“Another challenge is not knowing whether to just bite the bullet and pay off my student loans or to continue to pay them monthly.”

Mint Money Audit 6-Month Check-In: How Did Michelle Allocate Her Windfall?

In March I offered some financial advice to Michelle, a Mint user who was struggling with debt, a lack of retirement savings and a bit of family financial drama amongst her siblings.

Michelle was anticipating a cash bonus from her company and wasn’t sure if she should save the money or use it to relieve her debt.

I recommended a two-prong approach where she uses the cash to play savings catch-up in her retirement account and knock down some of her debt, which, at the time, included a $3,000 credit card balance and $52,000 in student loans.

Six months later, I’ve checked in with the 38-year-old real estate developer, to see if any of my advice was helpful and if she’s experienced any shifts in her financial life.

We spoke via email:

Farnoosh: Have your finances have improved over the last 6 months since we last spoke? If so, what has been the biggest improvement?

Michelle: Yes. I’ve aggressively been contributing to my 401(k) – about 50% of my pay – and had hoped to reach the annual maximum of $18,000 by June, but looks like it will be more like October. I also received a $40,000 distribution from a project that I closed.

For more from our follow-up conversation, check out the full post over on the Mint blog.

you might like....

So Money

Ask Farnoosh

“My fiancé has student loan and credit card debt. I’m the breadwinner in our relationship and have zero debt. I’m going to help him pay it off the next few years but how do we prioritize the debt? And what do you think about prenuptial agreements?”

Listen Now
all episodes

So Money

Ask Farnoosh

“Do I take a job opportunity offering $95k, $15k sign on and $81k in stock? Or continue living in Texas making $70k with my husband and daughter? I’d have to relocate my family and my husband would have to look for a new job.”

Listen Now
all episodes