For years, financial planner Canna Campbell has watched women carry shame, fear and confusion around money. But in her new book, co-written with Michael Thompson, she explains how financial freedom isn’t built through perfection or punishing budgets – it begins by changing the way you think, and taking one small step at a time.
Financial Freedom Is Personal
“Financial freedom” is one of those phrases that gets thrown around constantly, but I believe its meaning is deeply personal. For one person, it might mean being able to work part-time; for someone else, it could mean buying a home or simply knowing they can pay an unexpected bill without reaching for a credit card.
For me, financial freedom means having my money working for me so I don’t have to work unless I want to. It is about having choice, stability and independence. The first step is to define what financial freedom looks like for you. Too often, people set goals such as, “I want to be better with money”.
But what does that actually mean, and how will you know whether you’re making progress? Give your goals definition, clarity and detail. If you have $5000 in credit card debt, you might decide that by December 1, you will reduce it to $3000.
You now have a deadline, an exact amount and a clear destination for your money. That specificity creates accountability.
You Are Not “Bad With Money”
Your money mindset is the way you think, feel and behave around money. When you picture your financial future, do you feel excited and empowered, or frightened and ashamed?
Many people grow up hearing things such as, “You’re bad with money”, “You’re useless with money” or “All you know how to do is spend”. Over time, those statements can become part of your identity – but they may not be true.
Perhaps you spent excessively because nobody taught you how to save, budget or invest. Maybe money was never discussed in your family, or your parents lived from pay cheque to pay cheque and you absorbed the idea that financial chaos was normal.
Your past can explain your money habits, but it does not have to dictate your future. Start challenging the story. Who told you that you were bad with money? Why did they say it? Were they good with money themselves? Some of the most powerful transformations happen when we face the things that make us uncomfortable.
I have seen people take difficult childhood experiences and turn them into motivation. They decide, “I don’t want to live like that. I deserve better and I can teach myself a different way.”
Make Money An Act Of Self-Care
Being good with money is an act of self-love and self-care. We understand that moving our bodies, eating nourishing food or spending time outside supports our wellbeing; looking after our financial lives deserves the same attention because financial stress infiltrates almost every part of life.
Ask yourself: what does money represent in my life? What do I remember about money from childhood? What do I respect about the way money was handled in my family, and what would I like to leave behind? What are my five proudest financial moments? How would I like to feel about my financial future? You may discover you are better with money than you give yourself credit for. Saving your first $1000 matters. Opening an investment account matters. Checking your superannuation balance matters.
Rewrite your negative statements in a positive, present-tense way. Instead of saying, “I’m useless with money,” try, “I am learning to manage my money with confidence.” When you approach money from a place of care rather than punishment, the entire process starts to feel different.
Stop trying to fix everything at once
One of the biggest barriers to financial progress is overwhelm. People tell themselves they need to fix their super, review their insurance, begin investing, pay down their mortgage and clear their credit card debt immediately. Stop. You will burn out. Slow the process down, focus on one area and don’t move on until you feel confident. Finishing one task gives you a sense of achievement – and the energy to tackle the next.
My original $1000 Project was built on this philosophy: finding and investing $1000 at a time. That portfolio is now worth close to $400,000. It wasn’t created through one dramatic financial gesture; it was built through small, deliberate actions repeated over time.
A Budget Should Help You Live
I don’t believe budgeting should involve shame, deprivation or an overwhelming spreadsheet. A budget is simply a set of healthy boundaries around your money.
However, a budget on its own is only a piece of paper with good intentions; the cash-flow system behind it is what makes it work.
I use two main accounts. The first is an everyday account, where income is deposited and regular expenses are paid. The second is a financial float account, where I gradually put aside money for quarterly, biannual and annual costs such as insurance, registration, school or sporting fees, birthdays and Christmas.
