Finding the Right Financial Balance: ConneXfactor 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 our September update on Adrienne D.

Adrienne D.: Finding the Right Financial Balance

Coach: Tameeka Lockwood, New Haven Branch Manager

Adrienne has managed to achieve her savings goal for this month.   She was able to do this by exercising a little creativity with free or inexpensive alternatives.  For example – as the summer was winding down, she found multiple ways to keep her younger daughter entertained without breaking the bank.  Adrienne took advantage of free activities like going to the library and visiting local parks to cut down on spending and stay on track with her savings goals.  Cooking at home more often has also helped her to save a sizeable amount.  Eating out frequently was one area that was literally eating a hole in Adrienne’s budget, so she has become more mindful about her food expenditures.  She also puts more thought into her spending habits when it comes to traveling, as this was her other big budget-buster.adrienne D

Though Adrienne is significantly cutting costs in order to prepare for the future purchase of her home and to be financially independent, she realizes that balance is key with finances – just like with anything in life.  Enjoying an occasional evening out on the town is not a bad thing, and can even be appreciated more when it’s not a regular occurrence.  Making sure it has been allocated for in the budget is the first step.  It’s not fun to realize you went over budget in order to have fun!

She has also successfully enrolled her older daughter in college.  This is another expense she will be closely monitoring.

As a single mom,  Adrienne is working hard to maintain a balance between what must be done financially and what she loves to do – which would at times be very costly.  She is keeping her eyes on the prize though, which is purchasing her first home.  Throughout the challenge, she has remained steadfast in saving for this major goal.  – Tameeka Lockwood, New Haven Branch Manager

Looking for ways to make the most of your budget? 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, Money Saving Tips

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