The Smart Spending Blog at Mogo is your home for the best in personal finance strategies on saving, spending, budgeting and deals. We get a lot of questions on budgets, the best ways to do them, and the easiest steps towards financial success. Here are some of the most popular budgeting posts – including some that have saved our readers hundreds, and even thousands, of dollars! Dig deeper into each article and see why Mogo is here to save you bucks, and how we can help you do it! 1. Cash in hand budgeting Learn how you can save money by only using cold, hard cash. Ditch the fancy budgeting software and tough strategies – and look at how we recommend dealing with weekly and monthly budgets where cash is king. 2. Skip budgeting software, and crowd-source it Want another great tip for mostly-cash budgeting? Add the extra step of family involvement. Share financial goals and money-limits with the entire family. It’s a great way to get everyone on the same financial page – and definitely helps with weekly budgets and spending limits. 3. Getting ahead of the game Start saving now to make expensive times of the year much, much easier.
Here is a great piece of budgeting software that will (positively) impact your financial life. What is it? Mint.com/Canada is a safe and secure way to monitor your spending, savings, debt and properties. It’s intuitive system lets you look at your finances from every angle. Set goals, budgets and more – and even receive email telling you when you’ve met goals, or are running low on funds. Mint talks to you in simple language, that makes for an easy, honest look at your money. Best of all – this is totally free. Is it safe? Mint has been available to Canadians since early 2011 – with over 30,000 Canadians taking the financial plunge in the first month of availability. Mint has ringing endorsements from The Globe and Mail, The National Post, TheStar.com and Money.com – and now Mogo. With Verisign, McAfee SECURE and TRUSTe certification, this site adheres to the tough standards of online banks and government informational security concerns. How can I use it? We always like to tell you that the biggest part of the financial battle is knowing what you have and knowing what you owe. We really suggest getting a (totally free) account
Look, I know it’s summer. We’re all thinking about BBQs, the beach and what we’re going to do for the next long weekend. But what if I told you a little bit of planning now could make the holiday season in December much easier on you? That snapped you out of your summer coma. Whatever December brings your way, it’s usually an expensive month. We all know it, but somehow it always manages to sneak up on me. Travel expenses, presents, winter tires for the car or the hottest new toy for the kids – it really adds up. Do your part now to ensure December is a little easier on your wallet so you can sit a little softer when the season finally comes. Spend your time with family instead of worrying about money or taking a second job hauling Santa’s sleigh. Automate: This is the best and easiest way to do it. Automate a few payments to make December as easy as possible on yourself. Once per month, I automatically deduct $65 from my checking account. It gets put into a bank account marked “December”. After 12 months ($65 x 12), I’m left
Sometimes as a smart spender, you need to decide when to be a smart saver. So here’s a tip that could save you $100 in under 10 minutes… and you don’t even need to do a thing! Sound too good to be true? Keep reading to find out what we mean and you’ll be able to save as much as you want. When you’re looking to cut your costs, it’s important to decide between needs and wants. For things that you actually need, you will have to adjust your budget accordingly. But in the famous words of the Rolling Stones ‘You can’t always get what you want’. For me, my spending gets out of control when I stop really thinking about what I want (and even convincing myself it’s something that I need). Let’s look at three things I want to get over the next two months, and see where I can make some cuts. (For the sake of explaining here, let’s assume they all cost $100 exactly). - 16GB photo card for my camera - Renew 3 magazine subscriptions - Concert tickets to a show in June When I actually
Here’s a tip that works well with one-off purchases coming up. If you’ve been reading this blog for a while, I’m sure you’re a Smart Spender, with a balanced budget and tons of compliments on how good looking you are. Beyond that, I’m sure you’ve trimmed up your budget and cut out all the unnecessary pieces. That doesn’t mean you’re finished! Since you’ve been so great at cutting out the costs in your life, it’s time to think about earning some extra bucks. Now, I’m not saying you should go out and start working 22 hours/day, 8 days/week, but if you’re really saving up for something, it can be worth it to take on some extra tasks. Let’s pretend that you’ve got a great summer planned. You want to spend one or two weekends away, you’ll have some ‘stay-cations’ to cut costs, and you’re even on track to make all your bill payments. Then, out of nowhere, some friends call you up to invite you to a great music festival. The problem is, that’s $150 you don’t currently have – and