These expenses are not truly unexpected. We know Christmas is coming, cars require registration and people have birthdays. A financial float allows us to look into our “financial crystal ball” and prepare, rather than being sideswiped and turning to debt. I also believe in spending money.
The point of budgeting is not to eliminate everything that brings you joy; it is to spend intentionally on what you value. I budget for getting my nails done because it makes me feel good. Someone else might value fresh flowers, dinner with friends or a family holiday. There is no universal “right” purchase.
The question is whether it gives you lasting value or a fleeting dopamine hit. And if something no longer fits within the budget, I’m not ashamed to say, “I can’t do that right now.” A budget must be fluid because life changes. Adjusting to rising costs, family needs or setbacks is not failure – it is responsible financial management.
Don’t Compare Your Finances
Social media is one-dimensional; it doesn’t reveal what is happening behind closed doors. The person enjoying a luxurious holiday may have saved for years, inherited money or made sacrifices you cannot see. They may also be drowning in credit card debt or living from pay cheque to pay cheque to maintain that lifestyle. You don’t know the full story.
Comparison is the thief of joy, so bring the energy back to yourself. What do you want? How long are you willing to save for it? What will you sacrifice along the way, and is it something you truly value? Money does not necessarily buy happiness, but it can help you build a life that makes you happy.
Authentic wealth is found in loving relationships, time and the ability to make choices on your own terms. It might mean reducing your working week because your finances give you that freedom, or simply being able to slow down and be present.
Look Beneath Your Spending
Spending can sometimes mask a deeper emotional need. After I had my son Rocco, I experienced severe postnatal depression and went through a period of shopping far more than usual.
Eventually, I asked myself what was really happening. I realised that when I entered those stores, I was temporarily removed from the exhaustion and mess of caring for a baby – another adult spoke to me kindly and I felt nurtured.
That feeling – rather than the clothes themselves – was what kept drawing me back. Once I understood the need beneath the behaviour, I could begin finding that care within myself instead of chasing it through another purchase.
Decluttering can offer similar insights. When you fill a bag with barely worn clothes, don’t simply remove them and continue shopping in the same way.
Ask why you bought them. Were you chasing a fantasy life or looking for an emotional lift? The goal isn’t minimalism for its own sake; it is to stop wasting money on things that add noise rather than value.
Protect What You Are Building
Financial freedom is not only about saving and investing; it is also about protecting yourself from the things you cannot predict.
Emergency savings can prevent a broken phone, medical bill or urgent repair from becoming credit card debt. Income protection insurance may provide part of your income if illness or injury prevents you from working, although policies, eligibility and structures vary.
Your ability to earn an income is one of your greatest financial assets. Without it, paying the mortgage, buying groceries and continuing to work towards your goals becomes much harder. Superannuation also deserves your attention.
It is not simply money for “one day when you’re old”; it is an investment portfolio that may become one of the largest financial assets you own. Check where it is invested, understand the fees and consider whether the strategy suits your timeframe and comfort with risk. The earlier you engage with your super, the more opportunity you give that money to grow.
Start With What You’re Avoiding
If you feel overwhelmed, choose the single financial task you have been procrastinating on most. Complete your budget, check your debt, open your superannuation account, find out how much emergency money you have, review an insurance policy or make an appointment with a qualified adviser if you need help. Most of the time, the task is not as frightening or confusing as you imagined.
Even if the number is not what you hoped, you will have replaced uncertainty with clarity. That feeling of progress becomes your dopamine hit, and momentum begins. Nobody is perfect with money – including me. I make mistakes and procrastinate, too.
The difference is that I don’t beat myself up; I ask, “What can I learn from this, and how can I avoid making the same mistake again?” Financial freedom does not begin when you reach a particular number. It begins the moment you stop hiding, start paying attention and take responsibility for creating the future you want.
This is an edited extract from Twelve Months to Financial Freedom: Take Control of Your Money One Month at a Time by Canna Campbell and Michael Thompson (Allen & Unwin, $34.99), out now.
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