For my regular readers you'll know I like to talk passive income! Because I'm lazy and like to earn money for doing as little as possible. Well there is a saying, "a penny saved is a penny earned." And it holds true! If you can save some cash on a purchase you've been planning, then you are essentially making money. And that's why I've chosen to highlight how Honey can essentially equate to passive income!
Honey is a browser extension that gathers discount codes and promotions from the numerous sources out there and brings them all together into your browser. It will automatically pop up and save you money on purchases you are considering. I really like this because generally with these types of applications you need to remember to go through them first, like a gateway to reach the retailers website. But Honey will sit in the background, you dont have to remember it, and it will pop up when it's able to save you some money!
Currently Honey supports Chrome (and that means Brave), Firefox, Edge, Safari, and Opera. Pretty much any major browser, and you're likely already using them. Especially Brave if you're interested in passive income! Although you will certainly be losing a bit of the Privacy element of using Brave Browser. And Honey supports 40,000+ sites for making purchases. I'm Canadian but I found my countries selection to be pretty good. There are plenty of major retailers in big box stores, tech, clothing, and home improvement.
I've got to say after using Honey for a month or so I have found it quite good. Normally with this type of application I go in expecting to be disappointed. But I've found Honey often has coupons for major retailers. Now generally the more general retailers have weaker coupon offerings, Amazon and Wal Mart for example, you are likely to get around 10% off. But that can be significant, especially for big ticket items! When you get into more niche and specific retailers, where they're selling specific products you can do better. Say you are doing your yearly Christmas shopping and know you have a golfer in the family. If you go to a golf-specific retailer you're more likely to get 20-50%. I found the process of using Honey seamless. It pops up and lets you know when making a purchase, if it has an applicable coupon after searching it's regularly updated database. And if you want to double check you can click and have it do a manual sweep where it attempts every coupon it currently knows of to confirm you're getting the best deal!
One thing I was concerned about was safety. Honey asks for some bold permissions when you add it to your browser, including the ability to "read and change all your data." This language is quite off-putting, but after finding out how Honey works I find it is necessary. The application needs to be able to watch your browsing to detect when it can save you money, and then it automatically applies the coupon code, which is the "changing your data" portion. So these permissions are necessary for it to function so I'm willing to accept them.
So who is behind all this? Well no surprise it's one of the payment processor behemoths of our time...Paypal. They finalized a deal acquiring Honey for $4 Billion in January, 2020. There is a 100% chance all your purchases are being watched while you use Honey. So yeah, you're selling your privacy off for savings. But if you're an avid online shopper it may be worth it. I for one have multiple browsers and have left Honey off of one, simply because I like to leave my options open.
Honey does have some other small ways to make you a bit of cash. While using Honey and making purchases you will accrue Honey Rewards points which are exchangeable for gift cards to most major retailers. And also, like most income earning or money saving methods we discuss, they have a referral system. Now many methods we discuss have referral systems that pay you ongoing % based amounts based on the usage of the users you refer. These are far and away the best systems you can encounter when trying to build passive income. Honey however has a less desirable system that I view as a tier below in quality. You will receive a one-time bonus of Honey Rewards of $5 if you refer someone with your custom link and that user makes a purchase using Honey. The user being referred gets nothing.
This is a negative to me. Firstly, one time referral bonuses are nice enough but they don't built up your passive income. And second, it is difficult to get people to use a referral when there is no incentive for them. Yes they'll save money but people like cash-in-hand more than cash-saved.
All in all, I have more good things to say about Honey than I have negative. And the negative isn't because of it's poor performance, it's more small side complaints. I wouldn't be writing this if Honey hadn't saved me some money so there is that. And for the most part you wont even notice you have it installed until it pops in and makes your day a little better.
Let me know down below if you've used Honey and what your experience is, or if you decide to try it out because of my post! And if you're smart you'll take the savings from your purchase and buy stock or invest it in a crypto!
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