For 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 first update on Christine C.
Christine C.: Hitting the Ground Running with Finances
Coach: Kerry Perrotta, Guilford Branch Manager
I’m happy to say that everything is falling into place with Christine and our overall goals to help her and her family become more financially prepared for their future. Christine just finished setting up her UTGMA (Uniform Transfer of Gifts to Minors Act) accounts to start saving for her children’s educational funds. Starting May 1st, we will have automatic deposits coming in to these accounts from her business payroll account. We are excited to see the college savings start to accumulate for the children!
Christine will also sit down with a Connex financial advisor next week to combine all three of her retirement accounts into one account. Once this is accomplished, she can closely monitor and start contributing to her retirement again on a monthly basis – something that has been an afterthought for her over the last few years. We should have that all squared away in the next month or so.
On another note, Christine is in the process of finding out exactly what she needs to do to bring her life insurance policy up to date and start contributing again. She is also in the beginning of a refinance process that will hopefully help her and her husband, Robert, save over $1000 a month on their mortgage by lowering their current rates significantly.
This has been a very productive first month for Christine and her family regarding their financial wellness. Stay tuned for more positives in our next update!
Do you need help on saving for your child’s education, building your retirement nest egg, or lowering your mortgage payment? 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!