Spend less and save more than you think. Being more mindful around our spending is necessary not only if we are to achieve important life goals like buying a home and retirement, but being a mindful consumer is also key to a healthy planet. Overspending is the number one reason why Canadians are struggling financially and overconsumption is directly linked to climate change. In other words, financial health and the health of the planet are closely linked. With Canada now in a state of climate emergency, we want to make it easy for Canadians to make a positive impact while improving their financial health by offering a carbon offset program that is the first of its kind. Offset one pound of CO2 for every dollar you spend Much of the impact to the environment comes from our own consumption. Besides being more mindful of our spending, we can help by offsetting the negative impact. Canada’s 2017 greenhouse gas emissions were approximately 1.58 trillion lb CO2. In the same year, the total Canadian household spending on goods and services was about $4.54 trillion. Research reports show that an estimated 72% of global carbon emissions are caused by household
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!