Money in Cobudget
Where does the money I see in Cobudget sit?
Cobudget is a governance and decision making tool for how to spend funds, but no real money actually runs through Cobudget. When you start a new group, you need to define where the funds represented in Cobudget are being held. In most cases, groups have a special bank account where they keep the funds they are collaboratively spending.
Can I connect Cobudget to a real bank account?
At the moment, there is no way to sync Cobudget directly to your bank account. Cobudget is a decision-making tool only. The funds that you see in your group may stand for real money, but there is no actual money in Cobudget.
What currencies can I use Cobudget in?
Cobudget currently lets you select any fiat currency from a dropdown when setting up your round.
Are alternative currencies available for Cobudget?
If your group uses an alternative currency, for now we recommend simply selecting any currency sign of your choosing to represent that currency. This is possible as long as you are using Cobudget solely for decision-making, with no real money going through Cobudget.
Can we use Cobudget with time instead of money?
This is a common question! Since money in Cobudget is not real, you can of course decide to use the numbers to reflect time instead of moeny. However, Cobudget is not ideally designed to deal with time at the moment, so you may want to look into using a timebanking tool, or do simple dot-voting with a tool like Loomio.