Organizing income

Lesson 3:

With your money all mixed up together, it’s hard to know how much money you have, and what it’s for.  
Otto watches for money coming into your Primary Checking and moves it into your Income Account.  This gives you a chance to decide how you will use your money before you start to spend it.

We recommend getting started on a laptop or desktop.
Estimated time: 10 - 20 minutes.

 Step 1:

 Assign any recent credit card charges that have come in 

  1. Go to the Credit Card page.

  2. Drag and drop, or select a charge and assign it to the account that will cover that charge.

  • You may choose to wait until after you have organized your new income to assign some of your charges.​​

Step 2:

Organize your new income

  1. Go to the Organize page.  Your paycheck is now sitting in your Income Account.

  2. Open your Bills Account Schedule.

    • At the top of the schedule Indicate if you plan to organize your income twice a month (we recommend starting with this if you are paid every two weeks), or once a month.

    • Check all of the items on the schedule you wish to include in the schedule (normally all of them) and Otto will calculate how much money you need to put into your sub-accounts each time you organize your income.

  3. Create an Account Schedule for your Spending Account.

    • Indicate how much you want to spend each month on basic spending such as groceries, gas for your car and anything else that you wish to include in this sub-account.

    • We recommend using this sub-account for monthly spending that remains fairly consistent month after month.

  4. If, after entering the amounts in the entry fields, you have extra money in your Income Account, you can add it to your Spending Account and click Next to finish organizing your money OR

  5. If you feel comfortable with Otto, you can further organize your spending and add your savings account and additional sub-accounts.   See steps 3 - 5.

 Step 3:

Add sub-accounts to your Primary Checking (when ready)

When you are ready, you can further organize your spending, by adding additional sub-accounts to set aside money for specific purposes, such as, Eating out, Gifts, Clothing, Entertainment, etc.  

 

  1. Go to the Accounts page.

  2. Click Add sub-account under your Primary Checking sub-accounts. 

  3. Name your new sub-accounts based on how you plan to use them.​​

  4. If desired, click on the arrow icon to change its color.

Step 4:

Organize your savings (when ready)

When you are ready, you can add your Savings Account to Otto and begin organizing your savings.

  1. Go to the Accounts page.

  2. For your savings account, choose Primary Savings and Otto will create two sub-accounts for organizing your savings. 

  3. Name your new sub-accounts based on how you plan to use them.​​

  4. You can add additional sub-accounts if desired.

  5. You can click on the arrow icon to change its color.

  6. You can move money into your new Primary Savings sub-accounts by clicking Edit sub-balances on this page, or by clicking Edit on the Dashboard.  

Step 5:

Further organize your new income (when ready).

  1. Go to the Organize page

  2. Create Account Schedules for any or all of your additional sub-accounts.

    • Scheduled amounts will appear in light gray in the entry fields.  You can click on these to enter these amounts or enter a different amount.​

  3. Enter the desired amount into each of the entry fields, then click Next and Otto will take you to the Transfer page.

  4. On this page, Otto will calculate if you need to transfer any money between your bank accounts. 

    • This calculation is based on your assigned credit card charges and the plan you just created for organizing your income.  

  5. Check the box once you have made this transfer at your bank or credit union.  Otto DOES NOT make the transfer for  you. ​

    • Once you check the box, ​Otto will organize the money within your sub-accounts.

  6. Nice work!  Your money is organized.​

You can now continue to spend and save your money with Otto.

To keep your money organized in real-time, come back once or twice a week and assign your charges.  Along with that, plan to organize your new income once or twice a month.  That's all there is to it!  Otto makes it east to always know how much money you have, and what it's for!

As everyone's financial situation is unique, we invite you to schedule a FREE 1:1 onboarding call to help you get started.  You can also chat with us Monday - Friday 9AM to 5PM (MST) or  email us.