SkilledSmart: Woman who went from broke to paying debt and saving $10k shares money lessons

By William On Jan 30, 2023

A woman who found herself broke and in debt after staying single at age 50 has revealed how she paid off her debts and saved $10k in nine months.

Australian Jacqueline said she had never been responsible with money when she was younger, but starting out on her own at 50 meant she had to take charge of her own finances for the first time to pay off her debts.

Just nine months after discovering the Mastering Money online financial education program, Jacqueline had paid off her $10,000 credit card debt and accumulated $10,000 in savings.

“Honestly, before taking the course, I wasn’t sure if I would ever be able to get out of debt, let alone be financially secure enough to retire or buy a property one day,” Jacqueline told FEMAIL.

“I was afraid that it was too late for me and that those things just weren’t possible.”

Jacqueline added: ‘I have never felt more in control of my money than now. Now, I’m really excited about my financial future.’

A woman who found herself broke and in debt after staying single at age 50 has revealed how she paid off her debts and saved $10,000 in nine months (Jacqueline pictured)

Just nine months after discovering the Mastering Money online financial education program, Jacqueline had paid off her $10,000 credit card debt and managed to amass $10,000 in savings (founder Paridhi Jain pictured)

Jacqueline ran into ExpertIntelligentMastering Money’s online financial education program, when she knew she needed to do something different so she could save for her future.

SkilledSmart is a financial education platform for adults to learn about money and personal finance founded by Paridhi Jain, after realizing that most Australians couldn’t afford a financial adviser.

The Mastering Money online program covers all the basic financial planning topics, including budgeting, investing, retirement, and more.

Jacqueline said at the time that she worked two part-time jobs and felt she never earned enough to make significant contributions to her savings.

But all this changed when he took the course and he began to have more confidence to put more money to pay off his debt.

“One of the things that made a big difference for me was learning the processes and systems to organize my money, track my spending, and gain visibility into where all my money was going,” Jacqueline said.

‘Before, I didn’t feel like I had any control over my money, I didn’t know where it would go. It felt like money came in and then just disappeared and there never seemed to be much left over.

‘I remember doing the exercises in the course and seeing for the first time how much I was spending and where it was all going. It was a bit of a shock.

She said that with some conscious tweaking, she was quickly able to save $200 a week.

The top three money lessons Jacqueline has learned

1. Track your spending and know where your money is going: Jacqueline said her main lesson is that you need to track your spending to see where and how you’re spending. When she started writing down what she was spending, she could see where she could cut back and soon she was down $200 a week.

2. Pay yourself first: Jacqueline started to ‘pay herself’ first, so she would take out a certain amount each month and divide it by four, and then that was what she had to spend for the week. When that money was gone, that was it. This taught him to manage her money.

3. Don’t be afraid to ask for help: Finally, she said she had to get over the fact that she might be embarrassed to ask for help at age 50. She said that she went through the Mastering Money course with her eyes wide open and that she asked questions all the time, saying that’s the ‘only way to learn’. She said that she should also be open to changing her money mindset, as this is what will give her the ability to save and invest for her future.

Jacqueline (pictured), who has since bought a car and a vacation, said there are three main lessons she’s learned, including tracking your spending and paying yourself first.

Three months after taking the course, Jacqueline said she had paid off her debt and then took another six months to increase her savings by $10,000.

“I’ve learned a lot from doing the course, but there are three main lessons,” he said.

‘The first is that you have to keep track of your expenses and be clear about what you are spending your money on.

“That way, you can be aware of opportunities to reduce or improve your spending habits.”

The second lesson that Jacqueline said is that you have to “pay yourself” to know exactly how much money you have to play with:

“With the program, I learned to pay myself basically every week,” he said.

‘I was like my own employee. Each month he would withdraw cash from an ATM and divide it into four. So that week I would have that money in my wallet and that was what I was allowed to spend. When he left, that was it.

SkilledSmart is a financial education platform for adults to learn about money and personal finance founded by Paridhi Jain (pictured), after realizing that most Australians couldn’t afford a financial adviser.

Finally, he said you should never be ashamed to ask for help or admit you’re a novice, because fears often keep people from asking for the help they need to understand their finances.

Everyone has to start somewhere. You can only move forward from where you are,’ Jacqueline said.

‘I don’t let my age stop me. He knew I needed the help, so I wasn’t too proud to sign up for a program, nor too embarrassed to ask a lot of questions. This is how you learn.

Now, he continues to live debt-free and save, and has managed to afford a car and a vacation.

‘It can be daunting when you’re older, but I’m amazed at the progress I’ve made in just a few years. It started with a willingness to learn, ask questions and take one step at a time,” he said.

Paridhi Jain is the founder of SkilledSmart, an independent financial education platform that helps adults learn how to save and invest their money.

For more money tips, you can get a free eBook on Five Money Mistakes That Cost You Thousands through his website and follow him on instagram.