The Mogo Blog

How to take control of your grocery spending

Written by reebee. reebee is the free top-rated platform for discovering products and making your best purchasing decisions. Save on groceries, home improvement, electronics and more using reebee! Groceries are getting expensive. But don’t worry! There are plenty of simple ways to shop smart when it comes to groceries. We have outlined six easy tips that will help you take control of your grocery spending, even while food prices increase. Let’s dive in. 1. Use the 50/30/20 rule.The 50/30/20 rule is a guideline that helps us allot spending based on what is high priority first. This rule advises that 50% of your net income should be put towards “needs”. This could include your rent, mortgage, food expenses, or phone bill. The 30% of your net income can go to “wants”, such as the latest tech, new items for your wardrobe, eating at a restaurant, etc. The final 20% of your net income should be left for financial goals. This may include investments, saving for a home, or contributing to your retirement savings. The 50/30/20 rule is a fantastic starting point when it comes to building a general plan for spending, but

A Newcomer's Guide to Credit Scores in Canada

Credit scores underscore much of Canadian financial health. A good credit score allows you to borrow money for things like mortgages; a bad credit score can bring on higher interest rates and unfavourable loan terms. It’s important to know the ins and outs of credit scores—and building up your own—which can help ensure you’ll be able to participate in Canada’s financial system with the best terms like interest rates. Before we get into it, we’d like to note that while using credit cards can be a good way to build up your credit, it’s extremely important you don’t become over-reliant on them. If you get a credit card, consider using it to pay recurring bills as necessary, not as a free-money-machine, because it’s not that. Do not let your debt add up. Only spend the money you already have. (Product plug, because why not, and also it’s free to order) GO TO MOGOCARD What are Credit Scores?Credit scores, in essence, are risk ratings based on your credit history. These scores are a factor that prospective lenders use to help measure how trustworthy you are with making loan payments. When

Millionaire Mondays with Pauline

Like lots of Canadians, Pauline experienced something of a financial reckoning in 2020. Balancing government support with earned income, debts with bills, and that ever-loathed student loan with savings was a serious headache, but Pauline has come away from 2020 with the golden ticket: a solid plan to reach her financial goals. This interview is part of a lightly chaotic series where Megan, a writer, discusses millennial financial goals with her peers and their strategies to get there. Spoiler: we all want to be millionaires. In this conversation, real talk about financial FOMO, balancing goals and debt on a tight budget, and looking to the future. —————— Megan: Hi Pauline! Thanks for chatting with me today. Can you tell us a bit about yourself, and how you’re connected to Mogo? Pauline: Hi! I’m Pauline, I’m a freelance copywriter. For Mogo, I write for our social channels and email newsletters. I also run marketing for an accelerator which supports science and tech startups. M: That’s very cool! How long have you been freelancing? P: Since 2018, I would say, so two and a half years. M: How did you wind up working as a contractor? P: I kind

Mortgages & Bitcoin Made Easy

Right off the bat, for those in a hurry: We’ve just extended our Bitcoin Cashback Program to MogoMortgage.1 Earn up to $3,100 cashback in your free Bitcoin and Rewards account, either to pocket or stack sats (buy bits of bitcoin).2 GET MOGOMORTGAGE Onto the nitty-gritty! So, we thought we'd make all three easy When you take out a new mortgage or refinance one with Mogo, we’ll reward you with up to $3,100 free cashback into your Bitcoin & Rewards account. Why? Because we know mortgages can feel tough, and you deserve it. It’s also a great way to earn money for bitcoin if you’ve ever wanted to dip your toe in, risk-free. (P.S. If you’re foggy on mortgages (fair enough), we’d highly recommend learning the basics; knowledge is power, and even if buying a house isn’t in your near future, it’s good to get the know-how for when it is. Check out our Twitter thread with a simple explainer on home-buying.) We’ve got a super simple and quick (like, few-minutes-quick) application process, and our MogoMortgage team will be there to support you through the whole process.

3 Reasons Your Credit Score is Dropping

Credit scores underpin the entire credit system in Canada, including everything from credit cards to big loans and mortgages. In order to obtain any such loan, you must be considered trustworthy enough to repay it. The measure? Your score! But there’s a problem: it takes time and attention to get your credit score to a great place. Small mistakes, like missing a payment, or being denied for a loan, can cause your credit to take a serious hit. Damage like that can take months to undo. If you find yourself searching “why is my credit score dropping?” this month, check for these common occurrences and get to work turning that (credit) frown upside down (into a happy credit, you see). This is the most common source of credit score dips across Canada, and it can have the biggest impact on your score. Your payment history includes everything from loan extensions to credit utilization and payments, and these account for 35% of the scoring model which determines your credit score. That’s big! If your credit score dropped this month, double check your statements to make sure you didn’t miss a payment (as a reminder, you should always try