How to Build an Emergency Fund – ConneXfactor Update

X-factor logo (3)

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

  1. Create a budget and figure out your cash flow
  2. Think about your financial priorities and see what expenses you can trim
  3. Start an automatic transfer into a separate savings account
  4. 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.

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Posted in Community Outreach, Contests and Promotions, Financial Education, Improve your life, Money Saving Tips
One comment on “How to Build an Emergency Fund – ConneXfactor Update
  1. orams says:

    Reblogged this on Lil Miss Penny Pincher and commented:
    Sometimes trying new things can be scary. But you will never know until you give them a go. Cutting Ham’s hair saved me a bunch at a salon. Besides if you mess up it makes for great stories when they are older and its only hair!

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