What is Honeydue and how does it work?
Imagine you're looking at the budgeting app you share with your partner. You happen to notice a debit for $75 and wonder where it was spent. If you're using the Honeydue app, you can send an emoji or chat to your partner, asking about the mystery debit. Just as quickly, your partner can respond, letting you know where the money went. Honeydue not only allows partners to see what's going on with their money, but it may also cut down on money-related financial misunderstandings by allowing both people to ask real-time questions.
One of the more interesting features associated with Honeydue is the ability to control what your partner can see. While the app is meant to increase financial transparency, you have the option of choosing whether your partner can see it all (balances and transactions) or see balances only (transactions would be your little secret). You can also set it up so your partner can see nothing at all from a particular account.
Blocking access to certain information may make sense in some situations. Let's say you and a sibling inherit rental property and want to share the expenses and income related to the property. Honeydue would allow each of you to privately maintain your own bank accounts, but share any information related to property expenses.
Allows you to link accounts
There's no desktop version of Honeydue, but it's easy to download the app to both iOS and Android devices. Once one person has downloaded the app, they send an invitation to their partner, asking them to sign on. Then, it's just a matter of setting up a budget and linking bank accounts.
The app also allows you to link up to credit card accounts and investment accounts. In addition to linking to your bank account(s), Honeydue provides access to a joint bank account in case you and your partner decide to bank together. The joint account, FDIC insured by Sutton Bank, comes with a debit card. There's no minimum deposit required, no monthly fees, and free instant activity alerts.
Puts the control in your hands
The Honeydue app is broken down into three sections. There's one for your individual expenses, one for your partner's expenses, and one for shared expenses. There's also a shared calendar for bill reminders. Next to each bill reminder is how much has been budgeted for that expense. Once the calendar is set up, it will send alerts to both you and your partner when a bill due date is coming up.
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 hit a certain percentage of that limit. For example, if your monthly spending limit for entertainment is $200 and you request a notification be sent once you've spent 75% of that amount, you'll receive an alert once you've hit $150.