Anybody in a relationship is aware of that budgeting is a sensitive topic. It’s additionally a number one reason for arguments (and even divorce) amongst {couples}.
With this in thoughts, staying organized and having a monetary plan along with your important different is all the time a good suggestion. Shared bills don’t have to be a battle, and apps like Honeydue can information you towards energy couple standing.
On this put up, I’ll run by how Honeydue can simplify your budgeting. I’ll additionally evaluate it to different budgeting apps and weigh its professionals and cons that will help you determine if the app is smart for you.
Let’s begin with a have a look at what Honeydue is and the way it works.
What Is Honeydue?
Honeydue is a budgeting app with one easy mission: serving to {couples} handle their cash higher collectively.
You possibly can hyperlink your financial institution accounts, coordinate invoice funds, and even open a joint checking account by the app. Somewhat than always updating a shared spreadsheet, the couple’s bills are seen within the app in actual time.
Now that you’ve got a greater thought of what Honeydue is, let’s look at a few of its options and the person expertise for dealing with private finance as a pair.
Honeydue Options
Cellular App
Honeydue is totally app-based, and it’s obtainable on each iOS and Android gadgets. In the mean time, the app has a commendable 4.5-star ranking (out of 5) within the App Retailer and 4 stars (out of 5) within the Google Play Retailer.
Account Monitoring
When {couples} join Honeydue, step one is to hyperlink your whole related accounts in order that the app can monitor them. This might embrace checking account, mortgage, bank card, funding account — no matter makes probably the most sense in your distinctive monetary state of affairs as a pair.
The extra you add, the higher general image you’ll have of your month-to-month spending habits, shared monetary place, and monetary targets. Honeydue helps greater than 20,000 monetary establishments throughout 5 nations, so odds are you received’t have a problem including yours.
As soon as your accounts are linked, you’ll have management over what your companion can and may’t see. For instance, you’ll be able to select to share your account stability and transactions, simply the stability, or nothing in any respect. Honeydue recommends {couples} begin out with “balances solely.”
For deeper perception into your spending, the app breaks transactions down into 17 totally different preset classes. However you can too add your individual classes to suit your private budgeting model.
Invoice Reminders
Honeydue presents due date reminders that will help you keep away from late charges or missed funds. Within the app, you’ll be able to enter your recurring payments together with who’s accountable for paying them. When it comes time to pay, Honeydue will hit you or your companion with a reminder notification, which ought to enable you to settle your payments on time.
You may also cut up bills and simply hold monitor of who owes what. Much like apps like SplitWise, you’ll be able to enter in your whole shared prices and the app will compute the overall stability that will help you settle up.
Reside Chat
Some of the useful options of Honeydue is its in-app chat operate.
Suppose you’re interested in a questionable transaction that your companion made. In that case, you’ll be able to ship your companion a direct message — or a sassy emoji 😉 — moderately than flipping forwards and backwards between your messaging and private finance apps.
Plus, you’ll be able to simply talk about particular prices within the app moderately than having to take a screenshot from one account and ahead it alongside in a textual content. Preserve discussions of your companion’s bizarre spending behavior or your shared financial savings objective within the app and out of the bed room.
Joint Money Account
Honeydue’s Joint Money account is a joint checking account each you and your companion can use. Joint Money is FDIC-insured by Honeydue’s partnership with Sutton Financial institution.
Listed below are the principle options that include a Joint Money account:
- Visa debit playing cards for every of you
- No month-to-month charges or minimal deposit necessities
- Payment-free entry to greater than 55,000 ATMs nationwide along with your Visa card
- Customized notifications
- Actual-time stability updates
- Fashionable budgeting instruments
Honeydue Pricing and Charges
Honeydue’s cash administration platform is totally free. It does solicit its customers for suggestions, however these are utterly elective. Should you just like the platform, you’ll be able to select so as to add a recurring tip between $1 and $10 per thirty days, which you’ll be able to cancel at any time — or by no means provide within the first place.
The excellent news is that whether or not you tip or not received’t have an effect on your account standing, and none of Honeydue’s options sit behind a paywall.
