In the universe of budgeting tools, online and mobile applications have become a go-to for tech-savvy individuals. In recent years, there have been several budgeting and money management apps rolled out to the public, but most have been focused on serving people on an individual basis. Honeydue, a newer budgeting app available for both iOS and Andriod users, is focused on getting couples on the same page, or at least in the same book, when it comes to managing their money together.
Personal financial management is one of the most commonly cited sources of tension between dating and married couples throughout the world. Not having the right tools to help manage cash flow from month to month, save for specific goals together, or pay down consumer debt in a realistic, cost-effective way does not help matters. Honeydue is a solution that encourages couples to talk through their financial objectives and their budget, without constantly having to access multiple accounts to ask each other balance and transaction information.
How it Works
As a mobile application, Honeydue works similarly to Mint as a budgeting tool, in that it compiles user financial information into a centralized, streamlined location. Unlike other budgeting applications, Honeydue is meant to be used by two people, with aggregation technology infused into the app to make managing personal financial activities easier. Through account aggregation, Honeydue gives couples the ability to share information like bank accounts and bills in a single place.
This gives them a true picture of their combined, or separate, financial movements. Couples can select which accounts they want to link directly to the app, and the level of detail they want their partner to see. For instance, there is an option for an individual user to share only the balance of an account, not transactions, which may save heated debates about what was spent, and for what purpose.
Within the Honeydue app, couples can see all bank balances added to the tool in one place, including checking and savings accounts, credit cards, and brokerage or investment accounts. Individual transactions for each account can also be included in the app data, helping provide an accurate, real-time picture of the couple’s finances. Once accounts are added to the app, Honeydue automatically categorizes transactions, like cash and checks, family and pets, transportation, gifts, utilities, food and drink, and shopping. Users have the ability to change an assigned category if a transaction is categorized incorrectly.
Users of Honeydue also have the ability to share expenses in the app. When a transaction shows up in the account feed, it can be quickly marked and edited to add comments or notes to the other partner. Notifications are then sent to the other user, along with reminders about sharing the expense over time. The Honeydue app also provides bill reminders, spending notifications, and account balance details through push notification to each user as they need it.
To get started with Honeydue, individuals simply need to download the appropriate application for their mobile device, open the app, and enter the information requested. The initial user then adds information about his or her partner, including a valid e-mail address, and a message is sent to them so they can also download the app and start using it. The mobile application is free for all users.
History of Honeydue
Honeydue was established in 2016 by co-founders Eugene and Thien. After the colleagues created WalletIQ to lend a hand to friends and family in the realm of boosting financial literacy, the founders realized there was a better way to manage money as a couple. Instead of utilizing clunky spreadsheets and individual apps, Honeydue was founded on the premise that couples can and should manage their money together, in a single place.
Honeydue is still in its early growth stages, but the mobile app has been featured in several well-known publications as arguably the best budget app for couples. With its headquarters in San Francisco, the company is poised for growth as more dating and married couples recognize the need to better track and monitor their spending and progress toward financial goals as a unit.