Financial planner Canna Campbell saved $32,000 in twelve months by using her unique strategy of bundling – saving and earning extra money in small, achievable parcels of $1000. Now she wants to empower you to get the same results with her book The $1000 Project!
We asked Canna to answer some simple questions – ones we’re hoping might help inspire you to save!
1. Help! I can’t stop spending my money. What are the first steps for a novice who is trying to save?
A quick fix is to immediately start paying for everything (or as much as you can!) in cash. When we use cash to pay for things rather than swipe or tap our cards, we are a lot more present and conscious and therefore question the exchange of values.
The next thing to do is a budget and give yourself reasonable boundaries as to how much you can spend and allocate per pay cycle on certain expenses. For example, $x per month on clothes, $x per week on weekday lunches and coffees $x per weekend on socialising and entertainment. This will help keep you in check and accountable.
Any money that is left over within those boundaries of your new budget can be put to good use towards your financial goals. Plus you can work out what other things you can do such as create a regular savings plan or even regular investment plan when you have an idea of how much you spend and where it needs to go for your financial harmony.
For people who have never had a budget or don’t know where to start, I designed a budget which is really easy to use. It is called Sugar Budget and it is available from the App store.
2. Were you always financially savvy? What inspired you to take charge of your finances?
One of my favourite frugal habits is I often take my lunch to work or have it at home. This then gives me more leeway to enjoy the weekends. Plus I often buy second hand clothes and bags on websites such as High End or eBay. I also use an App called Shoptagr which tells me when items on my wish list are on sale.
Other Frugal habits include maximising Loyalty programs, such as frequent flyer programs, even my supermarket has a great one. And I am massive homebody, I love to entertain in my home rather than in bars and restaurants.
For me, the inspiration to take control of my finances is about stress management. Our lives are often jammed up with so many responsibilities and requirements. Financial stress can impact so many facets of our lives, including relationships, careers and of course our health. But it is a stress that can be easily managed quickly and we are all so capable of not only managing that stress but also creating financial freedom.
3. How did you go about learning to manage your finances?
My parents were hard workers and very respectful around money. They had a balanced approach where when they did spend, they had their priorities in check and focuses around the investment of basic needs, education, future investment and the experience of travel.
I hope that the values that they installed in me can be shared and re-imprinted to help other people.
4. What are some key things to remember when you are trying to get out of debt?
Write down a list of exactly who you owe money to and how much. In the meantime, pay for everything in cash so that you can’t let your debts get any bigger.
Do a budget – The Sugar Budget App makes it quick and easy to do…
Put repayment plans in place immediately (even if it is only the minimum repayment plan).
Focus on paying off the smallest debt first – this will build momentum, once this is paid off, move on to the second smallest debt and progressively move through the list until debt-free. The feeling of seeing your debts reduce will help fuel your dedication and motivation to keep going.
5. If you could tell people one small thing they can do to improve their financial situation, what would it be?
Always have a budget – even wealthy people have budgets that they stick to.
6. What are some inspiring financial success stories you’ve heard?
Hearing people do The $1,000 Project to save for IVF, helping people get out of $80,000 worth of credit card debt and guiding people in building their investment portfolios and overshooting their financial goals.
7. What’s next for you? Can we expect another book?
Fingers crossed yes! We are only in the early stages but I am half way through writing SugarMamma the book which is a “How To Fast Track Your Finances”. Fingers crossed my publisher loves it.
Thank you Canna! Have a listen to our podcast interview with Canna on The $1000 Project:
The $1000 Project
Financial planner Canna Campbell saved $32,000 in twelve months by using her unique strategy of bundling – saving and earning extra money in small, achievable parcels of $1000. Now she wants to empower you to get the same results!
The $1000 Project is like a diet and exercise plan for your finances – you’ll see the immediate results in your bank account, and you’ll also come out of it feeling financially fit and strong and ready to set yourself up for success.
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