Dealing with Unexpected Expenses – ConneXfactor May Update

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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 Adrienne D.

Coach Updates

Every week, each contestant will talk with their Connex Coach to help them stay on course and make any adjustments.

Adrienne D.: Dealing with Unexpected Expenses

Coach: Tameeka Lockwood, New Haven Branch Manageradrienne D

Adrienne is very interested in saving money for emergencies, her daughter’s education and retirement. She was unable to meet her May savings’ goal because her daughter, a senior in high school, was invited to two proms and needed the extra money to help her daughter with these special events. As a result, we created a plan for Adrienne to save extra in June to make up for the savings she missed in May. One change she plans on making is not eating out as much as she loves to.

Adrienne is also in the process of purchasing a home. Home ownership will add new expenses, as well as unexpected expenses. Creating an emergency savings is critical for managing through unanticipated times with less financial stress. Once Adrienne is all set with her home purchase, we will again review her outstanding debts and see about consolidating them into one low monthly payment.

At the company Adrienne works for, they do not offer a 401k Retirement Savings Plan. She realizes that saving for retirement should begin as soon as possible. (Her daughter should begin saving for retirement with her first job after education – it’s never too soon.) We are looking to open a Roth IRA for her in June.

Financial plans need to be reviewed and updated at least twice a year — more often with life-changing events like buying a home, a new child or marriage/divorce. With Adrienne we updated the plan to save more in June to make up for May’s missed savings and we will review the plan again after the purchase of her new home. Check back with us in June and see how Adrienne’s doing!! – Tameeka Lockwood, New Haven Branch Manager

Join our ConneXfactor contestants and let our Financial Advocates work with you to create a financial plan and a budget to help you achieve your goals. Stop by any branch or get started online today.

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Posted in About Our Branches, ConneXfactor 2015, Contests and Promotions, Financial Education, Improve your life, Uncategorized

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