A leading financial expert has shared her top money-saving tricks that will help you to save $20,000 by the end of next year.
Canna Campbell revealed she intends to put away ‘at least $20,000’ by the end of 2020, by doing several things – and many of them are easier than you think.
Speaking on her YouTube channel, the Sydney-based financial planner said she is committed to filling her rainy day fund with $20k by December 2020 – and you can too.
A leading financial expert has shared her top money-saving tricks that will help you to save $20,000 by the end of next year (Canna Campbell pictured)
The first thing Canna said she plans to do is try the $2 challenge (pictured), which involves filling a 600ml bottle of $2 coins – one bottle roughly equates to $1,000 in coins
1. The $2 challenge
The first thing Canna said she plans to do is try the $2 challenge, which involves filling a 600ml bottle of $2 coins.
‘I’m going to fill this bottle up with $2 coins and when it gets to the brim, there should be $1,000 in here,’ Canna said on a YouTube video.
She explained she hopes to do this several times with every $2 coin she picks up – meaning she could accumulate as much as $3,000 or $4,000 just through $2 coins by the end of 2020.
Total saving: $4,000.
Canna (pictured) also intends to make lunch to bring to work every day and make at least three coffees at home each week
2. Market research
Described as one of Canna’s ‘favourite’ ways to bring in quick cash, she advised people to register with several market research companies and set aside some time for doing research for them.
‘Some are done in an office, some are done online, some are done over the phone,’ Canna said.
While the financial planner didn’t explain how much you could save through this, you will typically be offered $100-$150 to take part in something – meaning you could easily net an extra $1,000-$2,000.
Total saving: $2,000.
3. Embrace JOMO
JOMO – or the joy of missing out – is key to a healthy bank balance.
And Canna intends to try this by staying at home for one weekend per month, where she does absolutely nothing.
‘I’m going to replenish my soul, recharge by batteries, read books and play with my baby,’ Canna said.
‘It will be really budget-friendly and cost effective.’
If she saves $150 by staying in for one weekend per month, Canna will have an extra $1,800 by the end of 2020.
Total saving: $1,800.
4. Entertaining at home
Eating out is one of life’s great pleasures, but Canna said she intends to entertain more at home in 2020, and will encourage her friends to either bring a plate or a bottle of wine.
Depending on how often you eat out, this could save you a lot or a little.
But say you spend $100 per month on eating out, you can easily rake in an extra $1,200 by December 2020.
Total saving: $1,200.
Canna (pictured) recommends buying pre-loved clothes, shoes and accessories if you love fashion, which can save you a fortune if you love buying things full price
5. Buy pre-loved clothes, shoes and accessories
Canna recommends buying pre-loved clothes, shoes and accessories if you love fashion, which can save you a fortune if you love buying things full price.
Again, this depends on how much you typically spend.
If you typically spend $600 on clothes per year, then if you buy things half price you could save $300.
Total saving: $300.
6. Do your own skincare treatments
‘I’m going to do my own skincare and beauty treatments to save cash,’ Canna said.
She intends to tint and dye her own lashes, do her own face masks instead of facials and put on her own fake tan at home.
‘If I save $50 a month, I’ll have an extra $600 by the end of 2020,’ Canna said.
Total saving: $600
7. Frugal February
Canna said she intends to do frugal February next year, to rake in some extra cash.
‘I’m become the world’s biggest tight-ar** for 30 days straight,’ Canna said.
This could save you up to $1,100 if you avoid going out.
Total saving: $1,100.
8. Food planning and taking lunch to work
Many good money savers swear by food planning and taking lunch to work.
Canna said if she takes her lunch to work every day and avoids spending the $20 she would have, she’ll have $1,040 in the bank by the end of next year.
Total savings: $1,040.
Money-saving charts – where you put aside a different figure each week to make as much as $2,000 – have become all the rage recently – and Canna (pictured) said she’ll follow one
9. Having coffee at home
By having coffee at home, you’ll also save yourself an unnecessary $4 each day.
And while Canna said she doesn’t expect to be able to do this every day, if she does it three times a week that’s an extra $624 in the bank.
Total savings: $624.
10. Use money-saving charts
Money-saving charts – where you put aside a different figure each week to make as much as $2,000 – have become all the rage recently.
And Canna said she intends to follow one next year to get some extra cash.
Total savings: $2,000.
11. Work one weekend overtime
Canna said many of us could probably work a bit harder.
And by working just one Sunday per month, you can get your hands on extra cash you wouldn’t have otherwise.
Do this 12 times over and you could get at least an extra $1,000.
Total savings: $1,000.
12. Sell clothes that no longer fit
If you haven’t worn something in months or it no longer fits you, Canna said you should sell it on eBay or somewhere to make extra cash.
This can easily make you an extra $1,000.
Total savings: $1,000.
13. De-clutter home and sell unwanted goods
You could also turn to de-cluttering your home and getting rid of any unwanted goods.
Canna said she has embraced minimalism in recent months, and has saved thousands by doing so.
Total savings: $2,000.
14. Use credit card loyalty programs
Finally, Canna said that by embracing credit card loyalty programs, you can fund flights that would otherwise cost thousands.
She intends to visit Queenstown in New Zealand for a ski trip with her family next year, and hopes that by using her credit card’s loyalty program she’ll save at least $1,500.
Total savings: $1,500.
TOTAL SAVINGS OVERALL: $20,164