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Using Otto

Once you are set up, it only takes about 20 minutes each month to keep your money organized.

Assign your credit card charges

Otto uses your credit cards as tools to keep your money organized.

To give you a fresh start, Otto does not bring in your past credit card charges.

As soon as you have new credit card charges posted on Otto, you are ready to learn how to assign your credit card charges and keep your money organized all month long.

 

1.  All of your new credit card charges populate on the Credit Card page.​

  • The number of charges you have to assign is displayed in the menu.

 

2.  To keep your money organized throughout the month, all you need to do is indicate which of your accounts will cover each charge, or as we say, Assign your charges.

  • To Assign your charges you can:

    • 1 - Drag and drop a charge into the desired account.  OR

    • 2 - Select one or more charges, choose an account, then click the Assign button.

  • ​Notice that as you assign a charge, Otto moves the money you have spent into your Credit Card Payoff Account and calculates how much money you still have available in your other account.  To see these balance calculations, hover over the calculator icon.

 

3.  To edit an unassigned charge, click on the Edit text button. 

  • Inside this modal you can: 

    • 1 - Edit the description of a charge so it is easier to identify.

    • 2 -  Click on the split icon to split a charge. This allows you to assign the charge to more than one account.

4.  Back on the main Credit Card page, click on the colored triangles to see the charges that have been assigned to an account.

  • Click on the reverse arrow to remove an assigned charge from an account.

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5.  Your Credit Card Tracker makes sure you always have enough money in your Credit Card Payoff Account to cover your credit card balances. 

  • This tracker shows your credit card balance, the amount in your Credit Card Payoff Account, and the Difference between the two.

  • When all of your charges have been assigned, the Difference on your tracker should be ZERO.

  • If, after assigning all of your credit card charges, the Difference on your tracker is NOT zero, the Difference represents the outstanding balance you still owe on your credit card.

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And that's all there is to it!  
Otto keeps your money organized, so you can easily see  how much money you still have available to spend.


Log back into Otto when your next paycheck is deposited, and follow the steps below to organize your income.

Organize your income

1.  Otto watches for money coming into your Primary Checking and pops it into your Income Account.  

From there Otto helps you organize it based on how you plan to use it.

2. On the Organize page, click on the associated calendar icons to create Account Schedules for any or all of your accounts. 

  • Otto uses your Account Schedules to calculate how much money you will put into your different accounts each time you organize your income.

3. At the top of the Bills Account Schedule indicate how often you plan to organize your income.

  • Otto is designed to allow you to organize your income once or twice a month.

  • If you get paid every two weeks, you might want to start by organizing your money twice a month.

  • This choice will carry over to all of your other Account Schedules.

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4.  Continue organizing your income until  the balance in your Income Account is zero.

  • If you create an Account Schedule, your Schedule amount will appear in gray in the associated entry field on the Organize page.

  • Click inside the entry field to enter this amount or manually enter a different amount.

    • ​**IMPORTANT:  If you plan to organize your money twice a month, the first few times you organize your income, make sure you put enough money into your Bills Account to cover your upcoming bills.  Once you get going, you won't need to check this any more.  You will simply need to put the Schedule amount into your Bills Account each time you organize your income, and your bills will be covered.

  • Otto calculates your new balances as you decide how to organize your money.

  • Your new balances also include your recently assigned credit card charges. To see these balance calculations, hover over the calculator icons.

 

5.  Once you have entered the desired amounts, click the Next button and Otto will take you to the Transfer page to implement your plan.
 

6.  If you are organizing your income within your Primary Checking, you can simply click the Organize money button.

  • Otto will then organize your money based on:

    •  The plan you just made for organizing your income, and

    • Your recently assigned credit card charges.

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That's all there is to it!
Otto organizes your income so it's easy to see how much money you have and what it's for.  
Your money is also now ready for you to make your credit card payment.

Make your credit card payments

Otto makes sure you always have enough money to cover your credit card balance and make your payments.   

 

1. When all of your credit card charges have been assigned, if the Difference on your Credit Card Tracker is ZERO, this means all of your credit card charges are covered.

2.  If your credit card charges are covered,  you can make manual credit card payments or set up automatic credit card payments for the statement balance on your credit card.

  • Your credit card payments should be made from your Primary Checking account.

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3.  If, after assigning all of your credit card charges, the Difference on the Credit Card Tracker is NOT zero, the Difference represents the outstanding balance you still owe on your credit card.

4.  If you have an outstanding balance on your credit card,  BEFORE you organize your income, determine how much of your new income you want to put towards paying off your outstanding credit card balance.

  • On the Dashboard, click the Edit text button and Move this amount from your Income Account to your Credit Card Payoff Account.

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5.  If you have an outstanding balance on your credit card,  AFTER you organize your income, make a manual credit card payment  for the total amount in the Credit Card Payoff Account.

  • Your credit card payments should be made from your Primary Checking account.

  • This amount covers your recent credit card charges and any extra money you are putting towards paying off your outstanding credit card balance.

  • If you continue to put extra money towards your outstanding credit card balance each time you organize your income, you should be able to pay it off quickly.

That's all there is to it!
Otto makes sure you always have enough money to make your credit card payments.  It's such a great feeling!

(Optional) Add a Primary Savings or other accounts

1.  Head back to the Accounts page.   For your main savings account, use the dropdown menu and choose Primary Savings as the Purpose.  When you do, Otto will create two sub-accounts for organizing your savings.

  • Label each account based on how you plan to use it.

  • Some common savings sub-account names include, Vacation Savings, Home Improvement Savings and Misc. Savings.

  • We recommend adding "Savings" after each account name to clarify that it is associated with your savings account.

2.  If desired,  click Add sub-account under your Primary Savings to add additional sub-accounts.

  • Label each account based on how you plan to use it.

  • You can change the color of the icon of an account.  Simply click on  the icon and choose a different color. 

3.  Notice that the entire balance in your Primary Savings begins in your top, or main sub-account.
Click
Edit sub-balances and enter the amounts you would like in each of your Primary Savings sub-accounts.

  • Your Main sub-account cannot be edited, but adjusts so that your sub-account balances are always equal to your savings account balance.

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4.  If you linked additional bank accounts, you can add them to the system by choosing the Purpose - Spending or saving.

  • Label these accounts based on how you plan to use them.

  • These additional accounts cannot be divided into sub-accounts. 

 

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5.  Your Primary Savings and other linked bank accounts will be now be included when you assign your credit card charges and organize your income.

6.  When you organize your income, Otto will calculate any transfers you need to make between your accounts on the Transfer page.  These transfers are based on: 

  • The plan you make to organize your income, and your recently assigned credit card charges.

  • Make the listed transfer(s) at your bank or credit union, check the box(es) once completed and Otto will finish organizing your money.

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