The $1000 Project by Canna Campbell

The $1000 Project is a book by Canna Campbell who is an Australian financial planner and author, but on top of that she has a YouTube channel, podcast (FirePlay) and is active on Instagram.

She also appears often in the Australian TV as a financial expert and has another book called Mindful Money.

*Disclaimer: This post will include an affiliate link. If you choose to click through and make a purchase, I will receive a small commission, at a no cost to you! If you’d like to support my blog by using the link, thank you!

What is The $1000 Project about?

The gist of the $1000 project is that you open a separate savings account, specifically for this purpose. To that account you transfer money based on your own rules (or guidelines, which you set yourself) until you reach the target amount, $1000.

A rule could be that the money you transfer to this account has to come from other sources than your main income for example.

After reaching the target, you put the $1000 towards whatever you’re working towards at that moment.

It could go towards a debt you’re trying to pay off, an emergency fund you’re trying to build, or you could invest it.

The point is that instead of letting small amounts disappear into mindless spending, you put them towards your goals.

And these $1000 start to add up and make a difference in how quickly you get rid of debt, build an emergency fund or how quickly your investment portfolio will grow.

Why read the book then if it’s that simple?

While you can find information about the project in all Canna’s platforms, The $1000 Project book is your one stop shop for how to implement it in your life.

The book will go through for example:

• The story behind the project
• How to set your goals and guidelines for the project
• Ideas on how to generate extra savings
• … and more

What I thought of The $1000 Project book

This book really helped me expand my mindset when it comes to earning, saving and managing money.

I’ve implemented the project into my life since January 2019 and have managed to save $7250 (that is 29 parcels of $250) with this method.

It has helped me clear debt, build an emergency fund and reach other money related goals.

I like that the project can be modified to suit your life. For me for example, I knew I would need quicker wins to keep myself motivated so my target amount is $250 instead of $1000 and it works great for me.

The biggest down side of the book is that it can come off a bit privileged in my opinion.

I have always been a bit of a low income earner, on minimum wage. I have never had the opportunity to be a big spender so I couldn’t cut much out to begin with. I don’t buy lunches or eat out or drink coffees. I also hadn’t really accumulated much things to sell, or due to my location didn’t have the same opportunities for marketing research income for example.

But the book did help me think outside the box, and thanks to lowering the target amount, I did experience the sense of accomplishment when reaching $250 often enough to keep the momentum going.

Now I can’t imagine closing my project account!

Canna Campbell has been a big influence in my money journey (as you may remember in my introduction post) even beyond this savings project. You can find a copy of the book *here for NZ shoppers and *here for international.

Have you heard of the $1000 project before? Have you implemented it into your life? Or would you consider doing it? I’d love to hear in the comments!