For couples that manage their finances together, separately, or both, a new app is here to help keep money arguments to a bare minimum, offering transparency and full disclosure of each other’s spending.
Honeydue now makes it easier for couples to track their finances by giving them one location to share their bills, budgets and credit card balances—so no one is out of the loop on spending and saving. Users get to choose how much they want to share, and it’s safely linked to each account you add to the app, so it automatically updates your most recent transaction and/or balance. It also allows couple to leave comments on each other’s activity and plan payment reminders together.
Co-founder Eugene Park wants users to be “on the same page” as their partners so that money issues (which are the main cause of divorce) don’t come into play.
“When we started this project both [of us] were living with our partners and arguing, from time to time, with our partners about money,” Park told TechCrunch. “And it sort of hit us—with all of these basic tools that are out, if couples like us can’t get on the same page with money then these tools really don’t matter. My co-founder, Thien Tran, and I are pretty passionate about personal finance and helping others develop better financial habits and literacy.”
Honeydue is only available in the United States as of right now, but it’s the only app that allows two parties to work in tandem while managing their accounts. Park said that out of a survey of 600 couples, 75 percent claimed that they co-manage their finances, but use spreadsheets and other archaic methods to track their spending. Park and Tran made Honeydue for couples who want to save time on tracking while “committed to sharing financial responsibility as well as financial literacy with each other.”
Since its soft launch early this year, Honeydue has gained around 20,000 registered users. It is available for Android and iOS devices.