For the next five months, Connex Credit Union will work closely with each participant to see who can become the most financially fit. Each contestant has been paired with a Connex financial coach who will offer real-world advice on how to reduce debt, how to save more, and many other helpful financial tips and advice. Connex received over 100 applications for the ConneXfactor competition! Let’s meet the five ConneXfactor superstars who are competing for a $5,000 grand prize!
Our 5 Finalists Are:
Every week, each contestant will talk with their Connex Coach to help them stay on course and make any adjustments.
Coach: Gezim Stroka, Meriden Branch Manager
Robert and I have established a Special Purpose Account for him that will be used to help him save for a down payment on a home. We also established another Special Purpose Account to help Robert save for tools. By switching Robert’s full Direct Deposit to his Connex account, we are able to automatically deposit funds into his Special Purpose Accounts. In addition, we increased the amount Robert was paying on his Personal Loan to bring the balance down faster. Robert is on a great path to save money with Connex and we plan to win the ConneXfactor competition! –Gezim Stroka, Meriden Branch Manager
Coach: Troy Cassidy, Branford Branch Manager
Cristina and I met to construct a cash flow analysis to see where her money was being spent with her current budget. We then drew up a new budget that would allow her to reach the goals that she has set for the competition. This new budget included additional money being paid to her credit card each month, and a specific amount of money being set aside into a savings account each time she receives her paycheck. Cristina has already made her first savings deposit, and she is sticking to the rest of her budget so that she can afford to pay down her credit cards. –Troy Cassidy, Branford Branch Manager
Coach: Frank Pomerico, Hamden Branch Manager
A cash flow was completed to see what Susan had left for available cash after expenses every month. We established a weekly goal for savings and a goal for saving for her child’s education. Two Special Purpose accounts were opened titled “Child’s Education and Emergency Fund.” Each account will be funded weekly, this will help keep track of her progress. Susan’s pay period works out where she will be getting paid 3 times in May and this will allow her to pay a larger chunk toward her credit card. Her target goal for the month is to pay off her credit card and apply what she was paying on that bill toward her savings going forward. She generally does not eat, out but she is now not eating out at all. She is also cutting back on her hobbies, reducing her gas consumption and redeeming her bottles and cans. Overall, Susan is keeping track of her spending on a budget so she has a full picture of everywhere her money is going. –Frank Pomarico, Hamden Branch Manager
Coach: Melissa O’Connor, Guilford Branch Manager
As the first week of the ConneXfactor journey begins, Janet realizes that this is more than just about saving money, it’s a lifestyle change. Janet spent the past few years buying anything she wanted for herself or son. Janet has her fair share of outdoor toys from kayaks to mountain bikes to camping gear. She also traveled to Florida several times in the last 4 years to visit family. Both she and her son have definitely lived and enjoyed it! However, Janet now realizes that if something were to happen to them (knock on wood), they wouldn’t be financially prepared. There’s no better time to switch gears and to start building their nest! For Janet, the hardest part of the savings journey will be reinventing her self-discipline. Yesterday when she was dropping off her son at school, he said, “Wow, Mom, you have so many greys showing!” – just the thing she wanted to hear in her early 30s! But instead of picking up the phone to schedule color at the salon, Janet is embracing nature and making new healthy financial habits! –Melissa O’Connor, Guilford Branch Manager
Visit ConneXfactor.com – Check back every week for a new update on how our contestants are doing!
Connex Financial Advocates are here for you to help improve your financial life. You can work with our Financial Advocates to make a personalized plan for your finances. Get started today right online and we’ll be in touch!