Business

How single mum saved more than $30k in a year

Canna Campbell has a large following for her saving tips dubbed The $1000 project.
Canna Campbell has a large following for her saving tips dubbed The $1000 project.

A SINGLE mum and finance guru from Sydney is on a mission to teach people how easy it is to save a grand.

And Canna Campbell, whose budgeting videos have made her a YouTube star, says she surprised even herself when she saved A$32,000 in the past 12 months using her "$1000 project".

The simple but ingenious idea involves saving money in parcels of $1000 using her clever tips, tricks and advice.

By breaking the job down into manageable chunks, it becomes easier to reach that goal, she says, whether it's saving for a deposit, paying off credit card debt or putting money away for retirement.

"I saved $32,000, it freaks me out," she told news.com.au after speaking at Friday's Vogue Codes event for female technology leaders. "If I hadn't set that goal, I wouldn't have saved it. I had to manifest that money.

"A lot of people have a self-limiting belief they couldn't possibly afford to save.

Every time you get a payrise, your lifestyle goes up with that.

"It's about creating money beyond the limit of our salary and stopping limiting ourselves by what we earn."

THE $1000 PROJECT

The single mother has blogged about how she saved each $1000 on her popular website, sugarmamma.tv, and it makes for fascinating reading.

Her tactics ranged from selling clothes on High End and furniture on Gumtree to making her own tinted moisturiser and cleaning her own carpets instead of hiring a professional.

"I have a minimalist approach in my lifestyle," says the 36-year-old. "It wasn't just selling things on eBay, I rented my house on Airbnb, which anyone can do; I took on extra projects.

"A girl who follows my site in New Zealand and is trying to get out of HECS debt looks after people's pets, staying at their homes and making $300 a week. Others are walking dogs, babysitting. We're all capable of doing things, it just takes determination and dedication.

"I did a lot of humble things, like market research where you sit and eat crackers for $40; saying I'm going to stay at home and hang out with friends.

"One night, I bought pizza, everyone bought a bottle of wine and salad and we sat outside while our kids played. I had planned an expensive restaurant, but I felt wealthier."

Canna decided her goal would be having a "passive income" big enough to buy a $2000 designer handbag each year. She did it by investing her $1000 parcels in shares, something she also works to demystify on her website.

SAVING YOUR FIRST $1000

Anyone can do this, she insists. But where do you start?

"You've got to have a budget," she said, "Understand how you spend your money and where it goes, and where you can save. If you can't, look at your living expenses - what can you cut out?

"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.

"When you come across a saving, redirect it to something. I don't think it's hard if you've decided you want to create a better financial future for yourself."

She maintains that you don't have to sacrifice all your pleasures in life.

"I love fashion and beauty and I don't believe in going without," she says. "I tell people, if you want to buy a handbag, buy it, but make it a really good quality handbag, make sure you love it and it's well-made.

"I get the most out of frequent flyer points, I book holidays cost effectively, I do my research and use credit cards so there's no travel insurance. I get maximum usage out of my dollars."

She accepts that for some, $1000 may not be a realistic goal, so break it down to $100.

"Create your own goals, customise it to your situation. It's about breaking your goals into baby steps."

'IT'S A NEVER-ENDING JOURNEY'

Canna's own wake-up call came when her dad found out she had been stashing her tips from bar work in a drawer. He marched her straight to the bank, where she deposited the cash and she made her first investment.

"In a few months, I received my first dividend cheque," she says. "He said I could spend it or put it back and invest it and it would be bigger again. I thought, I want to do it and show other people how to make money too.

"I try to make finance and money fun. I focus on empowering people."

Just 18 months ago, she was working as a financial planner when she had YouTube beauty star Chloe Morello as a client.

The online celebrity insisted Canna had to do the same with her relatable skills. She now has 60,000 subscribers from across the globe from Germany to Iran, who lap up her weekly videos on how to save for a home loan, pay your taxes on time or declutter your home.

And the numbers are growing all the time, as she partners with big brands, works to extend her reach in the US market and builds a budgeting up.

She admits that putting her life on show has had its ups and downs, especially since she divorced after she started posting YouTube videos.

"I had to open myself up a lot," she said. "What's my story, why am I passionate. I'm a single mother doing videos in my home. It's a huge lifestyle approach.

"It's a double-edged sword. I'm constantly asked about my love-life, and some people want me to open up all my finances. I got some nasty and degrading comments on my YouTube account, so I hired someone to manage them.

"I've had to put up barriers to protect my privacy - and the most important person is my son."

She also just restarted her $1000 project after a three-month break, and hopes to double her monthly passive income to $4000.

