Top seven tips for saving money and making your dollar work for YOU

Saving money and cutting costs is often as exciting as watching paint dry.

But finance guru and Sugar Mamma founder Canna Campbell has revealed her seven top tips to get you enthusiastic and confident about growing your bank account.

The Australian video blogger says getting yourself into a healthy routine with money is the best starting point for saving money and making every dollar count.

In her latest YouTube video, Canna shared seven simple ways you can cut costs and squeeze every penny so you can sit back and watch your savings flourish.

1. Have a Deadline

Canna says setting yourself a reasonable but clear deadline for your savings goal is the first step towards maximizing your money.

If you have a goal of saving $10,000 in five months, the finance expert recommends pinpointing a specific date on your calendar for your deadline – which instills a sense of urgency in your mind every time you see it.

‘That way you feel feel a lot more accountable and realize that time is ticking for your end date,’ Canna said in her video.

2. Have a Budget

The second step in Canna’s seven saving tips is to outline a tight budget for your spending money.

Setting a budget helps savers identify spending habits and provides a clear picture of what you really value.

Knowing what you are spending your money on every month is also a great way to realise what needs to be culled and what is necessary.

‘Budgeting is a good way to show you problem areas and opportunities for saving money,’ Canna adds.

3. Make a Dedicated Savings Account

Without a dedicated savings account to watch your money grow, Canna warns it is difficult to stop yourself from recklessly spending.

Designating a specific account, preferably with a nickname which mentions your goal, is a surefire way to prompt yourself to keep accumulating cash.

Canna says a savings account gives your goal direction, flow and purpose.

‘A feeling of progress fuels continued commitment and dedication. Try to make sure the account is low fee or no fee at all too,’ she adds.

4. Regularly Contribute

Creating a healthy routine and frequently depositing into your nest egg can excite you and encourages yourself to keep going because of how elated you feel as you watch it rise.

Creating a healthy routine and frequently depositing into your nest egg can excite you and encourages yourself to keep going because of how elated you feel as you watch it rise.

Canna also recommends putting aside every single extra dollar you may have leftover each month so your spending habits don’t suffer.

‘Every time you get a pay rise put the extra cash into your savings account so you aren’t tempted to change your lifestyle,’ she explains.

5. Remove Temptation

It may sound like a no-brainer, but removing any and all temptation to spend money from your daily routine is also an essential habit for maximum saving.

If you are inclined to duck into the shops whenever there is a sale or peruse your favourite fashion website, Canna says avoid this like the plague.

Instead, she says you should direct your free time to activities which centre around your savings goal.

‘So if you are saving for a property, spend your time perusing property sites or going to open homes,’ Canna suggests.

6. Review Progress Carefully

As your savings journey wears on Canna says it is good practice to review how you are tracking every so often.

It is a good idea to regularly check your account so you can feel a sense of elation or progress when you have a reasonable chunk of money.

Reviewing your progress can also give your ideas on what else you could be doing to bolster your savings or if there is any other saving opportunities.

‘Little things really add up,’ Canna says.

7. Reward Yourself

Lastly, Canna recommends giving yourself rewards and pit-stops every so often on your savings journey.

‘We’re all human beings with normal emotions, so sometimes saving can be painfully slow or painfully boring,’ she said.

‘But other times it can be amazing or exhilarating to give yourself a sense of achievement.’

Taking the time to reward good behavior it important but Canna also advises not to take too long of a hiatus otherwise you may fall off the bandwagon completely.

‘Break down your goals into bite-size, manageable pieces and you will watch your savings grow.’

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