In the name of not spending credit as if it’s the same as cold hard cash, many of us are starting to make sudden, brash, and life-altering realizations—starting with this: credit and cash are not synonymous.

So, in order to save cash, you must separate your credit.

What we mean by this is really quite simple: sometimes, ultra-convenience can bring down walls where walls must exist.

What we really mean to say is this: having access to borrowed funds any time of day or night through a CONVENIENT little piece of plastic is not only risky, but also often detrimental to our financial lives as adults. We just can’t draw the line. We just can’t stop ourselves.

We want it, but we can’t afford it, so we charge it. It’s just wrong. So wrong.

Instinctively, we may feel the backwardness of this spending habit as we swipe the first few forbidden transactions, but over time, spending our credit frivolously becomes a way of life. This is where the real danger of convenient credit will begin to nibble away at what’s left of your credit score.

3 ways to step up your financial game

  1. Put your credit card on ice. It doesn't belong in your wallet, so leave it home and make it inconvenient. Yes, a little inconvenience can be a good thing.

  2. Borrow with intention. Get a loan only if you really need it, and make sure it has set monthly payments and a set end date. For example: borrow 5k on a personal loan and pay it back in 2 years versus borrowing on a credit card, paying some back, then borrowing (and repeating) again.

  3. Need a Visa? Go prepaid. Use a prepaid card like Mogo’s MogoCard or even a debit visa, which keeps you from racking up debt and paying a ton of fees.

So if you want to stay in control, separate the card and the credit, which have unfortunately morphed into ugly conjoined twins but should only be distant and estranged half-cousins at best.


mogo-logoby Mogo
Be different. Be in control. The Mogo Card is Canada's only no fee designer Prepaid Visa Card. #uncreditcardyourlife