Canna believes one of her most useful attributes is her habit of waking at 5am, when she can clear emails, research content and generate ideas before her son Rocco wakes up.

"There are no mobile phones ringing, no email coming in," she says. "It's a really powerful part of the day, even to look after yourself on a mental level, doing meditation, getting organised.

"I have short and long term goals. If I don't have goals, I drift. When I get there I'll keep going, it's a never-ending journey."

- news.com.au

Topics:  editors picks finance money saving



Brisbane's arts and culture events centre stage

A CITY drenched in culture, Brisbane is again flaunting an arts and culture events calendar fit for a queen.

Homewares stores to fulfil your Instagram dreams

No Caption

You too can become an Insta-star with these fab stores.

Date nights under $50

Nothing is more romantic than a picnic with a cracking view.

NOT every date has to cost you a bomb.

Top 10 Brisbane experiences to cross off your bucket list

Do yourself a favour and get amongst the food truck scene. Eat Street is a great place to start.

A GOOD bucket list doesn’t have to span continents or cost millions.

Six mega sporting events you need to be at this year

Don't miss all the action trackside this season.

IF THERE is one thing Brisbane does damn well, it’s play host.

Insider’s guide to the best rooftop bars

Eleven Rooftop Bar is one to put on your hit list.

SEE the world from a different perspective...

Where to get your hands on the best wings

Try out these bad boys at Buffalo Bar.

IS THERE anything better than a wicked bowl of chicken wings? Nope.

REVEALED: On the scene at Gladstone's drain body tragedy

WHAT TO DO NEXT: Police discuss the situation next a manhole at the scene where a body has been found in a stormwater drain.

An inside look at the stormwater drain body scene.

What police know about grim discovery in Gladstone drain

Gladstone Police are on the scene where a body has been found in a storm water drain.

Guide to what police do and don't know so far.

'Shocking': Stormwater drain tragedy leaves readers disturbed, upset

Gladstone Police are on the scene where a body has been found in a storm water drain.

Readers react to shocking news in Gladstone.

Local Partners

Better phone service for Gladstone's regional towns

Telstra: "This technology is delivering big benefits to these rural and regional communities”


Win a $1000

GROCERY GIFT CARD!
Learn More

What to expect at Birds of Tokyo's Ipswich gig

The band will perform at the Racehorse Hotel on Friday.

BAND member Glen Sarangapany talks music, pub grub and doing shoeys

What public holidays are left in 2017

Ipswich residents will get the day off tomorrow for the show.

IPSWICH residents will get tomorrow off for the show

Caitlyn comes home to launch debut album

Gympie's Caitlyn Shadbolt will launch here debut album Songs On My Sleeve at an exclusive all-ages concert in Gympie on Friday, May 26.

Win tickets to Caitlyn's album launch

Model Bella Hadid's see-through dress shocks in Cannes

JUST WHEN you thought you’d all of Bella Hadid’s supermodel figure — she gets her Cannes out on the red carpet of an AIDS gala dinner in France.

No room for morbid fans

Chris Cornell.

Fans want to stay in the hotel room where Chris Cornell died

Star Wars' 1977 Stormtrooper head banger confesses

A Stormtrooper is responsible for the biggest blunder in a Star Wars movie. Picture: Supplied

Man in most famous blooper in Star Wars history breaks silence

Lyn's knock-out show gets her to next round on The Voice

ONWARDS AND UPWARDS: Lyn Bowtell is through to the battle rounds on The Voice.

'It was bitter sweet to win like that'

Is this the talent you get when you limit electronics?

Cassidy Kilburn in the Get the Beat International Dance Competition.

Cassidy, 11, preparing for national dance championships

Dreamworld may supersize with 'Disneyland expansion'

Dreamworld could become a “more attractive and entertaining park”.

Report reveals progress on $319m airport upgrade

Aerials of the Sunshine Coast.Jetstar plane in front of the Susnhine Coast terminal, Sunshine Coast Airport.

Over two dozen government approvals needed for airport expansion

Lost dough leaves sour taste after company collapse

Kathleen and John Mahoney from Sugar and Spice Bakery were stung after the collapse of Cantro Pty Ltd and are still owed money.

Supermarket operator collapse leaves sour taste for bakery

Open for inspection homes May 25-31

Check out this weekend's homes open for inspection

How Toowoomba house prices compare in Australia

For sale sign in front of home.

Here's what $700,000 will buy you in Toowoomba, Brisbane and Sydney

One of Maryborough's most historic homes is still for sale

FULL OF HISTORY: Trisha Moulds is owner of the historic Tinana state known as Rosehill. The beautiful home is currently for sale.

It has been the scene of both joy and tragedies over the years.

Ready to SELL your property?

Post Your Ad Here!