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Anybody in a relationship is aware of that budgeting is a sensitive topic. It’s additionally a number one explanation for arguments (and even divorce) amongst {couples}.
With this in thoughts, staying organized and having a monetary plan along with your vital different is all the time a good suggestion. Shared bills don’t must be a wrestle, and apps like Honeydue can information you towards energy couple standing.
On this submit, I’ll run by way 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 determine if the app is smart for you.
Let’s begin with a take 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 may hyperlink your financial institution accounts, coordinate invoice funds, and even open a joint checking account by way of the app. Quite 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 solely 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 all your related accounts in order that the app can monitor them. This might embody checking account, mortgage, bank card, funding account — no matter makes probably the most sense in your distinctive monetary scenario 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 gained’t have a problem including yours.
As soon as your accounts are linked, you’ll have management over what your accomplice can and may’t see. For instance, you possibly can 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 completely different preset classes. However you can even add your individual classes to suit your private budgeting type.
Invoice Reminders
Honeydue provides due date reminders that will help you keep away from late charges or missed funds. Within the app, you possibly can enter your recurring payments together with who’s answerable for paying them. When it comes time to pay, Honeydue will hit you or your accomplice with a reminder notification, which ought to enable you settle your payments on time.
It’s also possible to cut up bills and simply maintain monitor of who owes what. Much like apps like SplitWise, you possibly can enter in all your shared prices and the app will compute the full 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 by a questionable transaction that your accomplice made. In that case, you possibly can ship your accomplice a direct message — or a sassy emoji 😉 — reasonably than flipping forwards and backwards between your messaging and private finance apps.
Plus, you possibly can simply focus on particular costs within the app reasonably than having to take a screenshot from one account and ahead it alongside in a textual content. Maintain discussions of your accomplice’s bizarre spending behavior or your shared financial savings purpose 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 accomplice can use. Joint Money is FDIC-insured by way of Honeydue’s partnership with Sutton Financial institution.
Listed below 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
- Charge-free entry to greater than 55,000 ATMs nationwide along with your Visa card
- Customized notifications
- Actual-time stability updates
- Trendy budgeting instruments
Honeydue Pricing and Charges
Honeydue’s cash administration platform is solely free. It does solicit its customers for ideas, however these are utterly non-obligatory. In the event you just like the platform, you possibly can select so as to add a recurring tip between $1 and $10 monthly, which you’ll be able to cancel at any time — or by no means supply within the first place.
The excellent news is that whether or not you tip or not gained’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 electronic mail tackle. It takes lower than a minute to arrange an account.
After confirming your electronic mail, you might have the choice to ask your accomplice instantly or attain out to them afterward. The identical goes for including your recurring payments and financial institution accounts.
You’ll must enter some further data to enroll in a Joint Money account. Fortunately, this gained’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 new accounts.
The Joint Money account is comparatively new, although, so it wouldn’t come as a shock if Honeydue ultimately runs a promotion to draw new signups.
I’ll maintain you up to date if and when a bonus reveals up, so maintain 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 possibly can prohibit 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.
When you’ve got questions on your account, your greatest wager is to ship them an electronic mail (at [email protected]) or try the FAQ part within the on-line Assist Middle.
Be taught Extra:
Professionals and Cons of Honeydue
Professionals
- 100% free
- Simple-to-use budgeting app for {couples}
- Extremely-rated iPhone app
- Non-compulsory 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 without doubt 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.
Quite 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 may create customized classes and construct a plan for paying down debt. PocketGuard will even enable you negotiate decrease charges in your payments.
YNAB
YNAB, which stands for You Want A Finances, 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 the moment, YNAB is providing 34 days free to new customers. After that, the service prices $11.99 monthly or $84 yearly.
Private Capital
Private Capital is a extra superior cash administration platform that focuses on budgeting and long-term wealth administration.
You may simply set a finances and monitor your money stream, 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 way of ideas from its customers. These are utterly non-obligatory, so it’s as much as you should you’d wish 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 data safe, and it doesn’t retailer any of your delicate data.
What’s the greatest budgeting app?
One of the best budgeting app for you is the one that you just’re going to take pleasure in utilizing.
However bear in mind: Solely you possibly can management how a lot cash you spend, save, and make investments.
Entry to the very best budgeting app on the earth means nothing should you and your accomplice 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 will help you and your vital different put collectively a very good one.
The underside line is that Honeydue is a good possibility for {couples} who’re actually excited to finances collectively and share their funds. General, it serves as a stable 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 accomplice can maintain the budgeting practice on the tracks, so to talk.
Whichever budgeting app you go together with, right here’s to creating the suitable private finance selections each day — and reaching monetary freedom collectively.
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