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 Frances B.
Frances B.: Envelopes=Saving
Coach: Frank Pomarico, Hamden Branch Manager
Frances continues to make great strides in consistently saving money. Having funds automatically deposited into her special purpose account on a monthly basis makes saving easy, and helps her monitor the progress in building up emergency funds. Frances and I have also revisited the budget line items to determine a comfortable amount that she can contribute to her retirement plan.
The envelope system has been working well for Frances, as she is able to set aside cash – in separate envelopes – for paying expenses within her monthly budgeted parameter. In particular, her credit cards and student loan debts are what she is focused on paying off quickly. She has made a commitment to increase payments on these two expenses. – Frank Pomarico, Hamden Branch Manager
Do you have a unique system that helps you budget for monthly expenses? If so, tell us in the comments below!