After nine years of dating, it’s safe to say I tell my fiancée everything. And while I’m sure there are comments and conversations he wishes I would hold back, I see the value in being open and honest. Especially when it comes to our finances.
To my surprise, however, not everyone feels the same. In fact, according to an Experian survey, 36 percent of just-married couples don’t know anything about their spouse’s spending habits.
For whatever reason, things like student loans, savings accounts, salaries and credit scores simply aren’t discussed.
Why? Well, we’re not entirely sure. But one thing we know: Avoiding the topic can actually be more stressful than facing it.
And that’s why Honeydue is here to help. For couples in this situation, this free mobile app offers a simple solution.
Who can benefit from it?
According to co-founder Eugene Park, Millennials have emerged as the app’s target market.
From a generational and behavioral perspective, they’re more likely to co-manage their finances. And they’re significantly more likely to rely on technology to do it.
How does it work?
Honeydue works with more than 10,000 banks across the country, so each person can import information from their checking and savings accounts. All expenses are automatically categorized, which provides an accurate snapshot of their spending.
If the couple is currently sharing expenses and paying bills together, Honeydue has the ability to send each person a reminder – which means no more passive aggressive hints at the dinner table.
Then, as it tracks each person’s expenditures, their better half can send comments and emojis in response to each individual line item.
And if a partner does have financial information they’re not ready to reveal, they can control that.
A person can choose to share as much or as little as possible. They can strategically select which accounts they’d like to display, and whether or not it should show just its balance, or its transaction activity, too.
Is it worth it?
Ultimately, Honeydue (or any mobile app like it) is a step in the right direction. If two people are making money moves together, but separate, it gives them an easier way to do it. And even more, it’s a way to ensure one can always keep up with the other’s financial standing.
Looking for more information like this? If you’re in the financial space, subscribe to our Marketing Statement – a quarterly account of industry insights.
