Organize your income
Otto watches for money coming in to your Primary Checking and moves it to your Income Account.
At the top of the Organize page, you will see the amount you have in your Income Account. As you organize your money, Otto calculates how much remains.
If you have created an Account Schedule for an account (see below), the scheduled amount will appear in light gray in the entry field. Click on the entry field to enter this amount. Or, if desired, you can manually enter a different amount.
When you have finished making your plan, click “Next: Transfer your money” to execute your plan.
Account Schedules allow you to create lists of bills, estimates or savings goals to help you determine how to organize your money.
On your Bills Account Schedule you can indicate if you plan to organize your income once or twice a month. If you get paid every two weeks you may choose to organize your income twice a month. Or, you may choose to just wait and organize your income once a month.
To add an item to an account schedule:
Click “Add Schedule Item”
Enter a description of the item
Enter the frequency. You can choose Monthly, Quarterly or Yearly. You can also add a target date.
Based on the information provided in the account schedules, Otto will calculate the amount you will allocate into your accounts each time you organize your money.
For your reference, you can also add an approximate due date (for Monthly or Quarterly items) or month (for Yearly items) if desired.
Suggested percentages for organizing your income.
Everyone's situation is unique. But to get started we recommend the following percentages as a guide to help you organize your income:
Note: These are only recommendations. Your actual percentages will vary based on your income level and personal preferences.
Bills - 40-60%
Spending - 10-20%
Gifts - 2-5%
Dining - 1-3%
Clothing - 2-5%
Vacations - 5-10%
Home Improvement - 5-10%
Medical Saving (have enough in this account to cover your deductible and copays)