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 them happier than feeling like their finances are in order. So when it comes to finding a true pathway to happiness, remember that splurging on short-term pleasures like owning the most trendy sneakers is nothing compared to mastering your money in the long run. Since many of us are focused on taking care of our finances right now, we recently shared the job loss action plan and the financial buffer plan to help you on your way to a better financial position. Using this knowledge, you’ll need to take consistent action in order to create habits that will help you achieve your goals. Getting the results you

Be as ready as you can be

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 debt, building that kind of savings simply isn’t realistic in a short period of time. That said, you can still take steps towards being in a better financial position even while you’re staying at home. Everyone’s situation is unique, but the basic idea of building your financial buffer quickly is simple – temporarily reduce all your expenses, focus on paying off your high interest debt, and then start saving up. Let’s get into it. The 50/50 budget This is essentially a modified version of the 50/30/20 budget. You’ll focus on putting as much as 50% of your paycheck towards building your financial buffer, while doing

The COVID-19 job loss action plan

Updated April 22, 2020 The COVID-19 pandemic has been challenging for all of us, many of us are facing never-before-seen financial challenges, businesses have been forced to close down and workers are being laid off. If you’ve lost your job, we’ve put together an action plan below that could help you through this challenging time. We’ll continue to update this list as the situation evolves. If you’re a current MogoMember and you have any questions about your active Mogo products and services, log in to your MogoAccount and chat with our product specialist. 1. Stay calm and stay cautious 🧐 It may be difficult to keep a clear head in chaotic times like these, but don’t let panic overrun your common sense. Avoid overspending and over-buying supplies. Fraudsters have already started preying on consumers' fears and spreading misinformation, so be cautious with phone calls, emails, and texts regarding COVID-19. To help you monitor and protect your finances during this crisis, in addition to our free monthly credit score monitoring, you can now get 6 months of MogoProtect identity fraud protection for free using promo code “STAYSAFE”. Our credit bureau partner Equifax is also currently offering a

Do you Need to be a Mathemagician

With the Coronavirus pandemic happening, it’s highly recommended that we stay in. If you’re thinking of things to do, here’s a timely one you can consider: taxes. Tax season is here! This can be a time of mixed emotions. For most, doing taxes feels complicated and boring (More than half of Canadians hired pros to do their taxes), and yet, everyone gets excited about receiving a tax refund (who doesn’t like getting their money back!?). Whether you do your taxes yourself or not, this is a great time for you to get a better understanding of your finances over the year. You’ll learn where you stand financially and if you should make some adjustments – is it time to look for ways to earn more, or find ways to spend less? Look at it as an opportunity to get a step closer to your financial goals. The top missed tax credits No matter how much it is, getting any refund feels great. Here are some of the top missed tax credits and deductions that experts say Canadians miss: 🏥 **Medical** – Expenses relating to medical issues that are not covered by your healthcare, from routine dental visits to

She got her own

Sunday was International Women’s Day, and we celebrated a year of amazing achievements including: 🌳 Greta Thunberg leading a global movement for climate change – she’s also been nominated for the Nobel Peace Prize. 🌌 Katie Bouman heading up the team that captured the first ever direct image of a black hole. ⚖️ Sanna Marin becoming Finland’s youngest serving Prime Minister – all five parties in the country’s governing coalition have female leaders! While women are clearly crushing it across the globe, we still see some sobering statistics about their financial health: Financial stress can cause poor health, anxiety, and prevents people from reaching their full potential. One survey has even shown that, for women, taking a positive action with their money is the top confidence booster. Clearly, financial health is really, really important for women. At Mogo, we’re committed to helping everyone become empowered and take control of their financial health. We believe that all Canadians deserve equal access to financial success and we’re very proud of helping Canadian women build a strong foundation for their futures. If you’re committed to improving your finances, then take the time to learn and master the 4 habits with the