As mentioned yesterday, one of my goals for 2016 is to become financially independent. I’m so grateful to have come so far with blogging, the income has finally replaced what I would have in a 9-5 salaried job and I was able to pay off almost 20,000 worth of debt in just over a year. It’s been such an amazing feeling to be able to do something that I truly love every day and hopefully I’ll be able to do it for the rest of my life!
While I am so excited to be able to take the leap to blogging full-time, it’s going to take some serious financial planning, budgeting and organization. I am going to have to get a firm grip on my finances and really focus on paying down the rest of my student loans this year to succeed in what I have planned for 2016. I always knew this would be something I would have to really crack down on, but it wasn’t until I teamed up with Mogo that I really started to research my options and the steps I would need to become completely debt free.
If you haven’t heard of Mogo, I highly suggest you check them out and even give them a call just to see if there may be something you can do better with your finances. I personally have loved their unique approach to making financial planning fun and even entertaining. On Christmas Eve, the Mogo team hit the streets with their newest campaign using condoms (yes, you read that right) and humour to get Gen Y’s to start thinking about their financial fitness. You have to admit, it’s a pretty outlandish idea, but that is exactly why it is so effective! You can’t honestly tell me you wouldn’t stop to think about it after someone hands you a condom in the street asking you if you’re getting screwed…
Their approach isn’t the only thing that makes them great. They actually take the time to listen and provide a solution without bias or criticism that you sometimes get from the banks. Rather than being a disciplinary parent like a bank, Mogo focusses on being the friend that has your back. They are honest with you, and they want to help. They focus on proving products and debt solutions at a lower interest rate with the ultimate goal of becoming completely free from credit card debt or any other high-interest debts you may have. For example, the Mogo Liquid Loan product is a personal loan up to $35,000 with interest rate as low as 5.9%, which makes it a better alternative to credit cards that have an average interest rate of 19.9%. If you ever find yourself in credit card debt, it makes more sense to take out a loan with a lower interest rate and use it to pay off that credit card. Once you borrow, they help you track your payments and monitor your credit score (penalty free) on their dashboard as you go.
I personally love that feature because I want to see the impact of the payments I make on my credit score so that I know where I will be at when I’m done paying everything off!
I’m no where near an expert on managing my own finances, but I’m happy to say I’m on my way to becoming one and I’m sure some of you can relate to the feeling of excitement that can give. I know it has taken a huge amount of stress off my plate and it’s made me excited for the year ahead.
PS. They also strive to educate you on how to be smart with your finances in a scenario that we can all appreciate. A good group setting, music and a glass of wine. If you’re interested in sitting in on one one of the Adulting 101 classes you can join Mogo here (you do not need to get a product to join).
If you’re interested in getting the planner seen in this post, you can get yours from Design Love Co.
Sending a big thank you to the team at Mogo for partnering up for this post. Please note that although this post was sponsored, all opinions are my own and I would be happy to answer any questions you may have.