'Couples finances simplified' - Honeyfi app

The Honeyfi app boasts that it is a “happier, healthier way to manage money with your partner”. It allows you to share financial details and set savings goals without the need to open a joint account. Assuming that it remains secure, it seems like it could be useful for some people?

I’d be interested to hear your thoughts.

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Just checked Google Play and not available there…wonder if one has to download direct from their website which has risks…

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Hmmm, me thinks a good divorce would not make it a "happier , healthier way to manage money with your partner " . Just saying though :smile_cat:

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Yeah, the security would have to be topnotch to share your banking details with the app. I would wait until after the beta for this particular app, but in general I thought the concept was interesting.

@vax2000, that answers that one :laughing: From the description, this particular app lets you choose what you share, so maybe there’s a bit more control for those who don’t want a joint account, but I suppose it depends how you manage it.

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I think it would be all in the management as you said . Anything that would help in our fiscal dealings which are so important in this day and age would certainly be welcomed . My first post seems to be a bit flippant in retrospect .

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Not at all, I think it’s a pretty common thing to joke about, and I’m sure there was no malice intended :slight_smile: I think it’s an issue a lot of people face to different degrees too - striking the right balance when it comes to discussing and sharing financial info, and keeping a bit of privacy and independence.

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Anyone married to an American citizen is often advised to keep all finances separate unless you are happy to deal with the US Internal Revenue Service, ie filing US taxes every year. Even a Power of Attorney on a financial account can trigger their interests.

Also see FATCA as applied in Australia. I believe the US and Eritrea are the only countries that demand their citizens file taxes on their global income regardless of where they live. One need not have assets or income from the US, or for that matter ever have set foot in the US (eg citizens by decent) to be so blessed by the long arm of the USA.

(Boris subsequently paid the $USD2350 fee to file for renouncing US citizenship, noting even that can trigger US tax implications.)

This looks like it could be very interesting to couples including an American, if it is not too late for them and they want to follow the laws.

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I didn’t realise it could be so tricky @PhilT. It’s definitely another factor to an app like this.

As an aside, hard to have too much sympathy for Boris after seeing the profit he made on that property though.

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If you had an American born parent, you were born in NSW and never set foot in the US, bought your house in Sydney for $200K and sold it for $2 million a decade later, you too could enjoy paying US capital gains tax (as well as legally having to file with them every year).

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