Start with the End in Mind: ConneXfactor 2016

X-factor logo (3)

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 third annual ConneXfactor competition! Below is our April update on Ruth C.

Ruth C.: Start with the End in Mind

Coach: Lamar Weaver, Hamden Assistant Branch Manager

Ruth and I have met for three sessions so far and each of our meetings has been very productive and exciting. Together, we generated a plan that will help Ruth realistically achieve her financial goals.  Becoming credit card debt-free is highly important to Ruth, and she will be able to attain this milestone within two years (or sooner!) according to what we worked out.ruth-c

Substantially increasing her savings is another goal Ruth has set.  We established a systematic savings plan that includes a special purpose account (SPA) that is being used to build her emergency savings and she has a Save to Win prize-linked account that is dedicated to her mortgage down payment.  One money-saving strategy Ruth has adopted is to decrease her breakfast and lunch spending habits, which she has done successfully so far by brown bagging and only purchasing breakfast once a week. The second strategy being used is a Connex Credit Union credit card consolidation loan. The consolidation loan is saving Ruth a ton of money on the credit card interest rate, which was pretty high.

I’m happy to report that Ruth is strategically monitoring her spending and is remaining on target, steadily saving towards her emergency and new mortgage savings accounts.  It all starts with having a final destination in mind for where you want to be, and creating a roadmap for how to get there!

Do you need a little help on determining what your financial goals should be at this time in your life? 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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Improving the lives of our members... one member at a time.

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Posted in ConneXfactor 2016

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