This app can help couples get a handle on their spending
With Honeydue, your joint finances can go off without a hitch.
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Let’s face it—staying on the same financial page with your partner can be… challenging. If you’re trying to find a better way to combine finances, the Honeydue app is a collaborative money management tool that may be able to help.
Since I’m always trying to find ways to improve our family’s “financial house,” I took a deep dive into what the app has to offer. In this review, I explain the features, what I like about it, and if I think it’s worth downloading.
What features does the Honeydue app offer?
At its core, Honeydue is a dashboard that puts all of your financial accounts into one place so you can see with a quick glance where you both stand. Here are the features in more detail:
- Balance tracking: After syncing each of your bank accounts, loan accounts, and investment accounts to the app, the activity log gives you a snapshot of your balances.
- Transaction tracking and budgeting: You can monitor and categorize account transactions. You can also set spending limits for each category to create a household budget, and the app will warn you when you’re close to hitting the limit.
- Bill tracking: You can add recurring bills with due dates to a calendar to manage your household expenses.
- In-app texting: There’s no need to leave the app if you want to ask your partner about a bill or transaction—you can hit them up in the Honeydue DMs.
- Joint account banking: The company now has a no-fee account for couples—more on that in a second.
How do you get started?
The app is available for iPhone and Android users. After downloading it, here’s what you’ll have to do next:
- Set up your account with an email: Honeydue will ask for your name and email to start your profile. Then you’ll get an email with a link to verify the account.
- Invite your partner: You tell Honeydue your partner’s information, and the app will send them an invitation to your account.
- Sync your bank accounts: You and your partner connect your various accounts to the app. If you prefer not to sync your actual bank accounts to the app, you can manually enter your balance and transactions.
- Sit back and watch your activity log: After set-up, the main activity window will alert you when money comes in and goes out. To have a little fun while managing your cash, you can comment or use emojis to react to individual transactions.
How much does the Honeydue app cost?
The app is free to download and also free to use, but you can elect to pay the company a “tip” for subscribing to the service. You choose the amount, from $1 to $10, and that tip will be paid monthly unless you turn off the subscription’s auto-renewal.
How does the joint account work?
Honeydue now offers joint accounts that come with prepaid Visa cards issued by Sutton Bank, an FDIC member. This means you can make deposits into your account confidently, but be sure that you register your cards so that they're eligible for insurance and other protections.
While prepaid cards do come with certain limits, this option might put you at ease if you're just beginning to merge finances with your significant other. Plus, with Honeydue, you won't come by fees typically associated with prepaid cards.
The account boasts no monthly fees, international transaction fees, or ATM fees. It’s worth noting that while Honeydue doesn’t charge an ATM fee when you use an out-of-network ATM, the ATM operator may have a surcharge. There are over 55,000 in-network ATMs, so with a little planning you may be able to easily avoid this fee.
For my family, the lack of international transaction fees is what stands out since we plan to travel across Europe once travel restrictions are lifted. The account also has real-time locks for security if the card is lost or stolen, and a feature that automatically pays your bills is on the way.
What’s there to like about Honeydue?
I’m a budget-conscious person, so, naturally, I like that Honeydue is free. And if you really like the service, you can decide how much you want to tip the company for using the app.
I also like that Honeydue lets you set permissions as to what your partner can see. When you add an account to the app, you can choose whether you want your partner to see both the balance and transactions, just the balance, or nothing at all.
Don’t get me wrong—I believe in working together as a team, and you should be transparent about things like your bills, credit, income, debt, and savings. But I also believe that two people should be free to spend at least some pocket money without the input or judgment of another.
Honeydue offers some advice on this topic: If you both tend to argue about every single purchase, consider sharing just balances and not each individual transaction. This way you can, according to a Honeydue representative, “stay focused on the big picture and argue less about the little things.” I, for one, wholeheartedly agree.
Is Honeydue worth downloading?
Yes, if you’re looking to get a handle on everyday household spending, then this is for you.
But if you’re looking for a tool that will help you look beyond the daily spending to the bigger picture, Honeydue doesn’t appear to have some of the money management features that you could get with a tool like Mint.
Specifically, Mint has a bit more to offer in terms of budgeting capabilities. For example, you can set goals, and there’s a calculator that shows how your monthly and daily spending has a long-term impact on your finances.
With that said, Mint currently only supports one owner per account, so you can’t manage a two-person Mint account in the way you can with Honeydue—something to consider.
You may also want to explore other online banking startups, such as Simple, that offer shared debit cards and budgeting tools aplenty.
So, should you open a Honeydue account?
You should think about Honeydue if you’re trying to get on the same page with your partner, but I suggest comparing it to other budgeting apps since there are so many available.
Besides Mint, there’s Goodbudget—another household money app that’s based on the envelope budgeting system. There’s also EveryDollar, Mvelopes, PocketGuard, YNAB, and more that all have slightly different capabilities, from automatically building your personalized budget to providing access to expert advice.
To choose the right one for you, think about what your family’s budgeting and financial planning needs are, and then go with the app that’ll help you meet your goals, whether that's bulking up your emergency fund or improving your credit scores.