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 Jennifer J.
Jennifer J.: Setting and Meeting Financial Goals
Coach: Mike Federico, North Haven Assistant Branch Manager
Jennifer has embraced the Advocacy competition wholeheartedly and has been working extremely hard on her savings plan and debt consolidation. She brings her composition book to our weekly meetings, provides detailed updates on her progress and notes on next steps. I am very impressed by her continual commitment to being financially responsible.
Jennifer has a goal of paying off her credit card by the end of July, which in turn will help generate a greater savings deposit for the savings plan we created at the beginning of the competition. We have gone to great lengths to pay down her credit card as much as possible, but she did encounter a big unavoidable financial challenge recently. Repairs needed to be done on her car, resulting in a $500 bill from the automotive shop. Since we are still building her savings cushion, she had to charge her credit card for this emergency. We are working on paying this off as soon as possible though.
The good news is that her weekly payments for physical therapy have stopped and she can now save another $60 per week in her special purpose account. The goal that Jennifer has set for herself is to have saved more than half of her $750 target goal heading into June. Jennifer is on her way to meeting, or even exceeding, this goal!
Jennifer is already demonstrating her commitment by saving more than we planned. Watch out – Jennifer is in to win!!
Want to start building your savings, but not sure where to begin? 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!