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 second update on our contestant Paul S.
Every week, each contestant will talk with their Connex Coach to help them stay on course and make any adjustments.
Paul S.: Beating a Financial Setback
Coach: Gezim Stroka, Meriden Branch Manager
Last month, they had an unexpected expense when their car broke down, causing them to spend over $1,000 for repairs. Unforeseen challenges like this underscore the need to have an emergency savings account, which we established at the beginning of the competition. They have been diligently allocating funds to this account on a monthly basis, helping them cultivate the savings habit. Hopefully, Paul and his wife won’t have to experience another major unexpected financial challenge such as this, but it’s always good to be prepared with a plan just in case.
Even with this financial setback, they are still able to stay within budget by continuing to buy food in bulk, purchasing less toys for their children (and making a conscious effort to look for less expensive ones, when they do buy), and cutting down on car trips that aren’t necessary. These lifestyle changes have been making a noticeable improvement in their finances. It’s a great feeling trying to decide what to do with extra money, than wondering IF you’ll have the money in the first place! They have been using these extra funds to pay down their credit card debt, and set more money aside.
In the summer, Paul will also be picking up a second job that will allow him and his family to create another stream of income and exceed their goals.
So far, Paul and his wife are on par with achieving their goals due to their commitment to the process. Their confidence has grown and they are excited to see their financial situation improving every day! – Gezim Stroka, Meriden Branch Manager
Looking at your own financial situation, what lifestyle changes could you make today to cut expenses and save more money?