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



Your newspaper just took out three global gongs!

News Corp's Hey Mumma named best in the world!

Hostage accused to face court tomorrow

Eyewitnesses huddle together outside the scene of a hostage situation at the Hotel Cecil in Casino.

50-year-old man remains in custody

Man charged with online grooming, procuring child for sex

A man was arrested in the Coffs Harbour area on Tuesday by Strike Force Trawler detectives.

Coffs Coast arrest after investigation by Sex Crimes Squad.

Local Partners

Servant Or Slave to screen in Grafton on Sorry Day

Movie screening for National Sorry Day this week at the Saraton Theatre


Hemingway unearth another dimension to Yamba stage

UNIQUE SOUND: Hemingway will be at Yamba's Pacific Hotel next Saturday night.

Brothers' "do or die” pact to make a career out of the music

Father Riley's message for Reconciliation Week

A supplied photo made available Wednesday, Sept. 9, 2009 of Bill Onus, President of the Victorian Aborigines' Advancement League (right), participating as the only Aboriginal in the march for Aboriginal Rights referendum on May 29, 1967. The photo is part of 'From Little Things Big Things Grow', an exhibition on indigenous rights which opens at the National Gallery of Australia today. (AAP Image/National Library of Australia) NO ARCHIVING, EDITORIAL USE ONLY

National Reconciliation Week to be held from May 27 to June 3

Love, lies and leading ladies in extraordinary free concert

DOUBLE ACT: Catherine Britt and Amber Lawrence are touring together.

Award-winning female country artists team up to tour latest music

Rebel Wilson says she didn’t have to lie to make it

I’M not glamorous, but that doesn’t make me a liar: that’s the message from Rebel Wilson on her second day in the witness box.

Kim Kardashian slammed over Manchester tribute

Kim Kardashian's tribute to Manchester didn't go down well

Top Gun 2 movie is happening, Tom Cruise confirms

Tom Cruise in a scene from the movie Top Gun.

TOM Cruise delights fans with announcement on Sunrise.

The first Baywatch movie reviews are in

From left, Jon Bass, Alex Daddario, Zac Efron, Dwayne Johnson, Kelly Rohrbach, and Ilfenesh Hadera in a scene from the movie Baywatch.

Critics were less than impressed.

Boyfriend loses it over sex lie

Stacey Louise’s sex lie destroys her relationship.

SEVEN Year Switch’s Stacey told a fib about her sex life.

Why Crowe’s thankful for those ‘bulls**t’ rumours

Russell Crowe and Terri Irwin in 2007.

Crowe and Terri Irwin have been dodging dating rumours for years now

Stars line up for writers festival

POPULAR: Byron Writers Festival 2016 recorded the biggest crowds in 20 years of the event.

John Safran, Deng Thiak Adut and Dava Sobel among others

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.

The face of the Sunshine Coast's overpriced rental crisis

Alyx Wilson had to rent a $385 unit in Currimundi because the market was too competitive for cheaper rental housing. She is now renting a room from friends who own a house in Currimundi, and says its much more affordable.

Young people feel the strain in competitive, expensive rental market

WATCH: Take a tour of a tradie's dream home

5a Bruce Hiskens Court, Norman Gardens, going for $720,000. INSET: Lea Taylor.

Huge block with potential for anything

REVEALED: Where it's cheaper to pay off a mortgage than rent

6/190 Ewing Rd, Woodridge, is listed for offers $215,000. Picture: realestate.com.au

Brisbane suburbs where it is cheaper to buy than rent

Ready to SELL your property?

Post Your Ad Here!