New Haven Register Tracks Progress of 2009 Connex Savings Challenge

On July 23rd, the New Haven Register Newspaper wrote a great article tracking the progress of the 2009 Savings Challenge families at the halfway mark. Click here to read the article.

A Little Patience Goes a Long Way

Patience is a virtue. I’ve heard this repeatedly throughout my life. I tell my kids constantly, “If something is important, it is worth waiting for.” It could be anything—a toy, a person, recognition for a job well done, a phone call or just waiting for the right time to say something.

Usually with patience comes work, like earning money for an item, being diligent at work or biting your tongue so you don’t say the wrong thing. As a parent, I have a difficult time being patient with my children. Not so much in a disciplinary way, but in a learning way. Watching them struggle with something and not jumping in to help them is difficult for me. However, seeing them solve a problem on their own is gratifying to me and a great achievement for them.

You need to have patience in the Savings Challenge. Change takes time. Little by little I am seeing results of the plan that we have implemented. Our credit card balances have dropped substantially. I’m anxious to see the balance every month because I know we haven’t made any new charges. Only credits for payments made should show up on the account. It’s taken a few months, but I’ve been patient and now I see the results of our efforts.

As with many people, our daycare expenses tend to increase during the summer. Since the beginning of the challenge, we started putting money aside each week to prepare for this. When I walked into the daycare and handed them a check that covered several weeks, I was so proud. As a matter of fact, the administrator mentioned that this year more than ever people are commenting about how difficult things are financially. She asked me for information about our savings tools and tips to share with other parents.

At times, we are faced with unexpected car repairs or an appliance that needs to be replaced. Do we always have the money put aside? Not usually, but now I don’t panic. I know that even if we use our savings for something other than what is was intended, in time we can build it back up again. So, I don’t get defeated. I get patient.

I am very proud of my family for being patient with the changes we have been making. In the beginning, it wasn’t easy to live by a set of rules that restricted us. Having enough patience to follow the plan has allowed us to see the benefits. Pizza night and movie night may happen less often, but having the patience to wait for them makes it more special.

How was your experience saving for any large purchases or upcoming expenses?

–Lori Roche

This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit http://www.connexcu.org.

We are turning to you to name our new high interest-earning checking account!

Enter to win the Unbank – Unnamed Checking – Naming Contest! Win $1,000 to be credited into a new high interest checking account!* Entries are due by July 30, 2009. To enter go to WPLR.com, STAR999.com or 943WYBC.com.

Click here for official contest rules.

*Winner must be eligible to open a Connex checking account and maintain it for at least 180 days following the contest.

How Falling for Credit Myths Could Land You in a Deep Ditch of Debt

Having great credit scores doesn’t ensure a great financial future. I used to think all people who made a lot of money and paid for everything in cash had perfect credit. Boy was I way off! Read the MSN Money article “Great with Credit, Lousy with Money” to learn about three credit myths that could hurt you if you fall for them.

Have you ever believed or fallen for any credit myths? Were you ever confused about what a credit score is or how it affects you?

- Annette
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