Onboarding

Lesson 1:

With your money all mixed up together, it’s nearly impossible to know how much money you really have.  Otto automatically uploads your bank balances and organizes your money in separate sub-accounts so it’s easy to see how much money you have, and what it's for. 

We recommend getting started on a laptop or desktop.
Estimated time: 20 - 30 minutes.

 Step 1:

 Link your bank accounts and credit cards

  1. On the Accounts Page, click Link accounts and credit cards to get started.

  2. Search for the financial institutions of your checking/savings accounts and your credit card(s).

    • IMPORTANT:  Otto is designed to be used with credit cards whose balance can be paid off each month.  If you cannot pay off the current balance of a credit card today, or within the next few paychecks, do not link it to Otto until you have paid off the balance.

  3. For each financial institution, follow the prompts and enter your credentials.  Otto uses Finicity (a division of Mastercard) to securely link to your financial institutions.  

  4. You will not need to link your investment or loan accounts to Otto.​​​

 Step 2:

Indicate your "Primary Checking" account and "Credit Card(s)."

  1. For your main checking account, choose the purpose Primary Checking and Otto will create four sub-accounts to help you organize your money. 

    •   A Bills Account​

    •   A Spending Account

    •   An Income Account (Otto will move your existing money into this sub-account.)

    •   A Credit Card Payoff Account

  2. For your credit card(s), choose the purpose Credit Card.

    • Label each card for easy identification.
    • If your credit limit does not automatically come in, you can click the vertical ellipsis button, then click on Edit information and add your credit limit. ​​​​

 

This is all you will need to get started.  Once you have begun using Otto and understand how it works, you can customize Otto with your savings account and additional sub-accounts.​​

Step 3:

Create a Bills Account Schedule.

  1. Go to the Organize page and click on the blue calendar icon.

  2. For each of your bills, click Add schedule item and enter the name or a description of your bill.​​ (Include bills paid on your credit card and bills that come directly out of your checking account).

  3. Enter the amount of the bill

  4. Enter the frequency of the bill (how often the bill comes due).

  5. For reference, add an approximate due date of the bill.  (Bills do not have to be entered in order of due date.  Otto will order them for you when you click Save.) 

  6. You may also wish to add a little cushion of money to your Bills Account to provide for bills that fluctuate.

An example of a completed Bills Account schedule.

Bills Account schedule.png

Step 4:

 Organize your existing money.

All of your existing money is currently sitting in your Income Account.  On the Organize page you can organize this money based on how you plan to use it.  

  1. Use your Bills Account Schedule to help you determine how much to put into your Bills Account. 

    • Select the bills you need to cover until you get your next paycheck.

    • OR enter the entire schedule amount if you plan to organize your money just once a month.

    • OR if you plan to organize your money twice a month, you can select Twice a month and the schedule amount will be half of the total amount.  

      • Make sure the Schedule amount is enough to cover your bills until your next paycheck.

  2.  Your Bills Account Schedule amount will show in light gray in the Bills Account entry field.

    • Click in the field to enter this amount in the entry field.

  3.   Enter the remaining amount into the entry field of your Spending Account.

    • ​If this amount is more than you will spend before your next paycheck, that is ok.  We will discuss what to do with the extra money in the next lesson.

  4.    When you have entered these amounts, click Next and Otto will take you to the Transfer page.

  5.    On this page, click Organize and Otto will organize the money within your sub-accounts.

That’s it!!  Your money is organized!  You can now start using your credit card to spend your money.  Beginning today all of your new credit card charges will upload onto the credit card page in Otto.

 

Come back to Otto for lesson two once some of your credit card charges have posted and you will learn how to keep your money organized in real-time.