For the next five months, Connex Credit Union will be working closely with five participants to see who can become the most fiscally fit to win a $3,000 grand prize. Each participant has been paired with a Connex Financial Advocate who will offer real-world, practical advice on how to reduce debt, build savings, and many other helpful financial tips and advice. Connex received over 140 applications for the second annual ConneXfactor competition! Below is the first update on our contestant Frances B.
Frances B.: Making Every Dollar Stretch
Coach: Frank Pomarico, Hamden Branch Manager
Frances and I recently completed a Cash Flow and budget analysis. We reviewed monthly expenses and carefully noted every line item and the associated dollars allocated. We determined a set amount she can save each month and established a Special Purpose account titled Emergency Savings, so she can keep track of how much she is putting aside. We also reviewed her credit report and designated a specific amount that would go toward paying down her debt.
Getting paid once a month is a struggle, making it a little more difficult to budget, save and make every dollar stretch. Utilizing an envelope system where there is an envelope labeled for each expense should help. Also, transportation expenses are another struggle as Frances commutes a significant distance from home to work. We are looking at ways to reduce her transportation costs.
Because of life circumstances and college expenses, Frances was not able to take advantage of her retirement options. We are exploring ways for her to start to contribute and save toward her retirement. Stay tuned! – Frank Pomarico, Hamden Branch Manager
How do you make the most of every dollar you earn? Post your tips below!