The Mogo Blog

In the News: Mogo Founder and CEO on Huffington Post Canada

With a record $28 billion in profit last year alone, big banks are continuing to profit while the average Canadian suffers the burden. We think there’s a better way and are working hard to bring you products that are alternatives to traditional banking. But we can’t disrupt this massive and entrenched industry on our own. We need startups attacking the problem from all angles. Our CEO David Feller is featured over on Huffington Post Canada today talking about the huge opportunity we have to change the consumer finance game for the better. It’s up to startups to bring new solutions — solutions that will benefit consumers and not the big banks. Head on over to Huffington Post to read his full commentary.

Best Online Helpers For Cool Summer Travel Savings

We’ve talked about hitting the road this summer, and here are some helpful sites, apps and products that are fun to use – and can save you a few bucks along the way. Leverage the power of the internet, and it’s community of savers, to find out the best places to buy, fill up, visit or snap shots. Have a tip that isn’t on our list? Hit us up on Facebook or Twitter to share with our followers. Onto the list! We all know that gas prices are flying through the roof, and this helpful site is great for when you’re on the road and don’t know the area. BillShrink tells you the cheapest gas stations available that are within a certain area. Whether you’re filling up on Day 3 of a week-long road trip, or on the commute, BillShrink is a good bet to crowd-source the best gas prices. (This site is also great for TV, Wireless, Credit Cards and more – Check it out!) Tired of the same Trip Advisor and Google recommended travel tips? Check out Gogobot. It looks into social media to find the most current recommendations for

How to Deal With Sunk Costs & Be A Better Spender!

OK – it’s time to get psychological here, and no, there won’t be a test! We’re going to talk about the effects ‘sunk costs’ can have on your finances. A sunk cost is money that you’ve put towards something you can’t get back. Whether it’s a non-refundable purchase (sale items), a phone or a deposit on a vacation rental, it’s spent money – regardless of what you do afterwards. Sunk costs can get dangerous when you need to spend more just to get value out of what you’ve already spent. For example: You spend $200 on a set of golf clubs, and go to the driving range (another $10). You’re no good, so you get two lessons ($45 each). Let’s say you did all that and it turns out you still don’t even like golfing! That was $255 of your hard earned money! Rather than ‘waste’ the money you already spent, you hit the range some more and schedule some tee-times – continually spending cash to ‘recoup the value’ from your original spend. Do you see the problem here? If you spend $A, but need to spend $B to get enough value

4 Crazy Ways to Stop Credit Card Debt Before it Starts

Credit Card Problems? We’ve all been there – trust me. But here are some (possibly insane) ways to stop the pain of credit card over-spending. Credit cards can be easy to get, and that’s part of the problem. Cash (that you don’t actually have) is easy to access and spend, which can cause a mountain of debt to deal with. When this happens, it’s time to sort out your credit card habits. Here are some ways to stop the over-spending pain before it even starts. While all of them might not be for you, you might find an overall theme that we’re trying to get across… The Tips! 1. Cut’em Up! That’s right! Ditch the card entirely. If you can’t trust yourself to spend responsibly, then you’re better off using the scissors than using the POS. If you’ve got a few cards, but only need one… trim down the fat. 2. Leave them at home You might not be able to go through with #1, but Tip #2 is well within reason. Heading out to the mall to pick yourself up a new shirt? Only take the cash that you have

The Average Canadian Family’s Debt is $100K

As reported by the Globe and Mail, the debt load of the average Canadian family has hit $100,000. This is a crazy statistic – as rising housing, debt and mortgage costs are pricing Canadians out of the market, and stacking debt up against them. The Vanier Institute of the Family report also reports the debt-to-income ratio in Canadian home is currently sitting at a record high: 150%. That debt-to-income ratio number means for every $100 earned (after tax), families owe $150. The majority of families with that debt load are there because of housing costs – many of which are planned; however, the number of families 3-4 months behind in mortgage payments has risen nearly 50% to 17,400 since the current recession began. As costs of housing continue to go up, that debt-average is also going to increase. While the numbers may seem insane, it’s important to remember that, that level of debt doesn’t always mean financial ruin (some families are there, and paying that debt down with a plan). *20 Years Ago ** The average Canadian family debt was $56,800 and that debt-to-income ratio was 93%. These numbers seemed extreme then, but have only grown now. What