It’s time for your weekly update on our five ConneXfactor contestants! All of the contestants are doing a great job so far. Not only are they working to improve their financial lives, but they are in the running for a $5,000 Grand Prize and additional prizes of $1,000 and $500. Here is a recap from our contestants’ Financial Coaches on their progress so far.
Contestant: Janet C.
The energy, excitement and influence of the ConneXfactor is spreading!! Janet’s 9 year old has created his own savings goal and has opened a new account just to reach his 5 month goal! With earned money from helping grandparents, friends and doing chores, he is saving a portion of his earnings. In fact, he made his first deposit ever, in person, last week! His mom has always managed his money and money gifts so this is a whole new world for him and he is so excited about it! -Melissa O’Connor, Guilford Branch Manager
Contestant: Cristina B.
Cristina has continued to stick to the budget and action plan that we set when the ConneXfactor competition began. One of the keys to our plan is appropriately and effectively budgeting her bi-weekly paychecks. Cristina uses the money from one of her paychecks to pay for rent, one of her student loans, her credit card, and her cable bill. That allows her to use her other paycheck for the month to pay the rest of her utilities, her other student loans, her auto loan, and any other monthly bills she may have. We have also allotted money from each paycheck to be set aside to help Cristina reach her savings goal. Anyone who is paid bi-weekly receives 26 paychecks a year, meaning they will receive two paychecks a month with an additional third paycheck twice a year. The benefit of building a budget based on two paychecks is that Cristina can take advantage of those third paychecks when they come. Those additional funds can be used for additional savings or to pay down some of her debt. -Troy Cassidy, Branford Branch Manager
Contestant: Robert H.
Robert is on the right track saving for his tools and a down payment on a home using Connex Special Purpose Accounts. Using direct deposit into his accounts, we’ve automated the saving process. We also set up the extra payment to bring the principal down on Robert’s personal loan. Robert is on track to meet his goals that we set in place so far in the competition. -Gezim Stroka, Meriden Branch Manager
Contestant: Susan O.
Susan was able to start putting money into her daughter’s education fund and some money into her emergency fund. With her paycheck this week she wanted to put another large payment on her credit card and to pay it off. So the only thing she will have on there are her rolling monthly payments for gas, childcare, cable, and groceries. She continues to use it just because all those charges add up to reward points. Susan’s proactive activities have been deleting emails!! She is bombarded daily with sale emails from loyalty programs that she has signed up for over the years. Normally she would open them up and shop the sales, now she deletes them to avoid the temptation! She has been finding it hard to avoid buying material for her hobbies. There are a few projects that she hasn’t been working on, but she wants to stay focused on her savings goal. She would like to continue working on them, the only way to make that happen is to find coupons for them. She did go to a travel expo this past weekend with her daughter. She found free tickets through the newspaper and they entertained themselves for the day checking out the exhibits. -Frank Pomarico, Hamden 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!