Navigating the Qube Money Transition: Your Step-by-Step Guide

I want to start by letting you know that I’ve been in multiple conversations with Shane Walker, the CEO of Qube Money, to gather as much information as possible to help you through this transition. We have an important accountability call for our clients this Friday to walk through this process together. 

As you may know, Qube Money was in the process of transitioning to a new banking partner. Their current banking partner originally agreed to provide service for Qube during the entire transition. Without warning, Choice financial sent out notice that they will no longer be servicing Qube Money. This spooked the new banking partner who decided to also back out on their partnership with Qube due to the shortened timeline. 

For this reason, Qube’s banking services will temporarily pause after September 30, 2025. This means, you’ll need to be sure you’ve moved all of your funds out before then. This document is a guide to help you decide how you will manage your money during this change, with clear steps for three different paths. It will be extremely helpful for you to read this entire guide before choosing your path forward. 

Step 1: Document Your Current Finances

Before transferring any money, it’s crucial to document your current financial snapshot from your Qube Money account. Even after moving your funds, the Qube app will still display your Qube names, budgets, and bill details, but individual Qube balances will no longer be available. Therefore, it’s essential to have a record of each Qube’s balance, especially your Goals, to ensure you can return those funds to their correct categories.

I’ve created a spreadsheet that will help you document this information from your Qube account. 

Here’s the link to the spreadsheet. Below is a video below on how to use it. 

Step 2: Transition Your Bills

To ensure your bills are paid on time during this transition, follow these steps:

1. Make sure each Bill Qube contains sufficient funds to cover this month’s payments. If not, consider transferring funds from other Goal & Spending Qubes to the Bill Qubes to secure September’s bill coverage.
2. After each bill has been paid for September from Qube, log into that utility or bill vendor’s website and change the payment method to your local bank account instead of your Qube account.
3. As you update each bill, use the spreadsheet to check off each bill you’ve completed so you don’t miss anything.
4. Once you know you have enough for each bill for this month, contact your payroll company to have your paychecks moved into your local bank. 
5. Contact any friends, family or organizations that send you money regularly to update their records. This includes earned income, government benefits and payments, investment and portfolio income, passive income like rental income, and payments from other individuals and financial accounts.

Step 3: Choose Your Path Forward (Before Moving Your $ Out of Qube)

You have three main options for how to manage your money after the transition. Choose the path that works best for you and follow the corresponding steps below.

Path 1: Continue Using Qube Plus (Coming Soon)

With Qube Plus, you can continue to use the Qube app’s core budgeting features with your existing bank and or credit card. This option will remain available even after Qube transitions to a new banking partner. Therefore, if using your current bank with the Qube app suits your needs, you won’t need to move your funds back into Qube unless you choose to.

Note: Qube’s CEO anticipates this feature will be available within a couple of weeks, as they are working diligently to launch it as soon as possible.

1. Move all of your money out of Qube Money. Once you’ve paid your bills for the month and updated your payment methods, move all remaining funds from your Qubes into your Unallocated Funds. Then, transfer everything to one main account at your local bank.
2. Begin redirecting all income to your local bank account. This will include paychecks, government benefits, investment income, and payments from friends or family.
3. When Qube Plus goes live, you can connect this single bank account to the Qube app. The estimated timeframe for Qube Plus beta to go live is mid-September 2025.
4. Use your spreadsheet to re-allocate money into your virtual Qubes. You’ll be able to manage all of your spending, bills, and goals from this one account within the Qube app.

PROS:

• Continued Use of Qube App: You can still utilize the familiar Qube app for budgeting and categorization.
• Flexibility with Existing Bank/Credit Card: You’re not tied to a specific bank account provided by  Qube, offering more choice.
• Streamlined Management: All your spending, bills, and goals can be managed from a single connected bank account within the Qube app.

CONS:

• Reliance on Qube Plus Availability: You’ll need to wait for Qube Plus to go live, which has an estimated timeframe and is not yet fully released.
• Potential for Delay: If Qube Plus launch is delayed, you’ll need to manage your finances outside of the app for a longer period.
• Potential for Overspending: Managing all funds in a single main account could create a temptation to overspend, particularly if you frequently check balances within your bank instead of using the Qube App.

