[ Ссылка ] Are you a fan of the cash envelopes method for budgeting but would prefer the more modern solution? Let's take a look at the upcoming app Qube Money.
Qube Money: [ Ссылка ]
When I attended FinCon earlier this year, I was introduced to several new apps and services I was excited to talk about. Among them was Qube Money, previously known as Proactive Spend. From what I learned, that service attempted to update the classic cash envelopes model but ran into tech issues along the way, leading them to halt operations. Now, rebranded as Qube Money, the concept has apparently been upgraded and is expected to debut next spring.
In the meantime, with Qube now open for preorders, I figured it was worth taking a look at the app’s main concept, what I like about it, and where I might have some hesitations:
The biggest thing to know Qube Money is that, in order to get the most from the service, you’ll need to utilize both their app as well as their unique debit card.
From what Qube Money’s team has said, the way the service will work is that users will have a debit card that will contain $0 by default. Thus, in order to spend, they’ll need to open the app, select what category envelope — or qube — to spend from. Doing this will then load those funds onto the card, allowing them to make the purchase. Then, once the transaction is complete, the funds will be sent back to the app a short time after. To be clear, if a user attempts to make a purchase without select a category first, the card will be declined as it would have no money on it.
One thing I like about Qube Money’s concept is that it inspires the same intentionality as cash envelopes without the extra trips to the bank
A huge reason why budget enthusiasts have suggested the cash envelopes method is that it requires consumers to think before spending. Not only does it prevent overspending because, once the cash is gone, it’s gone but also cuts down on those impulsive splurges that can really add up. Thus, I do think that Qube has done a good job of replicating that benefit while adding a bit more convenience to the process.
What’s also interesting is the Qube says it will be building in additional functionalities, allow you to share qubes with friends and family or even give your child a card of their own.
Given the popularity of peer to peer payment apps like Square Cash and Venmo, it sounds as though Qube will be adding a social element to their app as well — albeit in a quite a different way. Currently the company says it will include a way to share qubes with other users, allowing each to spend from it. This could come in handy for co-vacations, buying concert tickets, or splitting the bill at dinner. Plus, Qube Money says it will offer a family plan that will include kids card so that you can start teaching your children about money and budgeting from a young age.
Finally, in terms of price, Qube is currently offering lifetime subscriptions for a limited time, but is expected to have plans starting at $8 a month at launch.
Prior to their expected launch next year, Qube Money is currently offering lifetime plans that will rise in price in the coming weeks, topping out at $240 for the Premium subscription. However these will be discontinued before the product debuts. Then, the service will switch to a monthly and annual billing model, with the cheapest plan expected to cost $8 a month.
To be honest, when I first heard this, I thought it was a bit expensive. However, to my surprise, there are several basic checking accounts that actually charge even more on a monthly basis.
It should also be noted that, while $8 is the lowest price point, there will be additional service tiers for a family plan and for other added features.
Overall, I’m really intrigued by what Qube Money is building and I do think their lifetime subscriptions could be a good deal. At the same time, it is hard to shell out that kind of money sight unseen.
To be fair, Qube’s team has compared this pre-launch special to a Kickstarter campaign, which does seem apt enough. I’m also glad to see that they’ll be honoring any ProActive Spend lifetime memberships as well. So while I’ll personally be waiting to try out the app for myself before signing up, I’ll let you decide if the potential savings are worth jumping on early for.
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