Qube Money has three types of qubes: Spend Qubes, Bill Qubes, and Goal Qubes. Each qube type has a specific purpose and works differently to achieve that purpose. For instance, a Bill Qube has a bill amount and bill due date that does not apply to a Spend Qube. Similarly, the fields specific to goal qubes are goal amount (total amount you wish to save) and goal date (the date you want to save by). Like all other qubes, goal qubes also have a monthly budget (or monthly contribution amount - the amount you plan on adding each month).
Goal qubes have two primary use-cases. Let's explore both.
1. Sinking Fund
A sinking fund is money you set aside for a specific upcoming expense. In this case, you usually know the goal amount and goal date. Feel free to experiment with different amounts and dates to see how the suggestions change.
Sinking Fund Examples
2. Emergency Fund/Irregular Spending
An emergency fund is a cash reserve that's specifically set aside for unplanned expenses or financial emergencies. A good example would be home or auto repairs. You don't know when you might need that money, but want to make steady contributions every month to build up the goal qube. In this case, you can leave the goal amount and goal date blank.
Emergency Fund Examples
How do I spend from a Goal Qube?
Goal qubes have a setting "Enable Spending" that can be turned on or off. In the case of a sinking fund, you may want to keep the setting off until the goal date arrives. Disabling spending on a goal qube hides it from the Spending Screen so you do not accidentally spend out of it. Out of sight, out of mind!
Once the goal date arrives (think going on that Hawaii trip you've been saving for), simply enable spending and it will act as a regular spend qube that you're familiar with. In the case of an emergency fund, it's up to you. You may keep spending off until you need that money or keep spending on all the time. In either case, spending from a goal qube will not negatively affect your monthly spend budget.
Go ahead and give goal qubes a try. Start saving today!