Product Overview of Honeydue
Honeydue is a personal finance app specifically designed to help couples manage their finances together, promoting transparency, communication, and joint financial management.
What Honeydue Does
Honeydue allows couples to track their balances, budgets, and bills in a single, user-friendly interface. The app is tailored to facilitate financial collaboration, helping partners stay on the same page regarding their financial habits and goals.
Key Features and Functionality
Account Linking and Privacy
Users can link their bank accounts, credit cards, savings accounts, investments, and loans to the app. Honeydue enables users to label these accounts as either personal or joint, and even choose to hide certain accounts from their partner, ensuring flexible privacy settings.
Balances and Transaction Tracking
The app provides a comprehensive view of all linked account balances, allowing users to toggle between personal and joint accounts. It also enables users to view recent transactions, categorize them, and add notes or emojis to transactions, which can be seen by their partner. This feature is particularly useful for questioning unknown transactions or celebrating financial milestones.
Budgeting and Spending Limits
Honeydue allows couples to set monthly household spending limits on various budget categories and receive notifications when these limits are nearing. Users can also create custom categories to better organize their spending.
Bill Reminders and Management
The app includes a robust bill management system, where users can set reminders for upcoming bills and see a calendar view of all scheduled payments. This feature helps ensure that bills are paid on time, reducing the need for constant reminders between partners.
Expense Splitting and Settlement
Honeydue features a “Split Expenses” tab where couples can track and manage shared expenses. The app keeps a running tally of who owes what and allows users to settle these balances using external services like Venmo or PayPal, although these services do not integrate directly with the app.
Communication and Reminders
The app includes a chat feature for direct communication about financial matters. Users can send messages, thumbs-up, or other emojis to encourage or discuss spending habits. Additionally, Honeydue allows users to set reminders for both themselves and their partner, ensuring that financial tasks are not overlooked.
Security
Honeydue prioritizes security with bank-level encryption (256-bit) for data both in transit and in storage. The app also requires multi-factor authentication, passcode, and TouchID for added security.
Additional Features
- Joint Banking: Honeydue offers a Joint Banking feature that requires users to verify their identities through a Know Your Customer (KYC) process, ensuring regulatory compliance.
- Address Verification: The app uses Lob’s Address Verification API to ensure accurate and deliverable addresses during the onboarding process.
Benefits
Honeydue simplifies financial management for couples by providing a centralized platform for tracking finances, setting budgets, and communicating about financial goals. It enhances transparency, reduces arguments over minor financial issues, and helps couples manage their finances more efficiently. The app is free to use and available for both iPhone and Android devices.