Hellohummings.com is a “personal finance companion to help you spend smarter and live richer”. According to Hellohummings.com, its purpose is to help you determine when you will be able to purchase items from your “wish list” (which is any item you would like to purchase within the next twelve months), as well as how much you can afford to “splurge this weekend”.
When you sign up for an account with Hellohummings, the website starts out by asking you some basic questions such as your first name, age, gender, and zip code. You will also be asked about the number of pets you have, without making you specify what type of pets or how much you spend on them monthly. Finally, it asks questions about your monthly take home pay, how much you pay for rent or mortgage, and how many nights you eat out every week.
Once you have entered all this information, the website creates a “budget” for you by dividing your monthly take home pay into 10 “coins”. A certain number of coins is then allocated to different “money bags”. There is a “money bag” for bills, one for living expenses, one for extras, and finally one for your wish list. You can then create your “wish list” (it gives you some options to choose from, such as an Apple watch or an iPhone 6).
You can also create a “detailed budget”, which requires you to answer additional questions and takes 2 to 3 days to analyze. It is surprising that it doesn’t use some sort of algorithm to provide you answers immediately.
Bottom line: This website has potential, however it is confusing to navigate and there is no explanation as to how it comes up with your budget. For example, it divides your available savings into a “Rainy Day Fund” and a “Wish List Fund” without explaining how it comes up with those numbers. The website would be more useful if it offered an explanation as to how to use the tools it provides, such as the “coins” and “money bags”. Overall, Hellohummings doesn’t seem to be ready for prime time. If the website is updated in the future, we will update our review.