The Mogo Blog

#MogoMonday contest – we’re giving away $2200 each month!

Since financial health is more important now than ever, and getting out of debt continues to be a top financial goal for Canadians, we’ve decided to kick off the #MogoMonday 2020 Contest. Each month we’ll be giving away up to $2,200 with multiple winners announced every week!1 Each week of the Contest, we’ll randomly select #MogoMonday winners from all eligible MogoMembers who enter before 4:59 PM Pacific time on the Saturday before the draw date. The first winner will be picked the week of Mo

The Digital Champs

With weeks of strict physical distancing measures, not only have Canadians been staying in and spending less [https://blog.mogo.ca/spending-less-is-now-trending/#.XrHvBzNKiUk?tracking=sc-email:md-moneyup_newsletter_bitcoin_halving:cn-cta1] , many online and digital technologies have been thriving. Use of digital entertainment services like Netflix and Spotify have gone up rapidly. You’ve probably also heard about online video communication services, such as Zoom, becoming wildly popular. But di

Spending less is now trending

Fashion is out, spending less is in! Recent sales for clothing and accessory brands have dropped by a whopping 50% [https://www.fastcompany.com/90492468/spending-on-clothes-plummets-50-heres-what-it-means-for-fashions-future] and credit card spending is down 60% [https://thoughtleadership.rbc.com/covid-consumer-spending-tracker/] compared to the same period last year. Despite some toilet paper hoarding and panic buying, Canadians have actually been spending way less in the past few weeks. Ever

Having a positive outlook!

Let’s start off with some good news! Recent stats have shown that Canada is flattening the coronavirus curve. While we’re not out of the storm yet, it’s nice to see positive results coming from all of our sacrifices. For the past month and a half, this pandemic has taught us important lessons on our finances. Many of us have learned how deeply our financial health impacts our happiness during these uncertain times. A past U.S. study has shown that 9 out of 10 people agree that nothing makes the

Be ready with an emergency fund

The economic impact from COVID-19 continues to be felt by almost everyone as job losses mount. Being on top of your finances is now more important than ever. For those of us that are fortunate enough to still have an income, it’s key to start building a financial buffer in case the unexpected happens and your next paycheck never comes. Many people believe that this kind of an emergency fund should cover your essential expenses for 3 to 6 months. But, since many Canadians are currently in deb