Don’t like to budget? You’re not alone. A recent survey showed that 44% of Canadians would rather organize their closet than make a budget. But we have good news, there’s a way to do this that isn’t that complicated and won’t take that long to complete. Most importantly, the time you spend going through this exercise will more than pay off in the end and will be a big step forward in your financial journey. The 50/30/20 rule is budgeting for those who don’t like to budget. It works because it’s easy and straightforward – no spreadsheets or complex budgeting tools. It should take only 30 minutes to an hour to complete and can easily save you hundreds or even thousands of dollars a year. It’s going to help you get on track to achieve your top financial goals like getting out of debt and accelerating your saving and investing. The 50/30/20 rule It's simple. Allocate 50% of your after-tax income for needs, 30% for wants, and 20% for goals like debt, savings, and investing. 50, 30, 20. That’s it. This is a guideline and is meant to
Debt sucks, we agree. It’s the biggest financial stressor for most people, which is why paying down debt has been the top financial goal for Canadians 9 years in a row. A recent survey shows that 57% of Canadians are carrying credit card debt, which proves that credit cards are a widespread problem and bad for your financial health. In fact, research has shown that people will spend as much as 100% more on a purchase with a credit card compared to spending their own money. While there are a ton of different ways you can approach paying off debt, we’ve narrowed it down to two proven methods that you can start using to crush your debt. Before we get into the details, the prerequisite is that you are already taking control of your spending (for example, using the 50/30/20 rule), meaning that you aren’t going further into debt and you have a certain percentage of your income available for debt repayment. Now let’s get into it. First up, the snowball method This method is all about small wins and staying motivated. When snowballing, you pay the minimum monthly payment on all of your
To celebrate reaching over 900,000 MogoMembers, we’re excited to kick off the #MogoMonday money contest — giving our Members a whole bunch of prizes worth up to $1,000 every two weeks!1 Every second Monday starting September 23, we’ll randomly select #MogoMonday winners from all participating Members. Wondering how to participate? It’s very, very easy. Maybe too easy: Have the Mogo app downloaded Apple users: make sure push notifications are turned on in the Mogo app. Android users: go to your phone settings (not your Mogo app settings) to check that push notifications from Mogo are active. Log in to the main dashboard of the Mogo app after the contest start date of September 11 Watch for a “winning” notification then take a screenshot of it Seriously, that’s all it takes to participate in every #MogoMonday! It’s all about celebrating you guys, our Members, with an easy-to-enter chance at 7 prizes every 2 weeks, ranging from $100 up to $1000. So, what happens if you win? Keep in mind, if you are selected as a winner, you’ll need to take a few steps within a 3-day time window in order to receive your
If you’re a MogoMember, thank you for being one of the 900,000 Canadians who’ve chosen Mogo to help get better control over your finances. 🎉🎉 Just so you know, we aren’t even close to slowing down. We’ve got BIG things coming, including an exciting new experience on the Mogo app and a ton of educational content to help you get debt-free faster, invest wisely, spend less, and much more! Thanks again — can’t wait to celebrate the 1,000,000th Member!
Another day, another update. We’re excited to share some important improvements made to the MogoLiquid experience for all pre-approved customers. With every product update we make, there’s really only one big question we focus on: does this create a faster, easier, and more seamless experience for our customers? We’re always aiming to answer this question and it’s what you should expect with any further updates down the road. But for now, let’s get into what’s included in the upcoming enhancements made to MogoLiquid: Improved in-app loan customization We’ve made it a lot easier for MogoLiquid customers to provide their information and customize their loan amount. Now a fully in-app experience, users can pick the exact amount they want, pick the date of their first payment, and more. Clear status updates Users will instantly receive a push notification, email, and in-app status change at each stage of loan progress. No need to wonder what’s going on with your application or whether your latest status is fully up-to-date. Faster application processing We’ve improved clarity, efficiency, and flow of our online application for members, so now it should only take minutes to complete — meaning