Repeat after me. The couple that budgets together, stays together. Finances, perhaps more than anything else, tend to cause problems in romantic relationships. Enter Honeyfi. It’s a personal finance app designed for couples. The software not only offers money management and budgeting tools, it also gives you and your partner a way to communicate and stay in sync with your finances.
Honeyfi was designed so you and your partner can organize and understand not only your finances in the present moment, but also in the future. The app makes it easy to collaborate with your significant other about your money. All you have to do is link your financial accounts to Honeyfi, choose what you want to share with your partner, and view your household finances in one convenient place.
Choose how much you want to share, or don’t share, with your partner. Honeyfi has the flexibility to accommodate just about any configuration of couple’s accounts like:
- Tracking your spending together with joint accounts
- Tracking individual and joint accounts separately
- Keeping most of your spending and savings private and handpick transactions to share
Honeyfi offers three major categories – Bills, Essentials and Fun – along with several subcategories. Your transactions will categorize automatically, but you can change them if you want to.
From the moment you and your partner join the app, you’ll get instant alerts any time either person makes a transaction.
Based on your past spending, the app will automatically generate a household budget. You can easily edit your budget and track your spending against it.
When you’re reviewing a transaction, you can comment on it, tag it as his, hers or both, and share insights with each other. You can even send GIFs to each other through the app.
Honeyfi generates simple financial insights which you can quickly share with your partner.
Honeyfi is free for 30 days. After that, it’s $60 per year, per couple. That comes out to just $5 a month.
Despite its ingenuity, Honeyfi could improve on a few points.
The rules for automatic categorization are faulty, and you’re not allowed to create your own subcategories.
The Honeyfi website is very lacking, so you won’t glean that much information from it. Even the FAQ page is sparse.
If you’re in a relationship and you want to manage your finances together, Honeyfi is no brainer. It lets you and your partner view all your financial accounts in one convenient place. The app is powerful enough to accommodate couples who don’t fully combine their funds. Honeyfi will also track your spending and suggest ways in which your household can save even more money.