This is a sponsored post in partnership with Qube Money.
The Cash Envelope system, popularized by personal finance guru Dave Ramsey, is a budgeting method that has helped countless people manage their money and overcome debt. Every month you pull cash out of your bank account and stick it in envelopes. These envelopes are split into spending categories, like groceries, fuel, medical expenses, travel, and more.
The cash represents what you can spend in that given category. Once it’s gone, there’s no more spending until the next month. Using Cash Envelopes forces you to become more disciplined with your finances. You track every single dollar in your budget and give it a purpose.
The problem with cash envelopes is that it’s counterproductive and counterintuitive in an age of digital banking where convenience is at a premium.
Cash envelopes were our introduction to money management. For several years, we used cash envelopes as a way to control our spending and save money. It worked for a while, but I absolutely hated monthly trips to the bank to pull out cash. Also, let’s be honest — using cash is a pain. It just is. Using a card to make payments is so much more convenient.
The good news is that there’s now a way to replicate the cash envelope system digitally.
Enter Qube Money.
Qube Money is a digital banking system created by Ryan Clark out of frustration with existing budgeting apps that didn’t address the real reason behind many people’s money troubles.
As explained on the Qube Money’s website:
“The most successful budgeting system is cash envelopes, but it’s hard. Our patented digital banking system makes it easy, empowering people to save money and stick to a budget.”
What are Qubes?
Qubes are the digital equivalent of cash envelopes. When you sign up for Qube Money and fund your account, you can set up Qubes to represent all of the spending categories in your budget. Then, transfer funds from your Qube Cloud (the main account) to your individual Qubes.
Qube Money comes with a slick-looking debit card. When you use your card, you must first open the app and designate which Qube is funding the transaction. You’ll do this for in-person purchases and online shopping. Your card won’t work without this step.
You can set up as many Qubes as you like. To start, we set up Qubes for groceries, clothing, giving, kids’ sports fees, a vacation fund, my own personal spending fund, and a Christmas fund. I’m sure we’ll refine these as we continue to use the app.
Why Qube Money works
You may wonder why someone would want to add an extra step to purchases. The reason you go through the app and select a Qube is to avoid impulse shopping. You have to pause and make a conscious decision about how you will pay for a transaction. Since you deposited specific amounts in your Qubes, if you don’t have money left for the transaction, you’ll have to choose to either not make the purchase or use money from another Qube.
Qube Money provides accountability. There’s no beating around the bush. Your Qubes only contain funds you added to them, and once that money is used, you can’t use a Qube unless it’s replenished. Some people may find these extra steps annoying. They are meant to be annoying. They are intended to challenge you. If you’ve struggled with impulsive spending, you’ve likely been missing the accountability component as you manage your money.
Who is Qube Money for?
The beauty of Qube Money is that it can work for almost anyone. We all need some level of accountability with our personal finances, right?! If you struggle to manage your money or control unnecessary spending, Qube Money is the perfect digital solution.
We’ve worked for years to improve our financial IQ and develop a money management system that works for us, but that doesn’t mean we’ve got it all figured out. So, even if you feel like you’re in a good place financially, Qube Money is worth at least a test run.
Try Qube Money Today
If you’ve been looking for a way to implement the envelope system digitally, you owe it to yourself to check out Qube Money. You can sign up for a free account in minutes.
That’s what we did recently. I just used our Christmas Qube to order some presents on Amazon. We save all year for Christmas, so we were able to transfer those funds to Qube Money to help us stick to our budget.
The best part is that the team at Qube Money is continuously tweaking the app and its features to provide the best possible experience for Qube users.
The envelope system has helped millions of people crush debt, build up savings, and stay disciplined with their money. Qube money allows you to bring that same successful budgeting plan to a digital world.
Kevin Payne is the co-founder and budgeting and family travel enthusiast behind FamilyMoneyAdventure.com.
Kevin is a freelance writer specializing in personal finance and travel. He is a regular contributor to Forbes Advisor, MoneyGeek, CreditCards.com, Credit Karma, Money Under 30, and Student Loan Planner.