Honeydue is an app intended to help with one of the most common sources of conflict in relationships: money.
According to a study by SunTrust bank, finances are a major point of stress and conflict in relationships. The study goes on to say that couples with different money personalities — spender versus saver, for instance — must grapple with even more stress, but communication can lessen the impact of the differences.
Eugene Park, co-creator of the money management app, found that managing finances with his fiancee after she moved in was painful. The pair were using totally different tools to track and manage their finances from day to day. Eugene’s co-founder, Thien Tran, was going through the exact same thing at the same time with his fiancee.
That’s when the idea for Honeydue was born. It officially launched in August for 2017, and the user base has been growing every since.
Through Honeydue, couples can share information like bank accounts and bills to limit confusion and miscommunication around their finances. The app aggregates information like bill payments and transactions via bank feeds to help couples get a true picture of their combined (or separate) finances in real time.
“We think of ourselves as a collaborative tool first and a financial tool second,” he says. “The goal is to create a collaborative environment for couples to develop both financial habits and literacy together.”
The creators of the app noticed that there’s asymmetry among couples when it comes to money. Usually only one partner manages the finances. When this happens, the other partner may feel as if he or she lacks of firm grasp of where their earnings are going, setting the stage for conflict.
For this review, MagnifyMoney decided to put Honeydue through a true stress test — my husband and I used the app for two weeks straight to see if actually helped us manage our money better.
What I liked about the Honeydue app
After having used the app for some time, what stands out most is the convenience of having all bills and accounts in one place.
If you are the kind of person who likes to stay on top of your entire financial situation at a glance, this app does the job. To me, it’s like having a financial health assistant that scans all your accounts and gives you updates like these:
If you’re a busy person and want to stay on top of your finances, but can’t check every account daily, then Honeydue works. Indeed, it works even for the person not managing money with a significant other.
But once you do add a partner, things get interesting. You both can see everything that’s happening in the world of money that affects you as a couple.
For example, I was able to add a brokerage account that my husband can now see updated daily. Once he sees it, it’s a constant reminder that investing is a worthwhile activity with real returns. It’s more motivation to curb our spending and attempt to save and invest more when the numbers are there, at our disposal and updated in real time.
I also like the idea that we both can see all bank account balances and transactions. If I know that my husband will see my financial life and potentially question my spending or account balances, I’m more apt to “behave” and think a little more about my spending choices. The extra layer of accountability is a welcome change for me.
The alerts, notifications and email updates from the app serve as prompts to help us discuss finances with some regularity. There are many times I want to talk about finances and financial decisions with my husband, but it simply slips my mind. Honeydue reminders help make money discussions happen more frequently.
To me, the app sets the stage for a healthy financial relationship for couples struggling with money: Transparency, collaboration and communication are all improved with use.
What I didn’t like about Honeydue
The concept of the app itself is amazing. The execution is pretty top-notch, too. The app didn’t seem to be buggy or prone to inexplicable crashes.
Still, I noticed a few things.
The first issue: how the app interacts with institutions that use two-factor authentication. Many bank protocols ask different security questions or require you to re-authenticate with security codes if a connection needs to be refreshed.
However, I’ve used other apps with the same issue. So I am not sure there is a way around this. It’s a safety measure that I welcome to keep my data secure. However, it’s usually barely noticeable and just takes a few moments to correct.
Further, the transaction history for all accounts only goes back a couple of months. Again, not a super big deal, but something I did notice.
Finally, the budget categories are not that extensive and you could potentially spend a lot of time recategorizing transactions it does assign. That is to say, right now the budget categories are not “smart.” They don’t “learn” from the updates you make to transactions like most financial softwares and apps. Eugene says that the development road map does include plans to make the budget categories more automatic once you edit them.
The Complete Magnifymoney Honeydue App Review
What is Honeydue?
Honeydue allows couples to share financial information, but the partners can select what that information is and the level of detail that is included. So if one person has a bank account he or she doesn’t want visible to a partner through the app, it’s possible to choose not to share those banking details or give a limited view of them (“balance only”).
Here are some additional capabilities of the app:
Couples can see all bank balances in one place in the app. They can track both credit card and bank balances, along with individual transactions related to each account. Transactions and balances are updated in real time so there’s always a complete, accurate snapshot of where these accounts stand.
The nice thing about this feature: that ability to choose which accounts your partner can see and at what level of detail. Eugene says many partners feel like it isn’t necessary to share at the transaction level. In his words, “trust doesn’t always mean transparency.” According to a 2014 poll in the magazine Money, surveying more than 1,000 married adults, 55 percent of respondents said finance arguments in their relationships were over purchases. This is exactly why Honeydue built these privacy features into the app.
This feature allows a couple to see how all of their money is spent. As transactions are completed and updated in the app, Honeydue gives them a category: cash & checks; family & pets; getting around; gifts & charity; miscellaneous; personal & wellness; home & utilities; food & drink; trips & occasions; shopping & fun. If the app assigns a category incorrectly for a transaction, it can be fixed with a quick edit.
Honeydue uses military-grade encryption.
You can share expenses with your partner using Honeydue. Once a transaction appears in your bank feed, you can mark it for sharing and add comments. The app will send the share notification to the partner, as well as periodic reminders to settle up a balance owed with his/her mate.
You can enter bill due dates and amounts with Honeydue. It will keep a running log of coming bills, so they are not lost in the shuffle of life. In the Settings areas of the app, you can create push notifications for bills as well.
How do you sign up for Honeydue?
The sign-up process is extremely simple. After downloading the Honeydue app for iOS or Android devices, you’ll open the app and enter information it will use for your account settings. Then, you’ll enter your partner’s information so he/she can receive an invite to join the app and view all of your combined financial information.
The rest of the process involves connecting your bank account and setting up bill reminders. The app connects with most major banks. You can even include a PayPal account in your bank feed.
At the moment Honeydue is totally free to use for both partners.
There is an “offers” tab in the app where you can apply for credit cards and explore bank new accounts. The app also allows you to look for deals on things like Hulu, Starbucks and Gobble. All the categories in the offers tab include bank accounts, credit cards, loans & insurance, savings and investments and money savers.
According to Park, this monetization model will remain in place to keep the app free to use.
Who should consider using Honeydue?
As my husband and I found, Honeydue gives couples a springboard for constant discussions about money. It gives them practice with communicating, negotiating and saving in money conversations they may not otherwise have.
Honeydue is another app in the sea of fintech innovation. There are so many tools out there that it might be difficult to add another to the mix for couples already overwhelmed with financial issues.
However, the branding and features that cater to couples can’t be underestimated. When was the last time you were able to stamp bank transactions with a smiley face or a comment for your partner to see? Honeydue let’s you do just that. For the price (free), I think it’s at least worth a try.
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