The Mogo Blog

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 [https://www.cnbc.com/2019/12/26/consumers-overspend-by-7400-a-year-here-are-weekly-trouble-spots.html] 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 pu

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 abil

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

How 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 t

Beat the mind (and money) game

If there’s one good thing to come out of this pandemic, and there hasn't been a lot, it’s the 60% decrease in credit card spending in Canada. More than half of all Canadians are carrying credit card debt, so keeping this lower spending habit going will help them pay it off sooner. Although convenient, credit cards make it really easy to overspend. An MIT study found that people were willing to spend up to 100% more using a credit card instead of cash. How’s that possible? It’s just how credit c