Honeyfi is a new service that aims to help couples budget and communicate well about money.
How much to share with a spouse or partner is a perennial relationship issue. Whether to have a joint account? How to align spending behaviors and savings goals? These issues are rich seams of potential strife between couples. Could a new finance app solve this problem and save relationships?
Instead of a joint account, Honeyfi enables the pooling of financial information from different bank accounts and credit cards. Honeyfi also provides total transparency and budgeting tools for joint management of funds. Setting parameters and targets together, the free app will then track those agreements and encourage early dialogue if goals are in danger of being missed.
US-based Honeyfi was founded in 2016 and aims to provide a happier, safer and easier way to ‘do’ couple financing. Sam Schultz, a Co-Founder, says Honeyfi is more than just a budgeting app because it is designed specifically for couples and encourages them “to collaborate and communicate about money”.
We’ve already seen a service that gives emojis financial updates and an auto-save platform that moves manageable amounts of money from individuals accounts into savings accounts. Honeyfi could have a unique appeal as it leverages the link between relationship happiness and joint budgeting. Could this approach be used to enable more harmonious financial arrangements between other types of relationships or communities?