Budgeting is a wonderful skill for any teenager to learn. These are skills that will be perfect when they become independent and organize their bills and money. You can easily do this with many applications and banking systems.
There are two applications and banking systems that can help you: Goodbudget and Qube Money, but which one is better? There is a lot to consider when choosing one of these two and it depends on what you are looking for.
Both applications can be used by anyone, including teenagers, and you will find that each has its perks. They both use the “envelope system” and are quite similar. Read on to figure out which one fits you and your teenager best.
Qube Money
Qube Money is not only a banking account, but it also provides great budgeting features via an application. You can immediately deposit money into your account, and it is FDIC-Insured. You won’t have to worry if this banking system is legitimate or not.
This budgeting program is based on the envelope process at which you name each envelope a category and put money into each for that spending expense. This method is quite tedious, and thus this program was created to make it so much easier. It uses today’s technology with old-school methods.
Qube Money Overall Features
The Qube Money application has many features that will help you and your teenager out. You will find everything you need to know in the chart below:
| Price | Basic: FreePremium: $8/monthFamily: $15/month Platinum: $25/month |
| Budgeting | Yes |
| Income Tracking | Yes |
| Expense Tracking | Yes |
| Bill Pay | Coming Soon |
| Check Writing | No |
| Debit Cards | Up to 10 cards |
| ATM Access | Yes |
| ATM Withdrawal Limit | $250 limit a day |
| ATM Fee Reimbursement | Up to $10 a month |
| Customer Support Options | Email-only |
| Mobile App Availability | iOS and Android |
| FDIC Certificate | 9423 |
This banking account and the budget program have plenty of features that will not only help your teenager with their money skills but your entire family. But even with all these features, there is one that stands out: their debit card integration program.
Debit Card Integration Program
Qube Money brags on its debit card integration program. Your debit card will automatically be set at zero until you have added money to that category or “envelope.” If you try to use the card without loading any money, your transaction will be declined.
The best feature about this debit card program is that it will automatically add this to your expenses. You can add what it’s categorized, and it will take the money from that “envelope” so you don’t have to do all the little details yourself.
This feature can be used for in-person transactions and online stores. You don’t have to do anything special for either of them. You won’t need a traditional checking account because of this program and will just need to use Qube. You can also easily cancel subscriptions easier than a traditional account.
Qube Money Plans And Costs
There are four plans that you can choose when you decide to use Qube Money. They are as follows:
- Basic
- Premium
- Family
- Platinum
You can choose any of these plans, but they do come at a cost. Below is a chart of prices and what features you will get with each plan.
| Plan | Price | Features |
| Basic | Free | Ten cash envelopes. One debit cardNo budget automation Qube will need to be reset each month. |
| Premium | $8 a month | Everything from the basic account. Allowed joint account Two debit cards Partner notificationsPartner permissions Each partner gets their login Partners can have private envelopes. Budget automation Unlimited qubes Instant card depositsReporting/exporting |
| Family | $15 a month | Everything from Premium Plan Parent views Parent permissions Chore trackers Up to 10 kids debit cards In-app money requests |
| Platinum | $25 a month | Everything from the Family PlanOffers rewards Partner benefits Qube Masters training |
GoodBudget
GoodBudget is a lot like Qube Money, an online or mobile application that successfully helps you and your teenager budget based on the envelope system. You create a budget for you, your partner, and/or your children so that everyone can save money.
GoodBudget Features
Like other budget programs, it has many features that can help you with your budgeting by implementing technology with the old-fashioned envelope system. Here are some of their features:
- Create categories for your expenses.
- Syncing budgets.
- Sharing budgets.
- Application available on iOS and Android
- Plan ahead for bills and large payments
- Pay of debt with a budget.
GoodBudget also provides courses and a podcast that will help you save money if you aren’t the best at budgeting. You may find that this program is not a bank account and so you won’t have a debit card like you would with Qube Money.
GoodBudget Plans And Costs
GoodBudget only offers two plans for you and has different features than Qube Money. Here they are:
| Plan | Price | Features |
| Free Forever | Free | Ten regular envelopes Ten more envelopes One account Two devices One year of history Debt tracking Community support |
| Plus | $7 a month | Unlimited regular envelopesUnlimited more envelopesUnlimited accountsFive devices Seven years of history Debt tracking Email support |
Which One Is Better?
So which one is better in the end? If you are looking for something simple and more of a budgeting system for free, GoodBudget is the one to go. It is straightforward, easy to use, and can still use your account without making a new bank account.
| Budgeting Program | Pros | Cons |
| Qube Money | Integrates banking into their program. Available debit cards. Information was immediately added to envelopes. | High costs.Unknown history length |
| GoodBudet | More available envelopes for the free plan.SimpleSaved history | Not a banking system.No debit card program. |
If you are looking for something more inclusive all around, Qube Money is a great program to enroll in. It has everything in one place, so you don’t have to input information from another account into the program.
Qube Money also has a comprehensive, advanced technology that makes budgeting and banking for you and your teenager. This program will be easy for your teenager to use, and they can continue to use this as they get older.
Qube Money offers a lot more features as well as the ease with its organizational budgeting system. You can also use it for the entire family or simply use it for your teenager. It is up to you.
It all boils down to what you are trying to use for your teenager. You may want something as simple as GoodBudget, or you may want something a little more advanced. You can choose what best fits you and your family.
Tips For Saving Money
Even with these budget applications, your teenager may need to know how to use these applications and organize their budgeting system. Here are some things to consider when you are saving money:
- Remember the 30/30/40 rule.
