We all buy crap we don’t need. The problem is, most of us get smacked upside the head by our load of debt and our brain still doesn’t get the memo that we’ve been spending like we’re on tour with Drake. But how can I stop myself from swiping my credit card for yet another new pair of kicks when I find the last pair of Stan Smith trainers in my size?... you might be thinking. That’s right. You might be shocked to realize it’s not H&M’s socially responsible attitude that keeps you coming back, but a few simple, trickster strategies. Watch out for: red tagged clothing racks that trigger your brain to take action, roadblocks that navigate you in the direction of irresistible temptations, and classic upbeat tunes that trigger dopamine – and perhaps release an anchored memory of your last champagne shower in Vegas – making you feel sexy and happy, and encouraging you to spend, spend, spend. This part is going to freak you out, but it’s a solid tactic to push you towards the realization that you’ve been stockpiling useless garbage, probably for the better part of
Staring at a mountain of debt can be scary – especially when you’ve got multiple debt streams (student debt, credit card 1, credit card 2, car loan – the list goes on). Getting into that kind of debt can be as easy as not paying attention to your spending, but getting out of debt can require a plan and some powerful strategies. The brain trust at the Kellogg School of Management (Northwestern University’s business and marketing experts) have detailed a study that shows an awesome plan for getting out of debt – by focusing on little wins, instead of jumping into paying down the areas you owe the most Basically, the more ‘wins’ you can get in a period amount of time will propel you to stay on track and achieve your goals of financial freedom Here’s how it works: As of beginning of the year, Wayne and Jake are both sitting on the same number of loans and they both are owing $8,000 in total. For the sake of this study, lets assume all debt is at the same interest rate. Here are their strategies. Over the course of a year, both Wayne and Jake have paid down
If you still haven’t bought dear ol’ Dad a gift to thank him for being a keeper this Father’s Day, it’s probably time to figure out how you’re going to express your gratitude toward the man who donated his chromosomes to the project of your existence. We won’t lie; you’re cutting it pretty close. Your dad would probably feel a little discouraged if he knew you were sitting here reading the Internet instead of shopping for a gift that truly expresses how lucky you are to have him. But Mogo’s here to help. Here are four last-minute presents for the dad who has everything (except a kid who remembered to properly prepare for Father’s Day). Caddie Daddy Nothing says “I love you, dad,” like actually spending time with the chap. And what better way to do it than on the green? GolfNow.com offers access to over 100,000 tee times all over the world, but that’s not all — you can book one with virtually no advance notice for a fraction of the price you’d normally pay. How’s that for doing more and spending less? Smooth Operator If your
Saving money can be expensive! Your paycheck is automatically deposited into your account, months come and go – and many of us don’t keep close tabs on what it does while it’s in there. It’s probably been years since you established your bank account and agreed to the terms and conditions. Do you eagerly read all the updates and emails that your bank sends you? If you’re like most of us, probably not. Here are some tips for spotting banking fees, getting them cut down, and getting the most out of them. Check the records Online banking is great for keeping track of your money – even when it’s been months since the transaction took place. Sort through your account debits to see which have been charged by your bank. With monthly fees ranging from $3 – $15.99 (or even more!), those expenses can really add up. Get rid of them! Now that you know how much you’re paying in banking fees, you know how much you want to get rid of. Call your bank to discuss the fees. There are plenty of free checking accounts out there, so to get your fees to $0, you
At the end of any given month, a few extra bucks always help out – so here is another quick tip from Mogo that will only use 10 minutes of your time to save you at least $10. We all know that staying home to watch the game can save big bucks over hitting the arena or sports bar, but here are 4 more ways to save $10 with your butt on the couch! Cook for the crew instead of ordering in Making a pot of chili or lighting up the BBQ is a great, cheap way to feed the fellas. Canned ingredients for chili or hot dogs are a great way to fill up on Sunday afternoons and are much easier on your wallet than calling your favorite delivery company. Get rid of the channels you don’t need So you feel like you have a million channels without anything on? Cut a few channels. I made sure to get extra channels on my cable package because I’m a big sports fan – but I was also able to cut a few that I don’t watch to make up for it. There’s no sense paying for what you
Well, Canada, I’m not sure about the rest of you, but the last few days have really reminded me that summer is over. We’re getting a bit of rain in Vancouver (surprising, right?) and the temperature is starting to drop a little. While I bet we have some more summer weather hiding under those clouds, it is definitely time to start looking at home heating strategies that will save you bucks over the year! Here we go with some smart spender tips that will keep your house warm and your wallet nicely padded: 1. Use it when you need it While the temps are starting to drop, for me, it’s not heater time yet. Just because it’s a lot cooler than it was two weeks ago, doesn’t mean that you need to crank the heater at night. 2. Check your windows, seal the deal Think back and I’m sure you can hear your father saying, ‘I’m not paying to heat the outdoors! Close that window!’ Sorry, Dad! Check for open doors, windows, and cracks in your sealant. A can of caulking is cheap from the hardware store – and can save you a bundle
Kids across the country are back to school – and even if you don’t have a rug rat in the education system, there are some costs that flare up each and every September: extra traffic fines. During the summer months, rules can change near schools and school zones. In the best interest of keeping the kids safe, speed limits are lowered, no parking/stopping rules are in effect and more people are out on the road (particularly at the start and end of school days!). The speed limit in school zones is 30km/hour from 8am to 5pm. This isn’t a place where ‘a little extra speed is ok’. Police are quick to ticket – so skip the expense and stay under 30! Keep yourself and the kids safe by observing posted school zone signs, watching out for busses (and their flashing lights) and excitedly crossing children. As you’re driving your kids to school and dropping them off, remember that there can be severe restrictions on U-turns and stopping in certain areas of school zones. Keep the schools (and your wallets) happy by observing the rules, leaving with enough time to get there easily and keeping your eyes peeled.
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.
It’s time to get serious about back to school shopping. Sending the kids out there is a big responsibility, and an essential part of 18-years (or more!) worth of Septembers. Here is something to try this year that will make next year much, much easier. We’re all about planning for the future and making sure your money works hard for you. At the same time, we want to make sure you’re doing as little as possible – it’s human nature, we want to save on work as much as we want to save on spending. Try bulking up on the essentials for back-to-school. We’re not saying build an Office Depot in your basement or garage, but find out what you always need to pick up for the year and double up on the order. Things like binders, lined paper, pencils, pens and basic art supplies aren’t going to go bad – and are going to be standard issue school supplies for the rest of time (until we’re all taught by robots, typing on tablets). Buying in bulk gives you more purchasing power and takes an incredibly small amount of time – especially when you compare picking
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