Goal setting tips & tricks

Got big money goals like getting out of debt or retiring? That’s great! Did you know that research has shown that you’re more likely to achieve your bigger goals by breaking them into shorter term goals? For example, if your big goal is to pay off all of your debt in 5 years, your initial goal could be to simply pay $50 extra towards your debt by the end of the month. By breaking your big goal down into shorter term and more realistic goals that you can easily achieve, you’ll set yourself up for success. When you succeed, your brain releases a chemical called dopamine, AKA the “feel good” neurotransmitter. These good feelings and positive emotions help increase your motivation to continue and eventually achieve the ultimate result you want. So break those big goals down, make it easy to win, and let the momentum fuel you to success! Signup for a Mogo account today to get more tips on how to stay on track with your goals SIGNUP NOW –The Mogo Team

How to spend less money online

COVID-19 has made many of us switch to online shopping. But did you know that even before the pandemic one study found that online shopping was the #1 culprit for overspending? If you shop online, try leaving the items in your cart for 24 hours before hitting the checkout button to see how much less you spend. There’s a good chance that by the time you come back you’ll realize that your purchase doesn’t align with your goals and values (financial, social, and environmental), or that you just don’t need it. Download the app today to learn more about how Mogo can help you reach your goals by staying consistent with your financial habits! Download the app on IOS here and on Android here. –The Mogo Team

Spending Mindfully

If you’re like most of us, you’ve noticed how much less you’re spending, and have been reevaluating what is truly important to you. One thing is for certain: many of us are realizing just how much our personal financial health matters. In fact, being debt free and financially healthy are the new status symbols that many of us aspire to, not fancy new shoes or a new car. Mindful consumerism matters now more than ever. Your money is power, power to change. How you spend it impacts your own ability to achieve your personal financial goals and, whether or not you are living in debt, where you spend it matters. Are you supporting companies and causes that align with your values? Are they helping to make positive changes for all? Is it good for the planet? If you haven’t been thinking this way, don’t feel guilty. You can start spending mindfully today. Download the app today to learn more about how Mogo can help you reach your goals by staying consistent with your financial habits! Download the app on IOS here and on Android here. –The Mogo Team

Reaching your goals

It's the last hump day of May and we could all use a little inspiration right now. Take a moment to think about what it would be like to achieve your most important money goal. Before James Dyson invented his now world famous Dual Cyclone vacuum cleaner, he spent 15 years creating 5,126 versions that failed. People who succeed never quit – they fall down and they get back up. The same applies to achieving your money goals Here’s a story of a single mom, Kumiko, who had fought her way through the cycles of debt and got to what she once thought was an “unimaginable achievement”. She went from struggling to make the minimum payments on credit cards to owning a profitable business. It certainly wasn’t easy for her. Before becoming debt free, she had struggled with credit cards for years – she would pay it off only to rack it up quickly again. She went through a period of self-reflection to understand why she was spending more than she knew she could afford. She had to cut her spending in order to pay off her debt, so a budget was essential. She tried many budgeting methods and

You've got the power to become debt free

There’s no sugar coating it, things have been rough. Many of us continue to find ourselves in a difficult financial situation. It’s easy to feel overwhelmed when so many things may seem out of our control, so it’s important to start focusing on what you have control of – such as your spending and be more aware of your money. If you’re in debt and looking for a way out, you’re not alone – getting out of debt has been the #1 goal for Canadians 9 years in a row. To help you get there, we’ve put together the key steps to getting debt free below. Remember it’s about progress not perfection, so even if you can’t do them all, starting on just one is already a step forward: 💸 Stop using your credit card As credit cards make it too easy for you to overspend and accumulate debt, put your card on ice and consider it an emergency backup. If you already have credit card debt, make only the minimum payment on it and switch to using a prepaid card or your debit card. Doing this will help you budget because you can only