SkilledSmart: Mom, 32, saves $100k and pays ‘half her mortgage’ in just five years

A mother who felt she didn’t know what she was doing with money or how to manage her money saved $100,000 and paid off half her mortgage in just five years, and described the experience as ‘life changing’.

Pharmacist Sandy Gokal, 32, from GoalShe says that growing up, money was not something that was ‘openly discussed’ at home with her parents, and that by her 20s, she had little experience in managing her finances. enough money.

However, all of this changed after he completed his online financial education program after getting married and buying a house.

Now, five years later, Sandy and her husband have six investments, have saved $100,000 and paid off half of their mortgage.

Sandy has also tripled her super money balance.

A mother who felt she didn’t know what she was doing with money or how to manage her money saved $100,000 and paid off half her mortgage in just five years (Sandy Gokal photo)

Sandy says she realized she had to change her attitude toward her finances when she turned 20 and her financial responsibilities:

‘Growing up, money wasn’t something my parents talked about openly,’ he told Daily Mail Australia.

‘They said it was important to save money, but that was it. Investing is a very different world to me. I didn’t know it was something ordinary people like me could do.’

He added: ‘By the time I was 20, I had just got married and we bought a piece of land together.

‘Even though we’re not bad at saving money, now I have this huge mortgage and I don’t know what I’m doing with my money. It was very sad.’

Sandy (pictured) says she knew she had to change her attitude about finances when she turned 20 and had financial responsibilities like a mortgage to pay.

Sandy (pictured) says she knew she had to change her attitude about finances when she turned 20 and had financial responsibilities like a mortgage to pay.

Sandy stumbled SkilledSmart’s online financial education program, Mastering Money.

SkilledSmart is a financial education platform for adults that teaches money and personal finance founded by Paridhi Jain, when she realized that many Australians unable to afford a financial advisor.

The Mastering Money online program covers all the basics of financial planning including budgeting, investing, superannuation and more.

‘For the first time, I felt I understood my money and it was very encouraging and exciting.

‘I need something useful and suitable for beginners as I have no experience in finance,’ said Sandy.

‘I found the Mastering Money course and it looked good. Within a few weeks, I already knew that my life would change.

‘For the first time, I felt like I understood my money and it was very empowering and exciting.’

He added: ‘It’s not just the general budget but it also goes into topics like superannuation, investments and taxes and it breaks everything down in a simple, step by step, and in a practical way so that I can use it in my real life right away’.

Sandy’s tips for women trying to save more money

1. Pay attention to the little things: It’s like that, but the little things add up over time. Once he began to worry more about his financial future, he found that he began to think twice about whether he really wanted to spend money on something or if he would rather leave it for his future.

2. Create a simple system to manage your income and expenses: One thing Sandy took away from the program was a clear structure in organizing her accounts in a way that made saving money easier. Otherwise, you can spend a lot of energy trying not to spend money but still not seeing the change in your bank balance, which can be annoying.

3. Clarify your goals and values: The program made Sandy clear about her goals and priorities, and when she had that clarity she was more motivated to invest in the things she cared about. It’s not motivation if you’re just saving for the sake of saving, without knowing why.

Sandy (pictured) has invested thousands in exchange-traded funds (ETFs), and has tripled her superannuation and paid off half her mortgage.

Sandy (pictured) has invested thousands in exchange-traded funds (ETFs), and has tripled her superannuation and paid off half her mortgage.

Sandy says she immediately saw results from the course, and within a few months thousands had already been saved.

Better yet, she gained the confidence to save her first $10,000, ‘top up’ her superannuation by making voluntary contributions and start paying down her mortgage early.

They now have thousands invested in exchange-traded funds (ETFs), which are listed on the Australian stock market.

Sandy says she did this even though neither she nor her husband are what are commonly referred to as ‘high people’.

Having just given birth, the mother said she wanted to pass on the skills to her son:

‘I’m glad I have the skills to give my son the financial education I didn’t have growing up,’ he said.

‘I will have open discussions about money, teach them how to start investing and practice good behavior from a young age.’

Paridhi Jain (pictured) is the founder of SkilledSmart, an independent financial education organization that helps adults learn to save and manage their money.

Paridhi Jain (pictured) is the founder of SkilledSmart, an independent financial education organization that helps adults learn to save and manage their money.

Sandy shares three tips that she believes have helped her achieve her big financial goals in just a few years.

Investment is the key to wealth creation

First is investing which is very important in building wealth.

Before the program, I didn’t really understand how to use money to create wealth through investing, or what it was. ‘in terms of investing, or how it will contribute to my financial future,’ said Sandy.

‘I found the idea of ​​investing scary because it seemed complicated and risky.’

But during the program, the 32-year-old learned that it is ‘important’ to invest your money in order to build real wealth, and ‘a big impact that can have on my future’.

He said, he now understands that investing is like ‘quick-finding’ your ability to create wealth; otherwise, you’ll be working for a long time without feeling like you’ve made any progress.

Managing your retirement savings from an early age is important

The second lesson he learned is the importance of controlling your super.

Before the program, I didn’t think much about my superannuation. It was just something my boss did to make a contribution, and it was legal,’ said Sandy.

‘But through this, I woke up to the huge contribution that can be made to my financial future and that using the interest in it can make a big impact on the balance I end up with retirement.’

Sandy said she realized superannuation was a form of savings, so she started making voluntary contributions. His balance has now tripled.

One of Paridhi's lessons (pictured) aims to teach you that anyone can learn to be good at money - and you don't need a finance degree to be successful.

One of Paridhi’s lessons (pictured) aims to teach you that anyone can learn to be good at money – and you don’t need a finance degree to be successful.

Anyone can learn to be good with money

Finally, he said he realized that anyone can be good at money – you don’t need a finance degree.

‘At first, I’ll change the channel as soon as the budget comes out, or have a conversation when people start talking about it. It was boring and difficult.’

But now, the mother says she feels in control of their family’s finances and manages them well.

‘With a little effort and guidance, anyone can learn to be good with money.’

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

For more financial information, you can get a free e-book on Five Money Mistakes Costing You Thousands through websiteand follow it Instagram.

Leave a Comment