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 Christine C.
Christine C.: Adjusting to Financial Changes
Coach: Kerry Perrotta, Guilford Branch Manager
“The best-laid plans of mice and men often go awry” – we’ve all had experiences that caused us to change and adapt our original plans – that’s life!
As such, Christine, I, and Tom (Christine’s financial planner) made some changes to our ConneXfactor strategy. First, we moved to a CHET (Connecticut Higher Education Trust) account for saving for her children’s education. Christine continues her monthly contributions into the accounts as planned and the second round of automatic deposits are already scheduled to go through on the first of June.
Second, her mortgage refinance is taking a little longer than we anticipated. This is not a major hurdle though, and will free up between $1,200 and $1,300 a month once it’s complete. Christine is looking forward to using these newfound funds towards the continuation and growth of her financial goals set through the ConneXfactor competition.
We also reviewed her current retirement assets. After going through each account, we have decided to leave them all separate, as they function well as a whole. Christine will also start contributing to a new retirement account. By doing so, she will continue to have her accounts structured the way she is used to, but can also get back on track with contributing towards her retirement. Accomplishing these goals are huge steps for Christine and her family. In addition, Christine will also be making her first contribution to her life insurance policy this month in over 2 years, as we get that back on track as well.
When creating a plan to achieve any goal, critiquing and refining your plan as you go along are a normal part of the process. It’s important to review your personal financial budget every month and ensure it still meets your needs and goals. You took the time to create it – you don’t want your efforts to be wasted.
Do you need help creating a financial roadmap to achieve your short and long-term goals? 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!