Our ConneXfactor contestants are more than three weeks into their plans, working with their Connex coach and improving their financial lives. Every day there is a new lesson to be learned about budgeting, saving and preparing for the future. Our contestants are learning that they must make a plan and follow it to reach their goals. Let’s see how they’re doing so far…
Robert is doing well and sticking to the set plan on his goal to save for a down payment on a home. He is also remaining diligent about paying down his personal loan and saving for mechanics tools. In order to meet his goals, Robert has been buying food in bulk and making all of his meals. Even his daily coffee is brewed at-home for pennies instead of spending $2-3 a day at the coffee shop. –Gezim Stroka, Meriden Branch Manager
This past week Cristina hit one of her first hurdles of the competition. She had work that needed to be done on her car and the expenses ended up being higher than she originally anticipated. Cristina had been setting money aside for this maintenance so that she could cover the cost, but the higher cost left her short of funds. One of Cristina’s main goals over this competition was to significantly pay down her existing credit card debt, and we wanted to avoid racking up more credit card debt to pay for the work on her car. Her solution was to use some of the money that we set aside in her budget for miscellaneous expenses and extra savings. This allowed Cristina to adjust her budget this month to cover her unexpected expenses while still sticking to the main goals that we set when the competition began. Cristina has been doing a great job of following the budget that we created and making steps each week to reach her goals. –Troy Cassidy, Branford Branch Manager
Susan has a good start on her daughter’s education and her emergency funds. She is continuing to delete sales 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 had a contest with a friend of hers to see who can get the better deals on coupons and who can top the other with saving money. –Frank Pomarico, Hamden Branch Manager
Preparation is key! Knowledge is power! This week Janet was feeling like the budget was running tight with more time left in the month needed to stretch her pay. One great tip she is following is to track spending. Janet came prepared for our meeting this week with a log of everything she is spending. We referred back to her budget and our projected cash flow to check in on our plan. We were thrilled to see that we actually had allocated enough in her budget to get through the month as projected. Once you have a handle on what is coming in and what is going out you really can set a realistic plan. Janet has been great about making helpful cutbacks including more cooking at home and limiting eating out. Basic changes like this can really save money. Janet is relieved to know that she is on track and taking charge of her financial life! –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!