📣 Note
This article covers a feature that's included in an invite-only closed beta. If you're not a part of the beta, your finance suite will look different, and the help articles you'll want can be found here.
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 buckets and that portion will automatically be allocated to the bucket.
Create a savings bucket
You have control over what percentage of your payments goes into a savings bucket, and can update it or withdraw from it at any time. You can create up to nine 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.
Go to the Finance tab in the top navigation menu > select Dashboard
Go to your Savings bucket > select Create Bucket
You can only create nine savings buckets
Give your bucket a name (with an emoji if you 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 $4.50 (the 3% processing fee)
$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 a 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.
Go to the Finance tab in the top navigation menu > select Dashboard
Go to your Savings buckets > go to the bucket you want to edit or delete
Select the 3-dot icon. From here, you can:
Select Edit to make edits to the bucket
Select Delete to delete the bucket
Finalize your change
Select Save Changes to save your edits
Select Delete Bucket to delete the bucket
Transfer funds within a savings bucket
Move money in your savings account whenever you want. Each savings account is connected to your HoneyBook Finance 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.
Go to the Finance tab in the top navigation menu > select Dashboard
Go to your Savings buckets > go to the bucket for which you want to transfer funds
Select the type of transfer you want to make from the 3-dot icon
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 of when the transfer was successful. If the transfer was successful, the balance for both the bucket and your HoneyBook Finance 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!