Path 2: Build Your Own System

This option is for those who want to create their own multi-account system outside of the Qube app, using the principles of Qube Money.

1. Move your money from Qube Money into the bank of your choice (local or online). This includes moving everything from your Qubes into Unallocated Funds, and then transferring it to your external accounts.
2. Set up your new accounts:
3. Bill Qube Alternative: Create one checking account specifically for all of your monthly recurring bills.
4. Spending Qube Alternative: Designate a separate checking account with a debit card for your spending. Determine how much per month you’ll need from all of your day-to-day spending (Spending Qubes) and automatically transfer that amount into this account each month. 
5. Goal Qube Alternative: Create a separate savings account for each of your Goal Qubes (e.g., Emergency Fund, Vacation, Car Down Payment).
   1. Consider converting quarterly, bi-annually, or annually bills to individual savings accounts (savings buckets). This can help you more efficiently manage monthly payments and avoid confusion about amounts designated for less frequent bills, such as your annual car insurance premium.
6. Update your direct deposits and recurring payments to these new accounts. For example, have your paycheck deposited into your spending account, and a portion of it automatically transferred to your bills or goals accounts.

PROS:

• Potential for Higher Interest Rates: You may be able to earn higher interest rates on your goals and savings using your current bank. 
• Complete Control: You have full control over your financial system with easier and quicker access to your money.
• No Reliance on Third-Party App: You are not dependent on the Qube app or its future developments.

CONS:

• Challenging to Track Spending Categories: Without Qube, it becomes more difficult to categorize and track everyday expenses such as groceries, toiletries, and general day-to-day spending, which provides less clarity on where your money is going.
• Increased Manual Effort: Funding your spending card from your goals requires manual transfers.
• Limited Automation: You’ll likely have fewer automated budgeting or tracking features compared to what Qube offers.

Path 3: Try Another Budgeting App

This path involves exploring alternative budgeting apps or methods that offer similar functionalities to Qube Money, or even the tried-and-true cash envelope system. Potential options include YNAB, Crew, Every Dollar, Rocket Money, or Monarch. Our top choice from this list would be Crew. It’s the only one on the list that allows you to use one debit card like Qube and pull from multiple places. Instead of Qubes, they call them Pockets. Crew is free and you earn interest on your balances. 

1. Research and Choose an App/Method: Investigate different budgeting apps or the cash envelope system to find one that aligns with your financial style and needs. Consider features, pricing, and user reviews.
2. Move your money out of Qube Money: Transfer all funds from your Qubes into Unallocated Funds, and then move everything to one main account at your local bank. This will be your central hub for distributing funds to your chosen budgeting system.
3. Set Up Your Chosen System:
   1. Budgeting Apps: Connect your main bank account to the new budgeting app. Recreate your Qubes (categories for spending, bills, and goals) within the app.
   2. Cash Envelope System: Withdraw cash for your designated spending categories and allocate it into physical envelopes. For bills and goals, you might still utilize separate bank accounts or a digital tracking system.
4. Update Direct Deposits and Recurring Payments: Redirect your income and recurring payments to your main bank account, and then distribute them according to your new budgeting system.

PROS:

• Variety of Features: Many budgeting apps offer advanced features like goal tracking, debt payoff planning, and investment tracking that may go beyond Qube’s offerings.
• Established Systems: These apps often have a large user base, comprehensive support, and established track records.
• Physical Control (Cash Envelope): The cash envelope system provides a tangible way to manage spending, which can be highly effective for those who struggle with digital budgeting.

CONS:

• Learning Curve: Switching to a new app or system requires learning its interface and methodology.
• Reactive Budgeting: Many apps require you to categorize transactions after they occur, which can be less proactive than Qube’s method of allocating funds before spending.
• Potential Subscription Costs: Many popular budgeting apps come with monthly or annual subscription fees.
• Lack of Built-in “Qubing” Security: Most apps don’t offer the unique “Qubing” feature that requires you to actively choose a category before spending, which Qube Money provides as a barrier to overspending.

We understand that this is a significant change, but we are here to support you every step of the way. We believe this transition, and the new Qube Plus features, will ultimately provide greater flexibility and control over your money.