The Mogo Blog

How to become debt free

There’s no sugar coating it, things have been rough. Many of us continue to find ourselves in a difficult financial situation. It’s easy to feel overwhelmed when so many things may seem out of our control, so it’s important to start focusing on what you have control of – such as your spending and be more aware of your money. If you’re in debt and looking for a way out, you’re not alone – getting out of debt has been the #1 goal for Canadians 9 years in a row. To help you get there, we’ve put t

Beat the mind (and money) game

If there’s one good thing to come out of this pandemic, and there hasn't been a lot, it’s the 60% decrease in credit card spending in Canada. More than half of all Canadians are carrying credit card debt, so keeping this lower spending habit going will help them pay it off sooner. Although convenient, credit cards make it really easy to overspend. An MIT study found that people were willing to spend up to 100% more using a credit card instead of cash. How’s that possible? It’s just how credit c

The Digital Champs

With weeks of strict physical distancing measures, not only have Canadians been staying in and spending less [https://blog.mogo.ca/spending-less-is-now-trending/#.XrHvBzNKiUk?tracking=sc-email:md-moneyup_newsletter_bitcoin_halving:cn-cta1] , many online and digital technologies have been thriving. Use of digital entertainment services like Netflix and Spotify have gone up rapidly. You’ve probably also heard about online video communication services, such as Zoom, becoming wildly popular. But di

Spending less is now trending

Fashion is out, spending less is in! Recent sales for clothing and accessory brands have dropped by a whopping 50% [https://www.fastcompany.com/90492468/spending-on-clothes-plummets-50-heres-what-it-means-for-fashions-future] and credit card spending is down 60% [https://thoughtleadership.rbc.com/covid-consumer-spending-tracker/] compared to the same period last year. Despite some toilet paper hoarding and panic buying, Canadians have actually been spending way less in the past few weeks. Ever

Having a positive outlook!

Let’s start off with some good news! Recent stats have shown that Canada is flattening the coronavirus curve. While we’re not out of the storm yet, it’s nice to see positive results coming from all of our sacrifices. For the past month and a half, this pandemic has taught us important lessons on our finances. Many of us have learned how deeply our financial health impacts our happiness during these uncertain times. A past U.S. study has shown that 9 out of 10 people agree that nothing makes the