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

Getting Out of Debt: Some Easy Steps

We’ve all been there, and some of us are there right now: debt. Whether it’s paying off some credit card bills, student loans, or even just catching up on last month’s utilities, debt is a factor in many people’s financial lives. Being in debt and having a plan to get out of debt are two very different frames of mind. If you are in debt, here are some easy steps and methods to get started on your road to personal financial glory. Know What You’re Up Against When you’re figuring out how much debt you’re in, take a few minutes to examine the following: -       The amount of debt (looking at these numbers can be hard, but sometimes it makes your actual amount a lot less daunting) -       Monthly interest (are you going to be hammered by interest if you don’t pay it off?) -       Expected length of time to pay it off (timeframes are key here) Get a Plan Decide how aggressively you want to pay things off, or how long you’ve got to make it happen. These decisions are a lot easier to make after looking at the three

So You’re Out of Debt, Now What?

First off, congratulations. Many of us spend a long time working on getting out of debt, and when that day finally comes, are not sure what to do with ourselves and our cash! Sure, it’s a good problem to have, but it’s still worth planning for and thinking about ahead of time. As a debt-survivor, you’re going to look at your bills, accounts and notice a lot of $0 balances. It’s time to celebrate this, but beware of getting back into debt. Don’t celebrate with purchases you can’t afford! Just because you no longer owe money, doesn’t mean you should get back into debt. Debt can be cyclical: some people are constantly back in and out of it… because of poor planning. To get out of debt, you must have been following a lot of our advice, being disciplined and watching your finances closely. Now that the pressure’s off, a lot of your effort can wind down as well – as long as it’s not all of your effort. It’s important to still keep track of your cash and monitor where it’s going. If you’re used to set monthly

$2000 In Cash Prizes & $1 Donated To Food Banks Canada For Each Entry

The Dollars for Debt contest is back and it’s bigger and better than ever! There are $2000 in cash prizes to be won and $1 will be donated to Food Banks Canada for every person that enters and publishes the contest to their Facebook wall. We have a tool that lets you do this in 10 seconds! ENTER NOW to win money towards paying your bills! Contest closes at 12:00pm PST on November 25th, 2010 Free Sweepstakes and Contest

It’s That Time of Year…to Start Your Christmas Savings

I guess we probably should have told you about this earlier, but the December holiday season is right around the corner. If you haven’t started saving for it, now is definitely the time. Any savings you can make ahead of time can really help out with your holiday budgeting. For me, it always seems like the cost of presents, holiday parties, flights and even wrapping paper come out of the blue. We’ve said it before (and I’m sure we’ll say it again) more planning with your money will make things easier later. This doesn’t mean setting up crazy budgets and accounting for every cent of your cash – simply make a few smart decisions now and reap the benefits for important things. Save Slowly, Spent Smartly Do you have an extra $40 each month? If you can save that during the entire year, you will have $480 after 12 months. That seems like a lot of money for December, and not a lot of money each month – that’s a no brainer. With most online bank accounts you can even take the hard work out of it and automate the process. Each month, when you get