What is Honeydue and how does it work?
Imagine looking at the budgeting app that you share with your partner. You notice a charge of $ 75 and wonder where it was spent. If you are using the Honeydue app, you can send an emoji or chat with your partner, asking them for the mystery flow. Just as quickly, your partner can respond, telling you where the money went. Honeydue not only allows partners to see what’s going on with their money, but it can also reduce financial misunderstandings related to money by allowing both people to ask questions in real time.
There is no desktop version of Honeydue, but it is easy to download the app on iOS and Android devices. Once a person downloads the app, they send an invitation to their partner, asking them to connect. Then all that remains is to budget and link the bank accounts.
The Honeydue app is divided into three sections. There is one for your individual expenses, one for your partner’s expenses, and one for shared expenses. There is also a shared calendar for invoice reminders. Next to each invoice reminder is the budgeted amount for that expense. Once the calendar is set up, it will send you and your partner alerts when an invoice due date is approaching.
The app also allows you to log into credit card accounts and investment accounts. In addition to logging into your bank account (s), Honeydue provides access to a joint bank account in case you and your partner decide to do banking together. The joint account, insured by the FDIC by Sutton Bank, is accompanied by a debit card. There is no minimum deposit required, no monthly fees and free instant activity alerts.
One of the coolest features associated with Honeydue is the ability to control what your partner can see. While the app is intended to increase financial transparency, you have the option of choosing whether your partner can see everything (balances and transactions) or only see balances (transactions would be your little secret). You can also configure it so that your partner cannot see anything at all of a particular account.
Blocking access to certain information may make sense in certain situations. Let’s say you and a sibling inherit a rental property and want to share the expenses and income associated with the property. Honeydue would allow each of you to keep your own private bank accounts, but share any information relating to real estate expenses.
One of the best features of the app is the ability to enter a spending limit in each budget category. You can even request a notification once you’ve reached a certain percentage of that limit. For example, if your monthly entertainment spending limit is $ 200 and you request that a notification be sent after you have spent 75% of that amount, you will receive an alert once you reach $ 150. .