Canna Campbell’s Smart Saving Tips on Building Your Wealth in Sydney

As we round out another tax year, Sydney-based finance expert, CannaCampbell from SASS Financials and SugarMamma.TV, takes timeout to talk aboutbuilding personal wealth while maintaining a Sydney lifestyle. Althoughseemingly an impossible task, she assures us with smart budgeting, saving andinvesting habits, it is possible to get ahead in our personal financial goals.

Q&A with Canna

Whatare your top tips to building wealth while maintaining a Sydney lifestyle?

The key is to prioritise. Obviously, yourfinancial responsibilities come first and then you work down towards the luxuries.Paying your credit cards and staying on top of your bills and mortgagerepayments is a top priority and make sure you cover all your basics, such asfood, insurance and education. From there you slowly let the luxuries creep in,such as clothing and holidays. The important thing is to understand your valuesystem so that you have your priorities in check.

How should we plan our budget without having to compromise on luxuries such as eating out, shopping and beauty and wellness?

You need to have a really honest conversation with yourself about whether you are living within your means. There is a lot of freedom and relief that comes from not only having that conversation, but by letting stuff go and no longer subscribing to keeping up with the Jones’.

Again, it comes back to your value system. You might realise you don’t really value clothes shopping as much as you thought or you get equal enjoyment from a home cooked meal. You also need to have everything written down accurately so that you’re completely aware with how much money you are spending rather than how much money you think you are spending. 

Be honest with yourself and live within your means. We come into this earth with nothing and we leave with nothing but we do have a responsibility to take care of ourselves and be financially responsible, just like eating and exercising is part of self-health and respect.

What is your number one investment advice for Sydneysiders?

The residential property market is not the be all and end, there are so many other things you can do to build wealth. My advice would be to consider other passive income streams, such as Australia and international shares, industrial, commercial and rural property, or starting your own business in your spare time.  Do your research and then put action behind that research. 

Money is on everyone’s mind at the moment, what is your best EOFY advice?

Don’t delay doing your taxes. July 1 is an exciting day. It is the new year day of your money so it’s a great opportunity to take stock with how you went last year compared to this year financially, set new financial goals and new healthy habits. It really is a great pitstop during the year to refresh and revise your goals.

When it comes to finances what is the one piece of advice that has stuck with you?

It is never too late to start investing, especially when you combine it with the power of compound interest.

Whatare you currently working on and what should we keep a look out for from SASSFinancial and SugarMamma.TV?

I am currently working on the $1000 projectbook which is being published by Penguin Books. It will be on the bookshelf inJanuary, so that will be part of the new year, new you book range. I also havea budgeting app which is launching in August.

SideNote from Canna Campbell…

When it comes to tax time go to the ATOwebsite and understand what you can legally claim. Leave no stone unturned as allthese deductions add up and will help get more money back into your pocket,giving you more choices to improve your financial future.