📣 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'll have full 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).
To create a savings bucket:
1. Go to the Finance tab in the top navigation menu → select Dashboard.
2. Go to your Savings bucket → Select Create Bucket.
a. You can only create nine savings buckets. If you're at the limit, Create bucket will be grayed out.
3. Give your bucket a name (and an emoji!) and enter what percentage of payments should go into this bucket.
4. Select Create Bucket.
The platform will notify you of whether the bucket was successfully created.
📚 Note
If you create multiple savings buckets, the percentages from all of the buckets you create cannot exceed 100%. If you've created a tax savings bucket, the savings percentage from that bucket will be included in this calculation.
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.
To edit or delete a bucket:
1. Go to the Finance tab in the top navigation menu → select Dashboard.
2. Go to your Savings buckets → Go to the bucket you want to edit or delete.
3. Select the 3-dot icon. From here, you can:
a. Select Edit to make edits to the bucket.
b. Select Delete to delete the bucket.
4. Finalize your change.
a. Select Save Changes to save your edits.
b. Select Delete Bucket to delete the bucket.
The platform will notify you of whether the edit was completed (if you wanted to edit the bucket) or whether the bucket was deleted (if you wanted to delete the bucket).
Transfer funds into or out of a savings bucket
Move funds in your savings bucket around at any time. Each bucket only links to your HoneyBook Finance account's available balance, so any money transfers into the bucket will come from that balance, and any transfers out of the bucket will go to that balance.
To transfer funds into or out of a savings bucket:
1. Go to the Finance tab in the top navigation menu → select Dashboard.
2. Go to your Savings buckets → Go to the bucket for which you want to transfer funds.
3. Select the 3-dot icon. From here, choose the type of transfer you want to make:
a. Select Transfer to to transfer funds from your available balance into the bucket.
b. Select Transfer from to transfer funds from the bucket into your available balance.
4. Enter the amount you want to transfer.
5. Finalize your transfer.
a. Select Transfer to Bucket to transfer the funds into the bucket.
b. Select Transfer to Balance to transfer the funds into your available balance.
The platform will notify you of whether 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.
How is this different from my tax savings bucket?
How is this different from my tax savings bucket?
With a regular savings bucket, you can have any savings goal and will always choose the savings percentage. Your tax savings bucket is different in that it is specifically meant to help you save for your income tax bill (though you also set the savings percent for this bucket).
While a tax savings bucket is very similar to the regular savings bucket, how you manage the tax savings bucket is slightly different. Learn more about creating and managing a tax savings bucket.
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!