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 third update on our contestant Nick M.
Nick M.: Financial Diligence Pays Off
Coach: Michelle Panzo, North Haven Assistant Branch Manager
I met with Nick several times this month and he is determined to turn his financial life around. Nick is using his mantra of “Do I need this or do I want this?” before making a questionable purchase. So far this has worked for him and he did not buy anything outside of necessities for the month of July. Nick also experienced a new situation for the first time: He had money in his pocket at the end of the week several times during the month! By making weekly deposits into his Connex Special Purpose Account for rent, he didn’t have to scramble at the end of the month to make his payment and was even able to pay it a week early.
One of Nick’s goals was to have an emergency savings account which he began contributing to in June. Having this account proved its importance recently, when Nick’s dog got hurt. He knew the vet bill would be hefty for x-rays and the doggie emergency room. But Nick was able to use the spending money he had saved over the past several weeks, and tap into his emergency account for the rest. He realized if he hadn’t changed his spending habits over these last few months, he would not have been able to pay this bill so easily or would have had to use a credit card -putting him deeper in debt.
I noticed a difference in Nick when we met to discuss his progress – a confidence he didn’t have several months ago. He smiles when he talks about what he’s saved or the changes he has made. I’m looking forward to watching Nick grow and succeed during this challenge; I am already proud of what he has accomplished so far. – Michelle Panzo, North Haven Assistant Branch Manager
Ready to get your financial life in order? 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!