Why you need a Spending Account

You have a chequing account, and probably a savings account...But what about a spending account? Think about it this way: Say you have all of your pay cheque going into your chequing account, and all your bills, savings and fixed costs are coming out of that account. And you’re using your debit card that’s linked to that account for your day-to-day spending. That’s a recipe for blowin’ your budget. So, we created a way for you to move your spending money into a separate account, keep things in check, and avoid overspending! The Mogo Spending Account is designed to help you monitor and control your spending in a convenient and engaging way, with features like instant transaction alerts to your phone with each purchase and updated real-time balance. There are no monthly account fees and unlike a regular credit card, using the MogoCard means there is no risk of overdraft fees or interest charges. We know what you’re thinking. You thought you were being smart by using your debit card rather than racking up credit card debt. It’s a good start! But the problem with using a debit card is that the money's coming

First time home buyer benefits

So, you’re buying your first home. Super exciting stuff. As a first time home buyer, there are a lot of exciting steps you’ll be taking – and we’ll be here to help you along the way through the entire experience. We know it can be a lot. So, we’re here to lighten the (mental) load, and help you be prepared. For Alberta click here. | For Ontario click here. | For BC click here.

How to pay your mortgage off faster

Buying a home is one of the best investments you can make and a super exciting milestone. But, your 25 year mortgage amortization period can sometimes feel like a life sentence. There’s actually a lot of ways you can pay it off faster - without sacrificing your other money and life goals in the meantime. Putting extra money towards your mortgage means huge interest savings and being mortgage-free faster. And, who doesn’t want that. Set up bi-weekly payments Once you have your monthly mortgage payment figured out, set up bi-weekly payments rather than monthly payments. By paying every two weeks rather than once a month, you’ll actually end up paying 13 monthly payments a year - which is an extra payment every year. This will cut your 25 year mortgage down by a few years and will save you money in interest. Put “extra” money towards it If you have a yearly bonus, or get money back on your tax return, (and you don’t have other high interest debt to pay off) consider putting that amount directly towards your mortgage. Look at your housing situation for opportunities Consider ways you could supplement your mortgage payments using

#MogoLife Interview: Meet Sean Cooper, the guy who “Burned his Mortgage”

Meet Sean Cooper, he paid his $420,000 Toronto mortgage off in 3 years before he turned 30, and then wrote “Burn Your Mortgage” to tell his story. How did he do it? Not gunna lie, he took some pretty extreme measures. He lived in the basement of the house and rented out the rest of the house. He lived super frugally and cooked all his own meals - hooray for KD! He also took 2 extra jobs, working around 100 hours a week, and rode his bike everywhere. Sean’s story is super crazy and super cool. It’s all about having a goal, and figuring out what you’re willing to sacrifice to get there. You might not be keen to kill your social life to get where you want to be financially, but you can definitely take a page out of Sean’s book (pun intended) and set your own #DoMoreSpendLess money goals. Sean Cooper | Personal finance expert | Financial journalist | speaker and money coach How did you get into personal finance? Sean: My reason is altruistic. I am passionate about financial literacy. I want Canadians to be better informed when making

5 steps for buying a home in the next 5 years

Buying a home is one of the biggest and most important investments you’ll make in your life (did someone say adulting?). It’s still the single largest source of savings for Canadian households, since every payment you make builds equity. If buying a home is in your 5 year plan, there’s some key steps you should take to make sure you reach your goal and get those dream digs. Know your current credit score and improve it You might not realise how much your credit score matters when buying a home. Ultimately, having a high credit score could mean you qualify for a higher mortgage. A good rule of thumb: if your credit score is between 620 to 680 you’ll qualify for a good mortgage product - BUT if it’s 680 and above you’ll qualify for a significantly better mortgage. So, get your credit score looking good before you apply for a mortgage. If your score is below 680, good news: you can improve it. If it’s low strictly because of debt utilization ratio, it could improve in as little as 30 days if you pay down your credit card balance so it’s

