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 update on Ruth C.
Ruth C.: Staying Prepared for Emergency Expenses
Coach: Lamar Weaver, Hamden Assistant Branch Manager
Ruth and I have had two more meetings since my last blog post, and the road to success has been rather bittersweet so far.
Ruth experienced a family emergency that required her to travel out of state, which resulted in a few unexpected expenses. Thankfully, we created the Emergency Savings account for situations like this. This “safety net” not only helped Ruth financially, but also ensured peace of mind as she didn’t have to stress about how to pay for this expense since the money was already saved. Ruth has shown great dedication to the ConneXfactor Challenge by already replenishing most of the Emergency savings that needed to be used. She is also faithfully contributing to her “New Mortgage” account, to fulfill her dream of owning a home.
In addition, Ruth has changed her credit card usage habits. She makes purchases with her credit card, but immediately pays off the balance with money from her checking account. The two benefits to this method are:
- Ruth is carrying a $0 balance from month to month so there are no interest charges.
- She is also earning up to 3% cash back on every purchase, assisting her even more with her goal to build savings during the ConneXfactor Challenge.
Ruth is charging full speed ahead towards her goal of becoming the 2016 ConneXfactor champion!
Do you need to build an Emergency Savings account for unexpected expenses? 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!