Honeyfi Review | Budgeting App For Couples

March 17, 2021

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Every relationship usually has a  “spender” and a “saver.” While the old adage says that “opposites attract,” different personalities can make budgeting harder than it needs to be. 

The Honeyfi budgeting app can blend each of your unique money habits into one simple app in a way that both of you agree on, even if your partner would rather eat Brussels sprouts than stick to a spending plan.

I'm the money nerd in our relationship. And there's no doubt my husband is the spender. As someone with a natural tendency toward saving, budgeting apps and optimizing debt payoff strategies are as exciting to me as buying the latest video game is to him.

With different ideas and backgrounds about money, finding a middle ground to manage our financial goals hasn't been easy. 

Luckily, Honeyfi is here to help us get on the same page. Hopefully, this Honeyfi review will help you decide if it's a good fit for you, too.

Honeyfi Review: What is Honeyfi?

Honeyfi is a budgeting app for couples. What sets the program apart from other good budgeting apps is being able to choose which accounts are visible to your partner and which are private to you. 

Not every couple merges their funds together and Honeyfi lets you share as much or as little with your partner as you want.

Each person sets up their own Honeyfi account and links their financial accounts. Joint accounts can be shared with both partners. If you have an individual account, Honeyfi can keep tabs on your transactions without disclosing the information to the other person.

You can also share your individual accounts, but it's up to you.

Honeyfi lets you track multiple accounts such as checking, savings, investments, mortgages, and retirement in one place. 

Honeyfi app account tracking

You can add comments to transactions which makes talking about money easier. For instance, when a PayPal transaction come through that I didn't recognize, I commented, “What did you buy?” My husband could respond in the app so we could put the amount in the right budget category.

Best Features of the Honeyfi App

Personal finance is… well… personal. Since no two relationships are the same, different budgeting apps work for different people. But you shouldn’t have to change how you manage money just to use an app. Finally, a program exists that can adapt to meet your needs as a couple.

Shared vs. Separate Accounts

Most budgeting apps give you one budget to work with. But what if you have individual accounts that you want to track on your own? 

The great debate of whether you should have shared or separate finances depends on your situation, goals, and experience with money. The Honeyfi app has features to help you budget no matter how you set up your finances.

My husband and I opted to combine our money when we got married. Joint accounts work well because it forces us to be on the same page with money.

But some couples keep their accounts separate and others have a mix of joint and individual accounts, and that's okay, too.

With Honeyfi, you control the accounts you want to share and which to keep private. Savings goals can also be individual or joint endeavors. Sharing your emergency fund goal makes sense. However, if you want to start a savings fund for a surprise birthday trip, you won’t have to spill the secret to your partner.

Expense Tracking

Honeyfi makes importing expenses hassle-free. After creating your account, link your bank and credit card accounts to track spending in real-time.

When I asked my husband to stop and pick up a few groceries on his way home from work, I could track the expense in our monthly budget without worrying about the receipt getting lost.

And that lunch I splurged on with my mom last Thursday? He knew about that right away because Honeyfi sends spending notifications to each smartphone.

Once a transaction clears your account, the app allows you to change categories for each expense to budget your spending. 

The Honeyfi app also has an upcoming bill feature. When you mark a transaction as a one-time or recurring bill, it shows up on your monthly bills screen. With all of your upcoming due dates listed in one location, you’ll never miss a payment.

Honeyfi App Bill Feature

Automatic Monthly Budget

The first time you open Honeyfi, the app will ask to create an automatic monthly budget based on past spending habits. This option won't give you the most accurate budget but it is a quick way to set up your spending plan. 

Whether you pick the automatic budget or opt to create one from scratch, Honeyfi lets you modify the amount for each category. You can even add custom subcategories to personalize it to your spending needs.

Your home screen shows an overview of your cash flow for the month and lists your income and expenses in an easy-to-read format.

For more detail, click through to see your monthly budget. Each category has a bar that fills in as you spend throughout the month. It also displays your total budget for that category, how much you've spent, and how much you have left to spend.

Honeyfi app budget

Split Transactions

One issue I’ve had in the other budgeting apps I’ve tried is not being able to split my transactions. Let’s say you shop at Walmart for groceries, paper plates, and pet food.

Some apps force you to label your entire Walmart trip in one category. Honeyfi gives you split transactions to put the amounts in the right budget category. That means the amount you spent on groceries can go in your “grocery” budget, paper plates can go in “household items,” and pet food can go be tracked in “pet expenses.”

Where Honeyfi Falls Short

The app was great to use. I especially enjoyed the option to set a private savings goal. Even though my husband and I share our finances, I liked being able to set aside money for his birthday gift without him knowing.

Honeyfi App Goal Feature

With all the benefits, there are a few areas where Honeyfi falls short.

Connecting your bank and credit card accounts for automatic expense importing is an excellent feature. But the app doesn't let you enter transactions manually.

Some of our banking is done at our local credit union and it isn't a supported financial institution within the app. But if you use well-known banks, this won't be a problem for you.

The app isn’t free to use. You get a no-strings-attached 30-day free trial to get a feel for the system and decide if it's a good fit for your finances. 

After your free trial, you'll pay $60 per year to keep using it, which works out to just $5 per month.

You also won't find a web-based interface. All of your budgeting, comments, and bill-tracking are done in the app. It's easy to navigate and the features of the app make it a worthwhile option.

Honeyfi Review: Final Thoughts

With so many great budgeting apps, sorting through the features is no easy task. But there’s no doubt that Honeyfi is the best one I’ve seen for couples. The auto-import feature makes tracking your expenses a breeze and you’ll always know where your budget stands because it updates in real-time.

The subscription fee is one of the lowest I’ve seen when compared to other budgeting apps. I like to save money wherever I can and would recommend buying a year upfront to get the discount price if you’re serious about managing your money.

Before you fork over the money, take Honeyfi for a 30-day test drive. Link your accounts, set up your budget, and get your partner on board. Review your spending at the end of the month to see where you stand. 

You might find areas to improve your spending habits or cancel that unused gym membership you forgot you were paying for each month. Either way, Honeyfi is sure to spark healthy conversations about money to set up your relationship for financial success.

Have you tried Honeyfi?

What are your thoughts?

Please let us know in the comments below.

Amy Beardsley

Amy Beardsley is a freelance writer and personal finance expert. She specializes in credit reporting, FinTech, and probate and estate planning topics. Her work has been published on Robinhood, Lending Tree, Dollarsprout, Women Who Money, and Well Kept Wallet. She’s also the founder of EarlyMorningMoney.com, a site dedicated to simplifying financial management and helping families win with money.

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