Saving 101 Mint Money Audit 6 Month Check-In: Was Ken Able to Attack His Student Loans? Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Mint.com Published Jun 30, 2017 - [Updated Jan 30, 2020] 2 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. Back in December, I had the opportunity to review Ken’s financial profile. He’s an airline pilot who earns about $100,000 a year. At 36 years old, his main financial gripe is that he’s tired of carrying around his $45,000 student loan debt. (Can you blame him?) With ample savings, my advice to Ken was transfer his $5,000 savings bond towards the student loans. After that, double the monthly minimum or $700. This plan would help him become debt free in about five years. I also encouraged him to create some goals and apply his money towards investing in himself or for something fun. After all, he works hard and lives well below his means. Why not put some of that money towards an ambitious goal? I caught up with Ken in between his time in the sky and he reports he’s taken a lot of the advice to practice. Student Loans Getting Squashed Ken’s student loans will soon be history, as he’s upped the monthly payments to $700 or double the minimum required payment. He has yet to transfer the $5,000 from the savings bond to the loan principal due to some doubts. “I liquidated the bond and I like the way that money looks in my savings account,” says Ken. He’s hard-pressed to apply it towards the debt just yet, amidst what he believes to be political and economic uncertainty. Ken’s not alone in his desire to bulk up savings. The U.S. household savings rate has been inching higher since the election. Prepping for Change Ken is also stashing more in savings to prepare for a hopeful job transition. He’s crossing his fingers for a new role within his airline that would move him out to the west coast as his travel base, which may mean he’ll need to rent a “crash pad” for when he’s there and away from his home base of Pittsburgh. “I’m planning for the uncertain…but in a good way,” he says. Ken’s not hesitant to splurge on experiences, too. Per my advice, he’s created a 2017 goal, and has been traveling monthly for pleasure with his new partner. So far he’s been visiting some U.S. hotspots including San Diego, Palm Springs and Charleston, South Carolina. “Travel has given me freedom. I have wanderlust, but I needed the schedule and the money. Now, I have both…and it’s rewarding,” he says. Have a question for Farnoosh? You can submit your questions via Twitter Facebook or email at farnoosh@farnoosh.tv (please note “Mint Blog” in the subject line). Farnoosh Torabi is America’s leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, she’s become our favorite go-to money expert and friend. Previous Post 4 Mind & Behavioral Tricks to Help You Save Next Post Five Steps to Saving Your (Future) Life Written by Mint.com More from Mint.com Browse Related Articles Mint App News Intuit Credit Karma welcomes all Minters! Retirement 101 5 Things the SECURE 2.0 Act changes about retirement Home Buying 101 What Are Homeowners Association (HOA) Fees and What Do They Cover? Financial Planning What Are Tax Deductions and Credits? 20 Ways To Save on Taxes Financial Planning What Is Income Tax and How Is It Calculated? Investing 101 The 15 Best Investments for 2023 Investing 101 How To Buy Stocks: A Beginner’s Guide Investing 101 What Is Real Estate Wholesaling? Life What Is A Brushing Scam? Financial Planning WTFinance: Annuities vs Life Insurance