups meaning you can now share your different budgeting categories with multiple people, they're going to automate your budget, plus they are currently working on adding a ton of awesome features such as rounded technology that we've seen for many competitors, individual cube notetaking, and a ton of other great features.

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I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.

Видео Qube Money Review | Digital Cash Envelope Banking канала Magnified Money