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 want will take time, but just like how Canada is starting to control the COVID-19 spread with on-going measures, good financial habits will eventually help you take better control of your finances.
To stay focused on controlling your spending, paying off debt and saving, you should set aside some time each day to review your spending and make any necessary changes. Schedule two minutes per day for these activities. Use effective reminders to make sure you keep doing these (try setting up daily reminders on your phone). It’s a lot easier than you think and, once you’ve done it repeatedly, it will eventually become a habit. As you notice your progress, you will start feeling happier and even more motivated. So let’s get going!
Looking to give your motivation a boost? Every week we feature a new motivational quote at the top of your main dashboard. Just log in on your Mogo app and check it out.
–The Mogo Team