The free Honeydue finances app lets two customers come collectively to hyperlink their monetary accounts in a single place and gives instruments to encourage transparency and collaboration on on a regular basis cash issues.
We downloaded and examined the iOS model of Honeydue to study in regards to the options and work out if it’s value it.
What’s Honeydue?
It’s a finances app designed particularly for {couples}. Whereas different apps — like EveryDollar and YNAB — enable customers to ask companions to affix, Honeydue’s marquee options are centered on serving to {couples} finances cash collectively. You and your accomplice can:
Hyperlink your monetary accounts, each joint and particular person, to view balances and transactions in a single place.
Restrict how a lot data you wish to share with every account (i.e., present simply the steadiness of a bank card and never transactions).
Set spending limits and monitor transactions in varied finances classes.
Chat within the app about particular costs or spending.
Honeydue is barely obtainable as a cell app for iPhone and Android telephones, which means you possibly can’t log into your account and verify your finances on a laptop computer.
How a lot is Honeydue?
Honeydue is free to obtain and use. There isn’t a paid model and subsequently no options blocked behind a paywall.
How does Honeydue generate profits?
The Honeydue web site says it makes cash by often asking customers to contemplate tipping an quantity between $1 and $10 every month.
How does Honeydue work?
Invite your honey to the cash get together
After you obtain, enroll and log into the Honeydue app, you’ll be prompted to ask your accomplice by way of e-mail or textual content. It’s a crucial step when you each plan to handle your funds on the app collectively.
Hyperlink and sync all of the monetary accounts you need
The subsequent step, if you wish to profit from the app, is so as to add any monetary accounts you are feeling comfy linking to the app. Honeydue makes use of Finicity by Mastercard to attach along with your financial institution. Honeydue says it helps connections with over 20,000 monetary establishments throughout 5 nations. Your accomplice can add their accounts as soon as they’ve signed up and logged in.
Like with most finances apps, linking your monetary accounts automates the monitoring course of as a result of transaction and steadiness information flows into the app. The Honeydue web site says consumer data is securely encrypted and that the app requires multifactor authentication to guard entry to your account. Nonetheless, you possibly can add accounts manually within the app when you choose to not hyperlink accounts.
Management what you share along with your accomplice
Honeydue addresses what could also be a sticking level for some by letting every consumer select what elements of a linked monetary account the opposite can view. After linking a bank card account, for instance, you possibly can select to share each balances and transactions, the steadiness solely or nothing in any respect. There’s your resolution for getting presents or retaining the price of magnificence, or your bougie espresso behavior, on the down-low.
Observe your bills and set spending limits
Together with your accounts linked, you and your accomplice get a collective view of your balances. Use the finances part of the app to observe spending, be aware your largest expense classes — that are robotically grouped within the app (e.g., Procuring & Enjoyable) — and set spending limits. If you happen to add your recurring payments and due dates, you possibly can organize to be notified by the deadline.
Chat and cut up transactions within the app
You should utilize the “chat” part of the app to message forwards and backwards or faucet right into a transaction and go away a remark (“Your lower and colour price what?!?”). Select your chat phrases properly.
“Splitting” bills is one other neat function of the app, but it surely’s actually only a approach to remind your accomplice to pay their a part of a selected transaction.
Execs and cons of Honeydue
Execs
Honeydue is made for {couples}: An app designed for {couples} is a contemporary, enjoyable and helpful idea.
It’s free and doesn’t maintain again options in favor of a paid model.
The app promotes monetary transparency amongst {couples} however lets customers select how a lot to share.
Cons
Options are pretty fundamental general, with restricted capacity to plan for future spending.
There isn’t a desktop model to tweak the finances on a much bigger display.
What do Reddit customers say about Honeydue?
Reddit is an internet discussion board the place customers share their ideas in “threads” on varied matters. The favored web site consists of loads of dialogue on monetary topics like budgeting, so we sifted via Reddit boards to get a pulse verify on how customers really feel about finances apps. Individuals submit anonymously, so we can not affirm their particular person experiences or circumstances.
There’s combined sentiment about Honeydue amongst Reddit customers. Posters admire that the app is free and in addition worth the couples-specific options, that are extra obvious than with common finances apps. However, some who’ve posted about Honeydue on Reddit say the app lacks the strong options of paid choices like YNAB.
Is Honeydue value it?
Managing cash as a pair could be difficult. Add youngsters to the combination, and the shared bills develop and get extra difficult. After giving Honeydue a check drive, we discovered it to be a great budgeting device to get {couples} on the identical web page. It’s free, pretty simple to make use of and made for companions.
You may try our finest finances apps checklist for different issues, like YNAB, EveryDollar and PocketGuard. No matter you select, we’re simply glad to know you’re concerned about making sensible cash strikes.
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