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 fourth update on our contestant Paul S.
Paul S.: Finding ways to increase the bottom line
Coach: Gezim Stroka, Branford Branch Manager
Things are looking good overall for Paul and his wife. So far, they are meeting every goal established at the beginning of the competition.
Their savings are definitely piling up, and they are excited to race and finish ConneXfactor on a strong note. Their dedication to putting money aside is paying off (literally!). Since we couldn’t refinance their credit cards at the beginning of the competition, the Skoras enrolled in a debt consolidation program. Paul was able to consolidate all of his credit card debt, and now has a much lower monthly payment. This was a tremendous help to their bottom line as it has freed up some cash to be used towards accomplishing other important financial goals.
Another exciting update is that Paul’s wife has decided to go to school and get her LPN certificate. She will do this in addition to working her full-time job, so their financial obligations will not be affected negatively. Receiving this certification will increase their household income by $1,000.00 extra per month. The course will go on for the next 22 months and will be intense, but they are committed to finishing it.
They continue to keep their expenses low by shopping at local stores that have sizeable discounts, and reducing long car trips to save on gas. Paul and his wife were also able to cut their cable and TV bill in half recently, adding even more money to the budget. All it really takes is a little research on what local providers are offering, and making a few phone calls to negotiate a better package and rate. You’d be surprised at what you can save when you are proactive about decreasing expenses wherever possible!
The Skoras are in a good place financially, due to their drive and creativity with money management. I look forward to reporting what they come up with next! – Gezim Stroka, Branford Branch Manager
Do you need help with adding extra funds to your bottom line? 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!