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 the cycles of debt and got to what she once thought was an “unimaginable achievement”. She went from struggling to make the minimum payments on credit cards to owning a profitable business. It certainly wasn’t easy for her. Before becoming debt free, she had struggled with credit cards for years – she would pay it off only to rack it up quickly again. She went through a period of self-reflection to understand why she was spending more than she knew she could afford. She had to cut her spending in order to pay off her debt, so a budget was essential. She tried many budgeting methods and
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 together the key steps to getting debt free below. Remember it’s about progress not perfection, so even if you can’t do them all, starting on just one is already a step forward: SIGNUP NOW 💸 Stop using your credit card As credit cards make it too easy for you to overspend and accumulate debt, put your card on ice and consider it an emergency backup. If you already have credit card debt, make only the minimum payment on it and switch to using a prepaid card or your debit card. Doing this will help you budget because you
Summer’s coming! We know many of you are slightly (or very) excited that the provincial governments have announced plans to start opening back up. It’s still important to remember that we need to remain vigilant, not just for our physical health but our financial health too. If there’s one good thing to come out of this pandemic, 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 cards can trick your mind. When you pay with a credit card, you may feel fine in the moment because you haven’t actually paid with your own money. Experts explain that this delay in payment leads to a detachment that makes a purchase feel less painful psychologically. The real heartbreak hits you when your credit card bill arrives. What’s worse, once you
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 Monday, May 18. How do you enter? It’s very, very easy: Have the Mogo app downloaded on your iOS or Android device. Have push notifications turned on. 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 within 30 days before the applicable Saturday draw deadline. Watch for a “winning” notification letting you know you’ve won! Seriously, that’s all it takes to participate in each #MogoMonday draw! So, what happens if you win?
With weeks of strict physical distancing measures, not only have Canadians been staying in and spending less, 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 did you know that the most prominent digital currency in the world, bitcoin, is also experiencing some big changes? Its value has risen sharply over the last few weeks as it’s approaching its 550 millionth transaction. What’s even more interesting is that it’s “halving” some time this month. What’s “halving”? It means that the amount of bitcoin (BTC) being generated and entering circulation every 10 minutes will drop by half. It’ll be going from 12.5 BTC to 6.25 BTC some time in May. Bitcoin halving is programmed to happen every time the network processes approximately 210,000 megabytes of transaction data, which takes about 4 years. This has already happened twice, back in 2012 and 2016. Behaving similarly to gold mining, bitcoin is finite and it also becomes harder to produce over time. Once all 21 million coins