The Mogo Blog

Budgeting is hard, and we are the first to admit that managing money presents a unique challenge. Managing the numbers is (relatively) easy, but managing our very human wants, needs, and goals can be really hard, and balancing the lot can feel impossible. This is why rigid, granular budgets don’t really work for us. If we overspend on wine (let’s be real lmao), we don’t want to feel like trash, we just want a plan to move forward, better. Thankfully, our better budget is a simple one. Meet th

As of 2019, only half of Canadians had—and used—a budget.¹ As of 2020, the way we use budgets was, perhaps, altered. Let’s just leave it at that. Looking forward into 2021, as we see the light at the end of the big, dark, global tunnel, many Canadians are hoping to find rhythm, reliability, and normalcy in their finances again. How do we know? In Canada, search terms “budget” and “how to budget” saw upticks on ye olde Google Trends, which likely reflects a desire to get back on our collective

Paying down debt is no fun, but it’ll help you in the long run We’ve written at length about our golden ratio for budgeting, the 50/30/20 Rule [https://blog.mogo.ca/50-30-20-budgeting-for-people-who-think-budgeting-sucks/#.YgKrxlNKidY] . A quick explainer: this budget allocates 50% of your net income to paying for your fixed costs, like housing and food; 30% goes to your “wants,” like Netflix or concert tickets (RIP); and 20% goes to your goals, including meeting savings goals and paying down d