Utah-based fintech solution provider Qube Money unveils its unique budgeting and digital banking app. The app has been designed as an innovative digital version of the cash envelope system in which people can organize and budget their money and then spend from said budget. Serving as a bank and a budgeting tool simultaneously, Qube Money empowers people to control their finances, eliminate debt, save for emergencies, and invest for the future.
Qube Money seeks to address one of the pressing challenges in the US economy: poor health of individual finance and an ever-increasing consumer debt of over 14.3 trillion USD. Research shows that one of the main causes leading to divorce, suicide, and poor mental health in the US is personal finance. In order to address these issues, Qube Money provides people with a unique money management system (budgeting app) combining the power of digital banking and the cash envelope budgeting system.
Like the traditional cash envelope system, Qube Money also allows people to categorize their spending under specific sub-accounts called Qubes. This enables users to separate their money for different spending purposes under a distinct Qube. Now users can categorize their spending and saving needs based on their urgency and priority.
Setting up distinct Qubes under categories like grocery, fuel, entertainment, bills, discretionary spending, etc gives people a comprehensive understanding of their financial situation and prioritize their spending accordingly.
What sets Qube Money apart from other apps in the market is its ability to help users spend intentionally from their budget instead of tracking money that has already been spent. Its convenience and easy-to-use features combine digital banking and budgeting in one streamlined location. The users will be provided with a Qube checking account, a debit card, and Qube Money App when they sign up. The app facilitates not only banking functions like direct deposit, transaction history, and automated payments but also provides subscription controls and unlimited Qubes.
Whenever money is deposited into Qube, each dollar is allocated to a job and a purpose under a specific Qube category. The money in the app is protected against potential fraud and theft. For instance, each Qube has a unique virtual account and a card number. This feature also allows to set up automated bill payments as per their importance and priority. By spending from a Qube with a specifically allocated amount of money, people can have complete visibility of their finances and confidence regarding their budget.
The debit card maintains a default zero balance unless the amount from a specific Qube is added to it. This helps to prevent any unintended payment or loss of money from the Qube and also ensures protection against any potential misuse.
‘’Qube Money gives people visibility and confidence when it comes to budgeting and spending their money. Qube Money has been designed as a tool with the ability to transform the behavior of people whenever they deal with their money. It saves people from unnecessary spending and undisciplined financial management”, says Shane Walker, Founder of Qube Money.
By combining the banking and budgeting features, Qube Money provides a seamless money management system. Qube Money brings a behavioral change to people when it comes to spending and saving. Focusing on changing the financial environment of people and imparting financial literacy, Qube Money seeks to transform the way we approach digital banking and budgeting.
Name: Emma Helquist
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