New ways to talk to us

Recently, we noticed some not-so-hot customer feedback on our social channels about our customer service wait times. Like this one... Not good. 😭 Making sure you’re happy is super important to us. Like, lose-sleep-over-it important to us. So, we had to fix this. We looked at our customer service communication methods, and decided to majorly improve our Online Chat feature, to give you a super easy, efficient way to talk to us and get rid of those yucky wait times. We can take care of pretty much anything related to your account through our chat tool. 👍 (Like, getting that loan, making extra payments, and lots more...) Here’s what we changed: Online Chat is now available within your MogoApp, your mobile web browser, and of course desktop. You can get to Online Chat from multiple pages on our site (like our Help Centre, and when you’re logged into your account), so if you run into trouble, we’re there to help. Our chat tool will recognise you if you’re logged in to your MogoAccount, meaning you don’t have to waste time giving us your info again. You can message us on Online Chat outside of business hours,

New Year's Money Remedy #3: Get your utilization ratio in check

In our first blog post in the New Year’s Money Resolutions series we talked all about facing your holiday credit card debt head on (and what to do about it). Check it out here for a refresher. If you’re like a lot of Canadians and you blew the budget over the holidays, let’s talk about that credit card that’s maxed to the limit.... Maxing out your your credit card has a negative impact on your credit score. And we’re not just talking about the 46% of Canadians who carry a monthly credit card balance. That includes you punctual peeps who pay it off every month. Your debt “utilization ratio” (aka your level of indebtedness, or how much of your total available credit you’re using) makes up approximately 30% of your overall credit score. Say what? ...We know what you’re thinking, Why didn’t anyone tell you this!?! Well, now that the bad news is out of the way, here’s the good news: Fixing your utilization ratio is one of the fastest ways to fix your credit score if it’s not so hot, or even just needs a little improving. You just

Get mortgage-free with a smarter mortgage

Imagine a mortgage experience that makes it easier (and more fun) to achieve mortgage freedom. That motivates you to stay on track, offers rewards for making your payments on time, and ultimately helps you build wealth through your new home. Yes, this exists—in the form of the new MogoMortgage. Getting a MogoMortgage Convenient, simple, fast. When you think about the process for getting a mortgage, the words ‘simple and easy’ or ‘fast and fun’ probably aren’t the first that come to mind. But, we're changing that. Main Mogo Dashboard: snapshot of all your Mogo products in one place, including your MogoMortgage Step 1 in your MogoMortgage application: are you renewing or a first-time home buyer? We take the stress out of the equation, pre-approve you within one business day (commitment-free!), and make the entire process seamless and fast. Less time going back and forth on documents (and haggling on rates) means more time celebrating your awesome milestone. (Hello housewarming!) No bullsh*t rates. Some banks advertise higher rates and make you fight to get their best ones. Why post a 4.5% rate when your real rate is 2.5%? Yeah, we don’t get why banks do

New Year's Money Remedy #2: Declutter your Finances (and your life)

We’re feeling all inspired to ditch our stuff and simplify our lives after binging on The Minimalists documentary on Netflix. If you don’t know what we’re talking about or haven’t watched it yet, you know what your plans are tonight. Get on it. Here’s a nice little recap in the meantime. Basically they’re challenging consumerism, and the concept of being attached to our “stuff.” We can all relate to the feeling that if we buy ____ it’ll make us feel good/happier/better. And, that’s actually a huge factor keeping people in debt. The average Canadian owed $21,348 in consumer debt in 2016—that’s a 2.7% increase over the past year. We’ve been socialized to feel like there are things we “need” to be happy. But when ‘The Minimalists’ (Joshua Fields Millburn and Ryan Nicodemus) started decluttering and letting go of stuff that didn’t add value to their lives, they started feeling freer and happier. A super cool quote from the film that resonates with us: “Love people, use things. The opposite never works.” (so frameable. 🙌 ) Our Do More, Spend Less concept is all