Honeydue Finance App For Couples and How it Works

 

Honeydue App… Honeydue is a mobile app designed to reduce money-related conflicts between couples by providing tools for sharing information on account balances and expenses. The app also allows couples to stay on top of money issues in other ways, such as being able to comment on individual transactions and manage bill reminders together— so they can be about money “on the same page.”

Online and mobile apps have become a go-to for tech-savvy people in the field of budgeting devices. Many budgeting and money management applications have been rolled out to the public in recent years, but most have concentrated on supporting individuals.

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Personal financial management is one of the most frequently cited causes of friction across the globe between dating and married couples. Not having the right tools to help handle month-to-month cash flow, save together for specific goals, or paying down consumer debt in a rational, cost-effective manner does not help matters.

Honeydue is a tool that allows couples to chat about their financial goals and plan without having to constantly access different accounts in order to query each other for data on balance and payment.

History of Honeydue

Co-founders Eugene and Thien set up Honeydue in 2016. The founders realized that there was a better way to manage money as a couple after the colleagues created WalletIQ to give a hand to friends and family in the realm of boosting financial literacy. Honeydue was founded on the premise that couples can and should manage their money together in one place instead of using clunky spreadsheets and individual apps.

Honeydue is still in its early stages of growth, but the mobile app has been featured as the best budget app for couples in several well-known publications. The organization is primed for growth with its headquarters in San Francisco as more dating and married couples understand the need for better tracking and control of their spending as well as progress towards financial goals as a group.

How it Works

  • As a mobile application, Honeydue works as a budgeting tool similar to Mint, compiling financial user information in a centralized, streamlined location.
  • In comparison to other budgeting applications, Honeydue is designed to be used by two individuals, with aggregation software introduced into the framework to promote the management of personal financial activities. Honeydue offers couples the ability to share data including bank accounts and bills in one location by way of account aggregation.
  • It gives them a true picture of their financial activities mixed, or different. Couples can choose which accounts they want to link directly to the app and the level of detail they want to see from their partner. For example, an individual user has an option to share only an account balance, not transactions, which can save heated discussions about what was spent and for what reason.
  • Couples can see all bank balances added to the tool in one place within the Honeydue app, including checking and saving accounts, credit cards, and investment or brokerage accounts. Individual transactions can also be included in the app data for each account, helping to provide a precise, real-time picture of the finances of the couple.
  • Honeydue categorizes purchases, such as money and checks, family and pets, travel, gifts, services, food and drink, and shopping, automatically when accounts are added to the app. Users are able to change a category assigned if a transaction is incorrectly categorized.
  • Users of Honeydue have the ability to share expenses in this app. When a transaction shows up in the account feed, it can quickly be marked and edited to add comments or notes to the other partner.
  • Notifications are herein, sent to the other user, along with reminders about sharing the expense over time.
  • The Honeydue app also gives bill reminders, spending notifications, and account balance details through push notification to every user as they need it.
  • To get started with Honeydue, People simply need to download the appropriate application for their mobile device, open the app, and enter the information required. The initial user then adds information about his or her partner, including a correct and valid e-mail address, and a message is sent to them so they could also download the app and start using it. The mobile application is free for every user.

Advantages and Disadvantages of HoneyDue

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The Good

  • One place for your accounts
  • Spending alerts help identify fraud
  • Great flexibility within the category feature
  • Split expenses and pay your partner within app

The Bad

  • Only for iOS or Android
  • Budget only shows monthly spending
  • Categorization isn’t intuitive
  • Doesn’t eliminate the need to log in to your online banking account

5 Alternative products to Honeydue

 

ProfitWell Audit lets you get you 100% transparency into your finances.

Is Honeydue worth it?

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Honeydue is useful if you and your partner are starting from the scratch and trying to get a handle on your finances. It is really helpful if you split a lot of expenses because it is so easy to track and settle up within the app.

However, if you go further along in your relationship and can have healthy conversations about your financial matters, the limitations of this app will likely be too frustrating to make it worth while.

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