ConneXfactor is a competition between four Connex members as they work with Connex Coaches to reach their financial goals. While everyone has different financial goals in life, it is important to have an emergency fund as a safety net – the unexpected can happen! See what the ConneXfactor contestants are doing to reach their goals and prepare for a better financial future. There are some great tips in here that just may help you build your emergency fund!
Robert H. – Adjusting to his new salary
Robert has done amazingly well at managing his finances given all of the hurdles he has faced changing jobs. We recently sat down and made minor adjustments to his cash flow and budget to account for a smaller salary. Despite the challenges, Robert has been able to keep his bills paid and contribute toward his ConneXfactor goals. –Gezim Stroka, Meriden Branch Manager
Cristina B. – Negotiating on cable companies to save more
This past week Cristina spent some time looking at her monthly bills and seeing if she could save any money. Cristina called her internet and cable provider to see if there were any bundles that would save her money. The time that Cristina put into those calls helped her save a little extra money each month without having to change anything. That extra money has helped improve her budget and allowed her to keep paying down her credit card debt and saving for her future. –Troy Cassidy, Branford Branch Manager
Susan O. – Paying off credit cards and earning points
Susan is great at finding creative ways to save money. She cut her daughter’s hair herself saving about $20 on taking her to the salon, and her daughter loves it! Susan continues to pay off her credit card each month, just charging monthly bills to earn extra points. On rainy days, she has been making good use of her Amazon Prime membership and watching movies at home instead of going out. –Frank Pomarico, Hamden Branch Manager
Janet C. – Using a debit card instead of a credit card
Janet has stopped using her credit card in an effort to get her balance down and support her goal of paying it off as soon as possible. Janet is using her Connex Debit Card to pay for items directly instead of charging them to her credit card. A debit card it is a great way to keep track of her spending, pay upfront, and not owe more on a bill. Janet has become meticulous about logging her activity in a check register the good old fashion way. Janet has found this shift in habits to be very helpful and effective. Janet is working hard towards her goal of paying down her credit card balance and is making visible progress in the short time that she has been participating in the ConneXfactor. –Melissa O’Connor, Guilford Branch Manager
How to Build an Emergency Fund
- Create a budget and figure out your cash flow
- Think about your financial priorities and see what expenses you can trim
- Start an automatic transfer into a separate savings account
- Don’t spend any of this money…unless it’s an emergency
Remember, your goal should be enough to cover at least 6 months of all of your expenses – if not more.
How Connex Can Help
Connex Financial Advocates are here to help. We will sit with you one-on-one to help create a plan and a budget to reach your financial goals. Together, we’ll help guide you to where you want to be. Stop by any branch to get started today.