- Figure out your spending categories.
- Track your expenses.
- Create a savings account.
- Estimate monthly income.
- Have an end goal in mind.
- Always round up.
These tips and tricks will better your teenager’s budgeting skills and prepare them for future issues.
30/30/40 Rule
For adults, normally, the rule would be 50/30/20, which means 50% of your income would go to your needs, 30% would go to your wants, and 20% would go to your savings, but with a teenager, they don’t have as many needs. With fewer needs, this means that their rule should be 30/30/40.
30% of their income should go to their needs, 30% should go to their wants, and 40% to their savings. Their needs should include any of the following:
- Car payments
- Insurance payments
- Phone payments
- Gas for their car
- Any groceries they want.
Their wants should include anything that follows:
- Extracurricular activities.
- Clothes
- Accessories
- Fast Food
- Electronics
Here are the following things that could be included in their savings:
- Savings Account
- Emergency Funds
- College funds
- Retirement savings
- Investing
Using this rule will be more useful for them in the future, especially when they want to move out. They will have a little nest egg they can use for any down payments for apartments or homes and any other large purchases they would like to make when they are older.
Figure Out Spending Categories
Once you have figured out how you want to separate your income, whether you choose to do the 30/30/40 rule or something a little different, you can now make the spending categories. Finally, you can figure out what you can split each area to spend on.
These categories can change over time, and you may find yourself with excess income in these areas. If this is the case, put it back in savings and save it for a rainy day. These categories can be anything like clothes within wants or like car payment within needs.
Organizing these categories will also help you and your teen identify where they may be spending too much money. It will show them where they need to practice less spending and save their money a little bit more.
Track Expenses
Always keep track of any expenses. Don’t let anything fall in between the cracks. When you don’t track a few items, it adds up. It may be a few dollars here for fast food and a few dollars for clothes, but once you add up all the little things, it may be a big chunk of your income.
There are many ways you can take pictures of receipts and put them into applications, or you can use your budgeting application. It will only take you a few minutes to input the necessary information so you can keep up to date on expenses and income.
Qube Money and GoodBudget both provide the tools to keep track of expenses. Using the debit card system with Qube Money, you will immediately track your expenses, while with GoodBudget, you will manually have to enter the data.
Create A Savings Account
If you don’t have savings account for your teenager already, you may want to go ahead and get them one. Having this as an option allows your teen to store their money without easily accessing it. They can’t technically “see” it as if it were in a piggy bank in their room. This helps them refrain from pulling out money and keeping it for a later date.
Savings accounts are also great to collect interest. It may not be a lot, but it is more than if you put your money in an envelope and hide it in your closet. Plus, there are many perks to getting a savings account to help you or your teenager out later on in life.
With Qube Money, you can automatically open up a savings account. Thus you can put money into your savings while using the program to track both income and expenses.
Estimate Monthly Income
Look at past incomes and estimate your future ones. You will then know what you can spend. If you have a little extra money, you can separate it into your categories or directly put it into savings. This is solely up to you.
If you are unsure what your income is, always guess a little lower on your income. It is better to have too much than too little when you are making these guesses. It is also a bonus when you realize you made more than you thought.
Have An End Goal In Mind
Always have an end goal in mind. It doesn’t have to be a big goal and maybe a small goal but has some sort of destination. With a destination, you will find it easier to save money.
Small goals are often better because they are more attainable than larger goals. You feel accomplished with these little victories, and it will motivate you to continue saving for larger goals later. Of course, you can always move your goal to something bigger later on.
Here are some examples of small goals your teenager can have:
- Spend less on clothes by x amount.
- Spend less on accessories by x amount.
- Save an extra $20-$100 a month.
- Spend less on fast food by x amount.
- Have x amount in savings (usually only a few hundred dollars more than the previous month).
Here are some larger goals your teenager can have:
- Save money for a car.
- Save money for a phone.
- Having x amount by the time they graduate from high school.
- Having x amount saved for college.
If your teenagers aren’t great with their money, start with small goals and as they continue to attain them, make the goals bigger. You will find that once they get motivated and confident in their skills, they will be budgeting much better.
Round Your Expenses And Income
You and your teenager will round your money two different ways depending on what it is. When calculating your expenses, you always want to round up. So if what you spent at the store for clothes is $33.48, round it to $34. This will only help you save in the end.
With your income, it is the complete opposite. Always round down. Suppose you are getting $536.67 on your paycheck. You will then round it to $536. Using this technique will only add to your savings and help you out if you accidentally miscalculate or put in the wrong numbers.
Make Budgeting Fun
Making something as boring as budgeting fun can seem like a daunting task, but it doesn’t have to be. Treat it like a fun game and that when you win, you will reach financial freedom. You won’t have to worry about heavy bills of debt piling high, and you will have the freedom to get yourself something you may not have been able to afford before.
Cut Out Small Expenses
Cutting out small expenses may not seem like much, but it does add up. You may not realize it, but getting a coffee from your local gas station could be costing you more money than you may have realized.
If you buy a $1 cup of coffee five days a week, that’s $5 a week you are spending. With four weeks in a month, you will be spending $20 a month on coffee. That $20 could be the difference of a tank of gas. If you start making coffee at home, you may realize that you save $15 that could be added to your debt oryou savings.
Outro
Saving and budgeting your money has become easier with all the technology available today. You will find that both programs can help you with your budgeting needs, but if you want something that also works like your debt or a bank account, Qube Money is the best choice.
You can always try out both for free and see which system is better for you and your teenager. You never know until you try them to see what works the best for your style.