Alongside spending a romantic month in Italy and remembering to make that dental appointment, saving money is up there on the list of things to one day do. The only problem is actually doing it.
But according to a single mum from Sydney who saved $32,000 in just 12 months, the secret to saving is bundling.
Creating the “$1000 Project” on her Youtube channel, financial planner and blogger Canna Campbell says the secret to saving is breaking down a big milestone into smaller, more achievable ones, like $1000.
Once you’ve managed to save your first $1000, it’s time to start the amassing project all over again. Sound hard? Here’s how the 36-year-old did it.
Financial planner Canna Campbell. Source: Youtube.
“A lot of people have a self-limiting belief they couldn’t possibly afford to save. Every time you get a pay rise, your lifestyle goes up with that,” Campbell says, adding, “It’s about creating money beyond the limit of our salary and stopping limiting ourselves by what we earn.”
The first step, Campbell says, is to create a clear budget.
“Understand how you spend your money and where it goes, and where you can save,” the mum-of-one says.
The 5:2 diet...for your MONEY. (Post continues after audio.)
“I was spending $180 on Foxtel a month. I don’t even watch TV. I don’t value that, so I cut it out. The smallest, simplest changes make a difference. That $180 could go into your super,” she continues.