Mogo: 5 Simple Steps That Can Help Improve Your Personal Finances

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5 Simple Steps That Can Help Improve Your Personal Finances

Making a positive change is easier than you might think.

Whether you’re looking to get out of the red or save for a big purchase, there are a few easy ways to seriously improve your personal finances.

5 Simple Steps That Could Help You Grow Your Personal Finances

Improving your personal finances starts with a solid foundation. Here are five easy money management tips you can use to start improving your personal finances today. Seriously, today! Right now!

Develop a budget that you actually use

Chances are, you’ve seen this tip before and ignored it. We understood. Budgeting is boring and can be a reality check that we don’t really want.

But all of you. Budgets are essential for good money management at all levels. You need to know how much money you’re making and where it’s all going if you want to plan effectively and achieve your goals.

We have a good option for you. It’s flexible and grows with you, while making it easy for you to gain insight into your financial health. Meet the 50/30/20 Budget: The budget for people who think budgeting sucks.

It’s simple. Divide your regular expenses into three categories (needs, wants, and goals) to understand how you are using your income. This simple budget can help you keep perspective on your finances and provide a healthy financial standard to achieve.

Improve Your Credit Score

Do you have a bad credit score? Don’t be embarrassed! It happens to tons of Canadians for tons of stupid reasons including paying and closing a credit card.

It’s frustrating, but the credit score system is how we access many financial tools in Canada. Loans, mortgages, rents and more can depend on maintaining a high score.

So if yours is weak, even for some silly reason, it’s best to buckle up and work to improve your score over time. This is one of those “if you can’t beat them, join them” scenarios.

We can help. When you sign up for our free Mogo Visa * Platinum prepaid card, you will have access to free credit score monitoring. We use inquiries to check your Equifax credit score and update you on your score each month.1

We have a detailed article on why your score might be low and how to improve it here. Improving your credit score can take time, so why not get started today?

Control your spending

When it comes to great personal money management, controlling your spending is essential. Poor spending habits can plague people of all ages, regions and income levels. Killing these bad habits in the bud could save you hundreds, if not thousands, over time.

If you are able to make cold turkey on your expensive coffees, we recommend it. Review all of your expenses in a typical week. Were they all necessary? Could you have brought lunch from home? Was it responsible for going out for cocktails twice in a week?

Often times what seem like perfectly normal and reasonable expenses, like buying lunch at work, can seriously add up.

Ready to curb that enthusiasm for spending? Increase your level of visibility into your finances.

For this, we recommend the MogoCard. This is a completely free prepaid spending card meant to help you secure your finances. Because it is prepaid, you cannot go into debt using it.

Every time you use the card to make a purchase, we instantly send a little notification that reminds you how much you just spent and how much you have left on your card. Seeing this small number, your balance, which slowly decreases with each purchase, is often the red flag we need to more carefully assess our spending.

Focus your debt at high interest

Debt eats away at your personal financial health like nothing else.

If you have high-interest debt, it’s probably best to focus on paying it off. It’s boring ? Yes. But it could save you thousands in interest charges over time.

Remember, people like credit card companies are taking advantage of your debt. If you pay off your debt too quickly, they miss out on the interest payments you would otherwise have paid. So fuck these guys!

Take control of your high interest debt and make regular payments (more than your minimum payment!)

Consume less to help the planet

Personal consumption has been shown by researchers to lead to climate change. Governments and businesses need to do their part too, but on a personal level, the things you buy and the way you consume could harm our planet.

What does this have to do with your finances? Well, when you consume less, you can help the planet and your wallet.

This is two-fold: by not making frivolous purchases on Amazon, you save money and reduce the emissions needed to make and produce these products. We believe it is essential that every Canadian carefully consider how much and what they are consuming.

Buying “green” products is not enough. We just need to consume less.

For the purchases you need to make, use the MogoCard. Not only does it give you access to free credit score monitoring and help you better control your spending (and also gives you access to free identity fraud protection, but who matters?)2, we recently launched our climate economy initiative, Code Red Mode.

Now, every time you shop or make a purchase, we plant a tree on your behalf. Yes: no limits, for each purchase. You type, we are planting a little tree in collaboration with our partners, veritree. And that tree, over its lifetime, can suck about 500 pounds of CO2 from the air.3 Not bad.

Mogo: The personal finance app for Canadians

We believe that creating healthy personal finances and a healthy climate are intrinsically linked. You could get out of debt (and not get into debt!) Just by budgeting and controlling your spending, while consuming less and using your MogoCard to plant trees. Win, win.

So get on board! It’s easy to get started today and start changing your personal finances and the climate for the better for free.

This blog is provided for informational purposes only.

* Trademark of Visa International Service Association and used under license by Peoples Trust Company. The Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company under license from Visa Int. and is subject to terms and conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC). MogoCard means the Mogo Visa Platinum prepaid card.

1-The free credit score is provided by Equifax and is only available to MogoAccount holders who have passed identity verification. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to assess your creditworthiness. The provision of this score is intended for your own educational use. Third parties will consider other information in addition to a credit score when assessing your creditworthiness. Equifax® is a registered trademark of Equifax Canada Co., used here under license. MogoCard holders will be entitled to receive MogoProtect identity fraud protection and credit rating monitoring free of charge as long as they remain active MogoCard holders. If you do not fund your card within 60 days of ordering or if you do not complete a transaction on your MogoCard for more than 90 days, you will not be considered “active” and you will be excluded from MogoProtect and the credit score.

2-No one can prevent all identity fraud and Mogo does not monitor all transactions in all businesses. At this time, Mogo only monitors serious inquiries with the Equifax® Canada Co. credit bureau and will provide push and / or email notifications within 24 hours of reporting the request. Refer to MogoAccount’s terms and conditions for more information https://www.mogo.ca/terms-and-conditions.

3-According to research conducted by Veritree Technology Inc. 500 lbs. is an approximate amount based on aboveground carbon sequestration (AGC) and subsurface carbon (BGC) estimates contained in several scientific research papers relating to mangrove carbon sequestration (the “Research”). The research contains various ranges for the rate of carbon sequestration per hectare of land. In order to arrive at the approximate amount of 500 pounds, Veritree triangulated the research data points for the AGC and BGC sequestration estimates, then converted these results to the approximate amount of pounds. per tree.

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Disclaimer

Mogo inc. published this content on October 14, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on October 14, 2021 09:11:07 PM UTC.


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