I sat down with The Grace Tales to share about the value of a mindful approach to money, how I balance a demanding career whilst expanding my family and a glimpse into my accounts. Extract from The Grace Tales:
If there were two key buzzwords of 2019, they would surely be money and mindfulness. Money management books are at the top of the bestseller lists, and our Instagram feeds are flooded with the promises of what can be achieved with a mindful approach. But these two “fads” seem to have seemed to be at odds with each other. Until Canna Campbell, that is. Leave it to Canna – our go-to on all things finance (and capsule wardrobes) – to fuse together these two concepts in a way that not only makes mindful money management seem achievable, but also completely appealing.
Leave it to Canna – our go-to on all things finance (and capsule wardrobes) – to fuse together these two concepts in a way that not only makes mindful money management seem achievable, but also completely appealing.
In a world that is (let’s face it) expensive, and another ‘need’ is simply a click away, Canna brings spending back to basics and encourages us to approach our money in a mindful way. In her new book – Mindful Money – Canna outlines how look after ourselves, our families and our finances in a way that feels empowering, not restrictive.
We spoke to Canna about the value of a mindful approach to money, how she balances a demanding career with her expanding family, and we even asked her to give us a glimpse inside her accounts (cue: taking notes and making changes, ASAP). Here’s what she had to say, and as always, she didn’t disappoint
I recommend keeping it really simple and nicknaming your account with its purpose:
1. Everyday Account– (daily, monthly, weekly fortnightly) – think coffees, dry cleaning, gym membership, school fees, insurances, with a linked debit card and all direct debits coming out from here etc.
2. Life + $X Emergency Account– this is like a float, I stockpile this account for Christmas presents, birthday presents, quarterly bills such as water, rates, utility etc. But I also have a lump sum available there at all times for a major emergency. I recommend putting in the nickname the exact amount of emergency cash you have allocated. For example, nicknaming your account “Life + $10,000 Emergency Cash Account”. This stops the temptation to accidentally spend your emergency money and you can easily distinguish between your float and emergency money. This account gives me a huge comfort knowing that if anything suddenly came up out of the blue, we would be okay.
3. Financial Goal Account– this is where I put money aside to invest in my future financial security. Which for me is building passive income as that is my definition of financial freedom. i.e. creating enough income from my investments, so that I don’t have to work if I don’t want to. It gives me great comfort knowing what I am working towards and how quick and easy it is to do.
4. Holiday Savings– where I regularly put money in this account for those weekends away, school holidays and big annual overseas trips. Adding money to this account and watching it grow helps keep you going, knowing that your next holiday is going to happen.
In her book Mindful Money, Canna details how to use the four accounts to reach your financial goals and automate your finances for those who are busy and time-poor. Pre-order your very own copy here>>