Realizing your financial goals becomes simpler with savings buckets. All you need to do is decide what percentage of your payments should go towards the bucket, and that portion will automatically be allocated.
Create savings bucket
You have control over what percentage of your payments goes into a savings bucket, and can update or withdraw from it at any time. You can create up to 9 buckets not including your tax savings bucket, all of which should add up to, but not exceed 100%.
If you've created a tax savings bucket, the savings percentage from that bucket will be included in this calculation.
From the navigation menu , select Finance > Balance
Under "Savings buckets," select CREATE BUCKET
You can only create up to 9 savings buckets
Name your bucket (with an emoji if you'd like) and enter what percentage of payments should go into this bucket
Select CREATE BUCKET. The platform will notify you when the bucket was successfully created.
How transactions appear after creating a bucket
The transaction amounts in your "Transactions" table will show the amounts after processing fees are subtracted and before any savings bucket amounts are subtracted.
Let’s say you set up a savings bucket with a rate at 10%, receive a payment for $150, have 3% in processing fees for that transaction, and have no other savings buckets set up.
Your "Transactions" table amount would show $145.50 for that transaction
$150 minus the 3% processing fee of $4.50
$14.55 would be added to your tax savings bucket
10% of the transaction amount after processing fees
$130.95 would be added to your available balance
The transaction amount after processing fees and tax savings bucket withholdings
You can view exactly how much of each transaction went to your savings bucket by selecting that transaction from your "Transactions" table.
Manage savings bucket
You can also make edits to the bucket's name or amount, or delete the savings bucket altogether. If you delete a bucket, all funds in that bucket will be transferred to your available balance and no more funds will go to the deleted bucket.
From the navigation menu , select Finance > Balance
Under "Savings buckets," select the 3-dot icon by the bucket you want to edit or delete. From here, you can:
Select Edit to make edits to the bucket
Select Delete to delete the bucket
Finalize your changes:
Select SAVE CHANGES to save your edits
Select DELETE BUCKET to delete the bucket
Transfer funds within savings bucket
Move money in your savings account whenever you want. Each savings account is connected to your HoneyBook Balance account's money that you can use. So, you can move money from that balance into your savings account, and you can also move money from your savings account back into that balance.
From the navigation menu , select Finance > Balance
Under "Savings buckets," select the 3-dot icon by the bucket you want to transfer funds. From here, you can
Select Transfer to to transfer funds from your available balance into the bucket
Select Transfer from to transfer funds from the bucket into your available balance
Enter the amount you want to transfer
Finalize your transfer:
Select TRANSFER TO BUCKET to transfer the funds into the bucket
Select TRANSFER TO BALANCE to transfer the funds into your available balance
The platform will notify you when the transfer was successful. If the transfer was successful, the balance for both the bucket and your HoneyBook Balance account's available balance will immediately update.
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.