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.: How to Have a Cost-Friendly Summer
Coach: Lamar Weaver, Hamden Assistant Branch Manager
Ruth and I met last week for an update on how ConneXfactor is going for her. Ruth is feeling good about the competition, but admits that it’s very challenging sometimes – especially with the summer season here! So for our meeting, I decided to focus on strategies that would allow Ruth to have a more enjoyable summer, while still staying within budget. To my surprise, Ruth already had cost-friendly activities in place!
Ruth and her friends have been participating in free or low-cost events within their neighborhoods and throughout the town, such as a Food Truck festival held recently. To help her stay on track, Ruth has made her closest friends aware of her participation in the competition and she’s even convinced them to save more and spend less! To cut down on costs even more, Ruth has reduced eating out and instead has started contributing towards potluck dinners with her friends. Everyone makes a dish to complete a dinner menu. She has found this to be a fun, inexpensive alternative! She also has been mindful of the food she consumes at home, trying to eliminate waste. In addition, Ruth has noticed that her grocery budget has decreased by 20% since she only purchases exactly what she needs and nothing “extra.”
Ruth has also decreased her budget in another area. One of her favorite weekly activities is to catch a movie at the theater, but she is now saving money by taking advantage of Netflix and Redbox movie rentals on the weekends. More impressively, Ruth has declined a much-needed vacation with friends because she would much rather dedicate her time and focus to winning ConneXfactor. Now that’s dedication!
While she has found ways to save, she has also found ways to increase her income. Ruth will be holding a yard sale to generate extra income since she plans to move to another home soon. These extra funds will make the move easier on her wallet.
Ruth’s creativity in finding tactics to both decrease her expenses and increase her income shows that she has a strong desire to be financially stable. She is serious about changing her lifestyle, and has adopted a whole new mentality to help her on this journey. In addition to the possible grand prize, Ruth knows she will leave the competition with valuable lessons that will last a lifetime!
Do you need help to find cost-friendly alternatives to save money? Join our ConneXfactor contestants and let our Financial Advocates work with you to create a financial plan to help you stay on track! Stop by any branch or get started online today!