The Notorious B.I.G. said it best: “Mo Money, Mo Problems”. If you’re an independent earner driving for Uber or Lyft, it’s probably because you’ve got big ideas. The last thing you need is big problems. There’s a lot of tools out there to help deal with these problems, but none of them have really answered the most common problem for gig workers. Living on an irregular income generated by the gig economy is a serious problem with problems the banks are only just beginning to understand, especially when it comes to the IRS and setting aside taxable income.
If financial freedom is at the top of your bucket list, you’ll want to take a look at the smartest money management app on the market. Otomo was designed for gig workers with income coming in from all angles and we’ve highlighted 7 of the most useful features below:
- “Set it and forget it” tax savings
Have you ever forgot to save for tax season? It’s something you’ll only ever do once. With income tagging by Otomo, you can target taxable income deposits, set it, and forget it. Then, every time your gig income hits your bank account, savings for taxes are automatically tucked away for safe keeping.
- Don’t get slammed
Think ahead. Do you know how you’d pay for a flat tire? How long would you be out of work if you couldn’t afford it? Otomo’s intuitive saving methods allow you to painlessly save for a rainy day. Whether you save 10¢ out of every dollar earned at Uber or Lyft or save $12 out of every payout, it will feel like free money when you realize you’ve got a spare $750 to cover costs when they inevitably come due.
- Savings that know when you need some breathing room
If you’re living paycheck to paycheck, saving money is probably a scary thing for you – it may not even seem like an option. With Otomo’s safe-save settings, you control when it’s OK to save based on your bank account’s current balance. For example: if you have less than $1,500 in your account, snooze your European back packing fund. Meanwhile, you can keep your savings plan for tax season running no matter what.
- Save from your actual income, not payments from friends for sushi night
If you’ve tried any other auto-saving app, you’re probably frustrated when your friends transfer money and your savings tool treats it like income. Otomo knows what’s income and what’s not. Savings are taken only out of actual income, not transfers from a spouse or roommate that are already spoken for.
- Goals, goals, goals
Picture your life as you’d like it to be with Otomo by setting up financial goals. You can even upload images to help make them more vivid. A Harvard Business Study found that the 3% of graduates from their MBA program who had stated their goals in writing turned out to earn ten times as much as the other 97% put together.
- Smart payment plans for you and your friends
This is a favorite Otomo feature that no other app has – the ability to pay somebody when you get paid. Never worry about settling up with the people that matter most to you again. P.S. It works both ways. If you spot a pal for dinner and they’re using Otomo, you’re more a lot more likely to see your coins again.
- And if you’re a control freak…
“Set it and forget it” is cool and all, but some people need to have total control of all or certain specific transactions, and that’s alright. You can set up a few plans to run quietly in the background as long as conditions are right, or you can require plans to check in with you for approval before funds are released. With Otomo, you hold the power.