Discover the TRUE VIEW
To discover the TRUE VIEW of your money with Otto you will need:
1. Log in credentials for your bank account(s) and credit card(s).
2. A list of your bills.
Step 1: Link your Financial Institutions
1. Go the the Accounts page.
2. Click on the Link accounts and credit cards button.
3. Follow the prompts until you have linked your bank accounts and credit cards to Otto.
Step 2: Select your Primary Checking and Credit Cards
1. For your main checking account, use the dropdown menu and select the Purpose - Primary Checking. Once selected, Otto creates four virtual accounts inside your checking account to help you discover the TRUE VIEW of your money:
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An Income Account (for collecting your income)
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A Bills Account (for paying your monthly or occasional bills)
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A Spending Account (for making your purchases)
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A Credit Card Payoff Account (for holding the money you have spent using your credit cards)
2. For your credit card, use the dropdown menu and choose the Purpose - Credit card.
3. Label your credit card for easy identification.
Otto is a safe way to use credit cards. With Otto you can earn rewards and build your credit score without the fear of overspending and slipping into credit card debt. If you do not have a credit card, we recommend that you speak with a representative from your bank or credit union who can help you apply for one.
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Step 3: Plan for upcoming bills and spending
1. On the Organize Page the entire balance of your Primary Checking is currently sitting in your Income Account. To discover the TRUE VIEW of your money, Otto will help you organize this money based on how you plan to use it.
2. First, you'll need to set money aside for your upcoming bills. To help you determine how much to set aside, click on the blue calendar icon to create a list of your bills. This is what we refer to as your Bills Account Schedule.
3. For each of your bills, click +Add schedule item and enter the necessary information for each bill.
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Don't include your credit card bills, we will talk about these later.
4. Once you've entered all of your bills, click Save and Otto will sort your bills by their approximate due dates.
5. Use the check boxes to select the upcoming bills you need to cover before your next paycheck is deposited.
6. When you are finished, click Close.
7. The total amount of the bills you selected will now appear in gray in the Bills Account entry field.
Click in the box to enter this amount.
8. Now that you have money set aside for your upcoming bills, estimate how much money you will need for spending.
Enter this amount in the Spending Account entry field.
9. Once you've made a plan for your upcoming bills and spending, click the Next button at the bottom of the page.
10. On the Transfer page, click the Organize money button to implement your plan.
Step 4: Cover your past spending
Starting today, Otto will make sure you always have enough money to cover your NEW credit card charges.
To give you a fresh start, when you first link your credit cards, Otto does not bring in your PAST credit card charges.
1. On the Dashboard the Credit Card Tracker shows the current balance of your credit cards. The Difference shown is the amount of money you need to cover your PAST credit card spending.
2. If you still have money remaining in your Income Account, you can use this money to cover some or all of your PAST credit card spending. To do so, click Move money.
3. Move money from your Income Account, to your Credit Card Payoff Account. Enter the desired amount and click Move.
4. Notice that the Difference on the Credit Card Tracker has now been decreased by the amount entered.
Any remaining Difference is the amount still needed to cover your credit card balance(s).
If you need help eliminating credit card debt, we recommend speaking with a representative at your bank or credit union. They can get you out of credit card debt. Otto will then keep you out of credit card debt.
5. Once you have discovered the TRUE VIEW of your money, with one quick glance, you can easily see how much money you have, and what it's for.
When you are ready click here and we will show you how easy it is to keep the TRUE VIEW of your money all month long.