The COVID-19 job loss action plan

The COVID-19 pandemic has been challenging for all of us, many of us are facing never-before-seen financial challenges, businesses have been forced to close down and workers are being laid off. If you’ve lost your job, we’ve put together an action plan below that could help you through this challenging time. We’ll continue to update this list as the situation evolves. 1. Stay calm and stay cautious 🧐 It may be difficult to keep a clear head in chaotic times like these, but don’t let panic overrun your common sense. Avoid overspending and over-buying supplies. Fraudsters have already started preying on consumers' fears and spreading misinformation, so be cautious with phone calls, emails, and texts regarding COVID-19. To help you monitor and protect your finances during this crisis, in addition to our free monthly credit score monitoring, we’re also offering one month of free MogoProtect identity fraud protection. Our credit bureau partner Equifax is also currently offering a free credit report to all Canadians and you can get yours here. 2. Get support from the government 💵 Aside from the standard benefits like EI, the government has announced an Economic Response Plan to provide additional financial assistance

Focus on habits, not goals

Now that the new year is under-way, we thought it would be a good time to check in and see how you’re doing with your New Year’s resolution. Every year one of the top New Year’s resolutions made by millions of people is to “get out of debt and save money”. But according to a U.S. News & World Report 80 percent of these resolutions fail by February, so what are we to do? Goals are outcomes that are achieved by consistent behaviors or habits. According to Charles Duhigg author of The Power of Habit: Why we do what we do in life and business, 40% to 45% of our daily decisions are actually habits. If your goal was to be physically fit, it’s the daily habit of exercise and healthy eating that would actually get you the results. So if you want to achieve a goal like getting out of debt and saving money, focus on mastering the habits that will actually get you the results. Once the motivation and excitement of your new year's resolution wears off, it’s your habits that will end up determining the results you get. 4 Habits of financial