Savings buckets in HoneyBook Balance help you automatically set aside part of every client payment for taxes and other financial goals, so you stay organized and prepared.
Before you start
You have access to HoneyBook Balance
Savings buckets apply only to payments processed through HoneyBook
The total percentage across all savings buckets can’t exceed 100%
What are savings buckets
Savings buckets are dedicated spaces within HoneyBook Balance that automatically save a percentage of each client payment after processing fees. You can use savings buckets to plan for:
Income taxes
Large purchases
Business expenses
Personal or business savings goals
You can create up to 9 savings buckets, not including your tax savings bucket.
What is a tax savings bucket
The tax savings bucket is a specialized savings bucket designed to help you prepare for income tax payments. It helps you:
Plan ahead for taxes
Reduce stress at tax time
Save consistently for tax obligations
The tax savings bucket works like other savings buckets, with added guidance for tax planning. Choose a savings percentage that aligns with your estimated income tax rate. Consider working with a financial advisor to decide what percentage is right for you.
Tax savings and 1099 forms
Your tax savings bucket helps you prepare for taxes, but it doesn’t replace official tax forms. If you need to download your HoneyBook 1099 tax forms, see Understand your HoneyBook 1099 tax forms.
How savings buckets work
When you receive a client payment:
Processing fees are deducted first
Savings bucket percentages are applied
The remaining amount is added to your available balance
You can view savings bucket amounts by selecting a transaction in your “Transactions” table
In your “Transactions” table:
Amounts show after processing fees are deducted
Amounts show before savings bucket amounts are subtracted
This lets you track payment activity while monitoring savings separately
Example
If a client pays you $150 through ACH, and you set a savings bucket at 10%:
The standard transaction fees are deducted
$147.75 remains after processing fees, with:
$14.77 going to your savings bucket
$132.98 added to your available balance
Create a savings bucket
You can create and update savings buckets at any time.
From the navigation menu, select Finance > Balance
Under “Savings buckets,” select Create bucket
Name your bucket, then enter a percentage
Select Create bucket
If you already have a tax savings bucket, its percentage counts toward your total savings percentage.
Manage savings buckets
You can manage savings buckets from the HoneyBook Balance page at any time.
From the navigation menu, select Finance > Balance
Under “Savings buckets,” select the three-dot icon next to a bucket
Choose an action from the table below.
Action | What it does | Applies to |
Edit | Change the bucket name or adjust the savings percentage | All savings buckets |
Transfer to | Move funds from your available balance into the bucket | All savings buckets |
Transfer from | Move the entire bucket balance to your available balance. Partial transfers aren’t available. | All savings buckets |
Delete | Delete the bucket and transfer the entire bucket balance to your available balance | All savings buckets |
Stop saving for taxes | Pause the tax savings bucket and choose whether to transfer the entire bucket balance to your available balance. Partial transfers aren’t available. | Tax savings bucket only |
Resume tax savings | Restart saving for taxes and adjust the savings percentage | Tax savings bucket only |
Move to available balance | Transfer the entire tax savings bucket balance to your available balance | Tax savings bucket only |
Still have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!
HoneyBook is a software company, not a bank. Banking services are provided by Lincoln Savings Bank, Member FDIC. HoneyBook Visa Debit cards are issued by Lincoln Savings Bank, Member FDIC. HoneyBook is not FDIC insured. FDIC insurance only covers the failure of an insured bank.