Signing Up and Getting Began
To get began with Honeydue, all it’s good to do is obtain the app and enter your e-mail handle. It takes lower than a minute to arrange an account.
After confirming your e-mail, you will have the choice to ask your companion instantly or attain out to them in a while. The identical goes for including your recurring payments and financial institution accounts.
You’ll must enter some extra data to enroll in a Joint Money account. Fortunately, this received’t have an effect on your credit score rating as a result of Honeydue doesn’t run a credit score examine.
On the time of this writing, Honeydue isn’t providing any sign-up bonuses or promotions for brand new accounts.
The Joint Money account is comparatively new, although, so it wouldn’t come as a shock if Honeydue finally runs a promotion to draw new signups.
I’ll hold you up to date if and when a bonus reveals up, so hold checking again.
Honeydue Safety
To make use of Honeydue successfully, it’s good to hyperlink your most delicate monetary data.
Fortuitously, Honeydue has bank-level safety practices in place to maintain you and your accounts protected. The app doesn’t retailer your usernames, passwords, or safety questions. It additionally doesn’t have entry to your account or routing numbers.
On high of that, you’ll be able to limit account entry by enabling multi-factor authentication, contact or face ID, or a PIN code.
Buyer Service and Help
Honeydue’s platform is comparatively restricted with regards to buyer help, as you may count on with a free service.
In case you have questions on your account, your finest wager is to ship them an e-mail (at [email protected]) or try the FAQ part within the on-line Assist Heart.
Study Extra:
Execs and Cons of Honeydue
Execs
- 100% free
- Straightforward-to-use budgeting app for {couples}
- Extremely-rated iPhone app
- Non-obligatory Joint Money account
Cons
- No signup bonus
- Restricted buyer help
- No APY incomes on Joint Money deposits
- No spherical up or investing options
Options to Honeydue
Honeydue is likely one of the solely finances apps on the market that focuses on {couples} and shared funds. That stated, there are another choices that deserve a glance.
PocketGuard
PocketGuard is an app designed that will help you optimize your spending and develop your financial savings account.
Somewhat than merely monitoring your accounts, PocketGuard analyzes how a lot you must spend every month after caring for every expense. You possibly can create customized classes and construct a plan for paying down debt. PocketGuard will even enable you to negotiate decrease charges in your payments.
YNAB
YNAB, which stands for You Want A Price range, is a private budgeting software program obtainable on Home windows, OS X, Linux, iOS, and Android.
YNAB relies on the envelope technique and encourages budgeters to allocate sure quantities for sure bills every month.
At present, YNAB is providing 34 days free to new customers. After that, the service prices $11.99 per thirty days or $84 yearly.
Private Capital
Private Capital is a extra superior cash administration platform that focuses on budgeting and long-term wealth administration.
You possibly can simply set a finances and monitor your money stream, and it additionally comes flush with instruments that will help you plan for schooling and retirement.
FAQ
How does Honeydue earn a living?
Honeydue makes cash by suggestions from its customers. These are utterly elective, so it’s as much as you if you happen to’d wish to pay a small quantity for the service.
Is the Honeydue app protected?
Sure. Honeydue has bank-level protections in place to maintain your account data safe, and it doesn’t retailer any of your delicate data.
What’s the finest budgeting app?
The very best budgeting app for you is the one that you simply’re going to get pleasure from utilizing.
However keep in mind: Solely you’ll be able to management how a lot cash you spend, save, and make investments.
Entry to the perfect budgeting app on this planet means nothing if you happen to and your companion can’t handle your funds.
So, Is Honeydue Proper For You?
Relationships are by no means simple, and cash points undoubtedly don’t assist.
The important thing to monetary bliss is to have a plan, and apps like Honeydue may also help you and your important different put collectively a great one.
The underside line is that Honeydue is a good choice for {couples} who’re actually excited to finances collectively and share their funds. General, it serves as a strong platform that will help you keep on monitor and maintain one another accountable. It actually doesn’t harm that the app is totally free, both.
On the finish of the day, solely you and your companion can hold the budgeting practice on the tracks, so to talk.
Whichever budgeting app you go along with, right here’s to creating the fitting private finance selections each day — and reaching monetary freedom collectively.