#AskHoneyBee
How to use HoneyBee to pay down credit card debt
Did you know credit card companies want you to make only minimum payments on your credit card bills so they can keep profiting off of you for a long loooonng time? For example, if you have $1,000 worth of credit card debt right now and don’t make any new purchases, it...
How to use HoneyBee to retire as a millionaire
Are you on track to retire as a millionaire? Did you know you don't actually have to save $1 million of your own dollars to end up with $1 million in retirement? Magic happens when you start saving for retirement early and contribute as much as you can as often as...
How to sign up for HoneyBee
Did your employer recently announce a new benefit? HoneyBee is an employer-sponsored benefit. We're only available to employees of our partner organizations. Below, we'll walk you through how to create a HoneyBee account, or you can click here to sign-up. How...
Economic inequality explained
Did you know that a huge source of wealth accumulation for Americans is through homeownership? Did you know that Black families were systematically denied home loans, meaning they could not accrue wealth through homeownership, until 1968? Before 1968, the...
Should you rely on counseling from your 401(k) provider?
What’s the difference between financial coaching and financial counseling through my retirement program? A lot of employers have the same objection to the on-demand financial coaching element of our program. They often have retirement plans that offer...
Black Lives Matter
To the HoneyBee Community, The financial system is at the heart of racism and inequality in America. Racism and poverty are inextricably linked. According to 2018 Census Data, the poverty rate among Blacks is 20.8%, Hispanics at 17.6%, while the poverty rate among...
Building a financially healthy workforce, one company at a time
HoneyBee CEO and co-founder, Ennie Lim recently sat down with Cory Ames of Grow Ensemble to discuss the journey of creating and growing HoneyBee. HoneyBee partners with HR to provide its employees with the tools they need to improve their financial health and habits. ...
1 in 5 Americans has had their household income reduced, I’m one of them
By Emma Holton My boyfriend and I live together. We split our monthly expenses; rent, utilities, car insurance, renter's insurance, and grocery bills. Like so many others, he was laid off on March 17th due to the coronavirus pandemic. We had no choice; he immediately...
5 Personal finance tips for uncertain times
We wanted to share some information about what you can do to put yourself in the best financial situation right now. The coronavirus outbreak has created a lot of anxiety. Before anything else, grocery stores and pharmacies aren’t closing. You’re not getting evicted....
Bringing empathy to the fight against this virus
By Ennie Lim, CEO of HoneyBee Disneyland has closed its doors. NCAA March Madness has been canceled. The Boston Marathon postponed till fall. Nascar is holding races in Atlanta and Miami without any fans in attendance. The NBA, MLS, MLB, NHL, all suspended activities....
What you need to know about 401 (k) loans and your workforce
401 (k)’s are primarily a retirement savings vehicle, however, in recent years the amount of 401 (k) loans has increased. Employees that are borrowing from their retirement funds are hurting their financial futures. Here’s why. 401 (k) loans explained Employees may...
What HR thinks of the HoneyBee employee benefit
Kathryn, Senior Director of Human Resources, Pasadena Humane Society & SPCA Kathryn, an HR professional of over 25 years, brought HoneyBee to the Pasadena Humane Society because she wants all of her employees to feel financially secure. It was an easy decision...
Financial well-being has less to do with income than you’d think
Is a high income all that’s needed to be financially well? Well, not exactly. While a higher income might be helpful, it doesn’t necessarily mean you’ll have greater financial well-being. This is because financial well-being has more to do with how you save and spend...
Can your employees cover a $400 unexpected expense?
According to a survey by the Federal Reserve, 4 in 10 Americans wouldn’t have the cash to cover a $400 unexpected expense. The study also asked how these Americans would go about covering the $400 expense without having cash on hand. The most common solutions to this...
Why we hate making financial decisions – and what to do about it
Author, Aner Sela, Associate Professor of Marketing, University of Florida The advice to use your head, not your heart, might not be helpful after all. We all make tough decisions, but choices relating to money send many of us running in the other direction....
Traditional savings advice is wrong
Experts agree you should have 3 to 6 months of your salary in savings. Here’s why that’s hard for your employees. Traditional savings advice stops people from taking action In their 2019 report, economists Emily Gallagher and Jorge Sabat challenge traditional savings...