It’s easy to feel dispirited when it comes to saving money.
But according to finance expert Canna Campbell, all it takes is a few small changes to your financial habits to really make a difference.
The founder of Sugar Mamma should know. She reportedly saved $36,000 in thirteen months - on top of her salary.
Here are Campbell’s top 5 tips to saving money.
1. Use a separate bank account for savings
“You can't use your normal everyday account because you could accidentally, or even intentionally, spend those savings,” Campbell explained.
“Always make sure you have a separate special designated area for those savings.
“Whether this is a tin under the bed or a separate savings account - make sure this is away from you,” she said.
2. Remove your spare change and keep it out of sight
It may not feel like much, but Campbell does this every day.
“It's so easy to do and so many people just discard their coins, they leave them lying around on their desk or in their car or on the hall table,” she said.
“Put those coins to good use - get them out of your sight so you don't spend them or find things to spend them on.”
Canna uses the same method with her internet funds.
“Round down your account balance every night and transfer some money into your separate savings account,” she said.
3. Clear your bank account before you get paid
A fresh start means you have to work within your limited budget before the next pay period.
“There's something really invigorating and refreshing when you start with an account balance of zero the moment your pay comes in.”
“Even if there is only $1.00 left I will transfer that to my separate savings account.”
4. Pay yourself a weekly cash budget
When it comes to everyday expenses, keep your credit card in your wallet and use your cash budget instead.
“I give myself a set budget during the week and the weekend and if there is any cash or coins let over I like to take this out and put this somewhere separate.”
Campbell often transfers the spare cash to an envelope and keeps it for unexpected expenses.
“It's nice to feel that I have a little bit of cash at home for something that might come up out of the blue,” she explained.
“I can tap into that money without feeling too guilty because it's not coming out of my budget for other times.”
5. Pay more off your credit card
When you buy something, immediately overpay your credit card.
“In the shop, before I even swipe or tap my card, I will stand at the counter and transfer money from my savings account to my credit card account so there's never really any money owing on it.”
Campbell will often transfer across more money than she needs to create a buffer for future payments.
“So if I have been really good for a long period of time, my credit card is in credit and I can actually go out and buy myself something as a nice reward.”
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