All couples must have tough discussions (if not many arguments) about money. Doesn’t matter how in love you are or how well you work together or even how much you have in the bank – the joint management of finances puts enormous pressure on couples and exposes weaknesses. If couples don’t find a way to constructively talk about and agree on finances, the relationship likely will decline or end.
Honeyfi is a free app that makes it easier to manage money as a couple. Honeyfi lets couples link bank accounts and credit cards to see what money they have together and where money is being spent. Partners can choose what to share with each other and both organize and consolidate household finances in the app. They can also comment on transactions and message their partner to better keep each other informed.
But Honeyfi does more than facilitate transparency and collaboration. Based on previous spending, Honeyfi suggests a shared budget and identifies trends. It’s helpful to have these insights come from outside the couple. It makes things less personal and gives partners a way to discuss money habits as data rather than individual behavior.
There are so many ways that money can damage a couple. If one person is good at managing money and the other isn’t, that difference can be difficult to overcome. Honeyfi prevents frustration for both types. People who are really good at budgeting – who insist on it – can get the details they need from their financially challenged half in order to make the couple financially stronger. The person who struggles with money, can help out with little or no effort and better see how improved money management benefits the couple.
It’s easy to put money management off for later in the course of a relationship, which can lead to painful realizations and conflict. Buying a house, children and their education, travel, dinner out vs. out of the kitchen – couples face constant financial decisions. Honeyfi is a great tool to align efforts and begin discussions sooner rather than later. And since financial counseling can be either expensive or intimidating, a free app is a simple, familiar and absolutely affordable resource.
Honeyfi is the product of “a group of mission-driven spouses, partners, bankers, technologists, and startup veterans,” with a simple goal: to “empower couples and families to make better financial decisions.” To learn more or get the app, visit honeyfi.com.