Honeyfi Tackles Couple Finances to Make Money Trouble Less Bitter

By Jordan French Jordan French has been verified by Muck Rack's editorial team
Published on December 11, 2018

Money. It’s what couples fight about most.

But start up Honeyfi — backed by Techstars — is looking to change that. Grit Daily spoke with Honeyfi CEO Ramy Serageldin to look at the latest tech to help sort out couple finances.

1. What does Honeyfi do for all those couples out there?

Honeyfi helps couples team up on money. While it’s always been challenging for couples to work together on money, it’s even more complex for today’s couples.That’s because they keep their finances more separate than previous generations — in fact, two-thirds keep their finances separate. They also maintain more accounts than ever — couples often have ten or more accounts between them.

With separate finances and so many accounts, it’s hard for couples to keep up with everyday finances like tracking spending, budgeting, and paying their bills. It’s also tough to work together on financial goals.

That’s where Honeyfi comes in. We help couples work together on finances while keeping as much independence as they want. To use that app, couples just link their bank accounts, decide what to share with their partner, and then see all of their finances organized in one place. With Honeyfi, couples can easily manage their day-to-day finances, like tracking a budget, spending, and bills. They can also use the app to save for big life events like having a baby and buying a home.

On top of that, we make it easier to communicate money. Money is stressful, and a result, too many couples only discuss finances after something has gone wrong, like a missed bill or a big, unexpected charge. We make the money talk easier by adding social features into the app. For example, users can add comments and reactions to transactions.

In short, Honeyfi makes it easy for couples to handle their everyday finances and plan for the future together.

2. Why focus on couples? Don’t singles have problems, too?

Bees have less relationship trouble.

Honeyfi also works for single people. 🙂 But we’re primarily focused on couples because most people make their biggest financial decisions while they are in a relationship. For example, most people buy a home, save for a child, and plan for retirement while they are in a relationship.

Despite that, almost every financial tool is designed for individuals, not couples. We think that’s a mistake. So we built the first platform focused on helping people handle their everyday and long-term finances how they actually want to — with their partner.

3. Are there other combinations we’re missing?

Right now, we’re focused on couples. But we think there is an opportunity to help families generally, whether that’s parents helping their children, adult children helping their elderly parents, or divorced couples managing shared expenses like childcare.

4. Why should couples manage money together? Shouldn’t they keep something separate?

Different approaches to merging finances have different costs and benefits. For instance, in a survey we released earlier this year, couples who combined finances reported being happier, but they also reported fighting more often. Likewise, keeping separate finances may help both partners maintain the knowledge and skills to manage money on their own, but it can also mean more work, since you’re managing more accounts.

But whatever approach you take to merging your finances, it’s crucial to work with your partner on money. That’s because whether you like it or not, finances will substantially impact your relationship with your partner. A recent Experian study, for example, found that money played a role in 59% of divorces, and another recent survey found that money fights are the leading cause of divorce, behind cheating.

To work together, you don’t need a joint bank account. But you do need to communicate about money and align on your future.

5. What’s behind the name? Isn’t dealing with finances less than sweet?

We played with a lot of names but settled on Honeyfi because it blends your significant other and your money (as in Honey Financial), which is what we’re aiming to do. Also, dealing with finances might be less than sweet at first, but we’re hoping to make couples’ finances sweeter. Or at least less bitter. 🙂

6. How do you make money?

Right now, we make money through referrals to our partners, like a life insurance provider and a bill negotiator. But eventually, we will also have a premium option.

7. If couples can’t manage their finances even after using Honeyfi, should they just give up?

No way! We’re confident that we can help most couples — in fact, we’ve already helped 20,000 users to date. But joint finances are complicated, and we’re only getting started. So if you’re still struggling after using Honeyfi, send us an email and maybe we can find a way to help you by pointing out an existing feature you’ve missed or building a new one to make your life easier.

8. Who on your team doesn’t use Honeyfi?

Right now, we’re a lean team of three. Even though we’re all in different stages in our relationships, all three of us use Honeyfi regularly with our significant others. But I’ll admit that I get the most comments on my transactions from my wife “encouraging” me not to eat fast food when she sees a Wendy’s charge.

By Jordan French Jordan French has been verified by Muck Rack's editorial team

Journalist verified by Muck Rack verified

Jordan French is the Founder and Executive Editor of Grit Daily Group, encompassing Financial Tech Times, Smartech Daily, Transit Tomorrow, BlockTelegraph, Meditech Today, High Net Worth magazine, Luxury Miami magazine, CEO Official magazine, Luxury LA magazine, and flagship outlet, Grit Daily. The champion of live journalism, Grit Daily's team hails from ABC, CBS, CNN, Entrepreneur, Fast Company, Forbes, Fox, PopSugar, SF Chronicle, VentureBeat, Verge, Vice, and Vox. An award-winning journalist, he was on the editorial staff at TheStreet.com and a Fast 50 and Inc. 500-ranked entrepreneur with one sale. Formerly an engineer and intellectual-property attorney, his third company, BeeHex, rose to fame for its "3D printed pizza for astronauts" and is now a military contractor. A prolific investor, he's invested in 50+ early stage startups with 10+ exits through 2023.

Read more

More GD News