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Anybody in a relationship is aware of that budgeting is a sensitive topic. It’s additionally a number one reason behind arguments (and even divorce) amongst {couples}.
With this in thoughts, staying organized and having a monetary plan along with your vital different is at all times 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 publish, I’ll run by means of how Honeydue can simplify your budgeting. I’ll additionally evaluate it to different budgeting apps and weigh its execs and cons that will help you work out if the app is sensible for you.
Let’s begin with a take a look at what Honeydue is and the way it works.
Execs
- 100% free
- Straightforward-to-use budgeting app for {couples}
- Extremely-rated iPhone app
- Optionally available Joint Money account
Cons
- No signup bonus
- Restricted buyer help
- No APY incomes on Joint Money deposits
- No spherical up or investing options
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 means of the app. Fairly than continuously 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
Cell App
Honeydue is totally app-based, and it’s accessible on each iOS and Android units. For the time being, 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 entire related accounts in order that the app can observe them. This might embody checking account, mortgage, bank card, funding account — no matter makes probably the most sense on your distinctive monetary state of affairs as a pair.
The extra you add, the higher total image you’ll have of your month-to-month spending habits, shared monetary place, and monetary objectives. 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 may 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 personal classes to suit your private budgeting fashion.
Invoice Reminders
Honeydue presents due date reminders that will help you steer clear of late charges or missed funds. Within the app, you may enter your recurring payments together with who’s chargeable for paying them. When it comes time to pay, Honeydue will hit you or your companion with a reminder notification, which ought to assist you to settle your payments on time.
It’s also possible to break up bills and simply preserve observe of who owes what. Just like apps like SplitWise, you may enter in your entire shared prices and the app will compute the overall stability that will help you settle up.
Reside Chat
One of the crucial useful options of Honeydue is its in-app chat operate.
Suppose you’re inquisitive about a questionable transaction that your companion made. In that case, you may ship your companion a direct message — or a sassy emoji 😉 — quite than flipping forwards and backwards between your messaging and private finance apps.
Plus, you may simply talk about particular costs within the app quite than having to take a screenshot from one account and ahead it alongside in a textual content. Hold 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 means of Honeydue’s partnership with Sutton Financial institution.
Listed here are the primary options that include a Joint Money account:
- Visa debit playing cards for every of you
- No month-to-month charges or minimal deposit necessities
- Price-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 ideas, however these are fully non-obligatory. For those who just like the platform, you may select so as to add a recurring tip between $1 and $10 per 30 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 you might want to do is obtain the app and enter your electronic mail tackle. It takes lower than a minute to arrange an account.
After confirming your electronic mail, you’ve the choice to ask your companion instantly or attain out to them afterward. The identical goes for including your recurring payments and financial institution accounts.
You’ll have to enter some further info to join 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 test.
On the time of this writing, Honeydue isn’t providing any sign-up bonuses or promotions for brand spanking 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 preserve you up to date if and when a bonus reveals up, so preserve checking again.
Honeydue Safety
To make use of Honeydue successfully, you might want to hyperlink your most delicate monetary info.
Luckily, 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 prime of that, you may 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 in terms of buyer help, as you would possibly anticipate with a free service.
In case you have questions on your account, your finest guess is to ship them an electronic mail (at [email protected]) or try the FAQ part within the on-line Assist Middle.
Be taught Extra:
Execs and Cons of Honeydue
Execs
- 100% free
- Straightforward-to-use budgeting app for {couples}
- Extremely-rated iPhone app
- Optionally available Joint Money account
Cons
- No signup bonus
- Restricted buyer help
- No APY incomes on Joint Money deposits
- No spherical up or investing options
Alternate 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.
Fairly than merely monitoring your accounts, PocketGuard analyzes how a lot it’s important to spend every month after taking good care of every expense. You possibly can create customized classes and construct a plan for paying down debt. PocketGuard will even assist you to negotiate decrease charges in your payments.
YNAB
YNAB, which stands for You Want A Price range, is a private budgeting software program accessible 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 the moment, YNAB is providing 34 days free to new customers. After that, the service prices $11.99 per 30 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 observe your money circulation, and it additionally comes flush with instruments that will help you plan for training and retirement.
FAQ
How does Honeydue generate income?
Honeydue makes cash by means of ideas from its customers. These are fully non-obligatory, so it’s as much as you in the event you’d prefer to pay a small quantity for the service.
Is the Honeydue app secure?
Sure. Honeydue has bank-level protections in place to maintain your account info safe, and it doesn’t retailer any of your delicate info.
What’s the finest budgeting app?
The very best budgeting app for you is the one that you simply’re going to take pleasure in utilizing.
However bear in mind: Solely you may management how a lot cash you spend, save, and make investments.
Entry to the perfect budgeting app on the earth means nothing in the event you and your companion can’t handle your funds.
So, Is Honeydue Proper For You?
Relationships are by no means straightforward, 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 vital different put collectively a superb one.
The underside line is that Honeydue is a good choice for {couples} who’re actually excited to finances collectively and share their funds. Total, it serves as a strong platform that will help you keep on observe and maintain one another accountable. It definitely doesn’t damage that the app is totally free, both.
On the finish of the day, solely you and your companion can preserve the budgeting prepare on the tracks, so to talk.
Whichever budgeting app you go together with, right here’s to creating the proper private finance selections each day — and attaining monetary freedom collectively.
