The Mogo Blog

5 Ways You Could Improve Your Personal Finances in 2021

2020 was not a normal year. It wasn’t even a typical bad year. No, 2020 was a bona fide multifaceted disaster, and we all hated it. Now that it’s over, we’ve all got to pick up the pieces. Was 2020 not your best financial year? You’re not alone. But all is not lost! Here are five ways you could improve your personal finances in 2021. Improving personal finances is different for everyone, but we’re big believers in establishing and maintaining healthy, efficient financial habits. When it comes to your finances, it’s usually best to begin at the beginning: your budget. Without a budget, you’ve got no framework to assess how you are allocating your money every month. Without that data—knowledge of how much you spend on food or internet or sneakers—it’s incredibly difficult to understand exactly how your money could be stretching further, earning more and working harder for you. Every Canadian should have a budget, but many don’t. Budgets can take a variety of forms, including granular budgets that allocate every penny of your income, or ratio based budgets like our 50/30/20 Budget that we simply