The Key to Financial Progress: ConneXfactor 2016

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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.: The Key to Financial Progress

Coach: Kerry Perrotta, Guilford Branch Manager

Sometimes in life, reaching goals can seem like such a slow-moving process!  You start out with the best intentions, but roadblocks can hinder your progress.  And then – when you least expect it, everything starts falling into place.  This has been one of those types of months for Christine!

July has been a whirlwind of good news for Christine.  The mortgage process has finally concluded with a final savings of $1,900 per month for her and her husband. Christine cut her mortgage rate in more than half  – an incredible savings which has completely changed their financial lives! She is now saving more money on her mortgage than she has committed monthly to her other financial goals throughout the program. Her other loans have also been consolidated.christine-c

One of Christine’s other goals was getting her life insurance policy back on track by making a $250 contribution every month.  She has been successful with this goal for two consecutive months now. Christine also desired to help her children as much as possible with their college education and set a goal of contributing a combined $750 per month into her three children’s CHET accounts.  As of July 1st she had already contributed over $2,000 and is on track to continue to contribute the full amount until each child starts their higher education.

Christine’s final goal was to start saving $600 per month into her retirement accounts that she had failed to contribute to for a few years.  Since she had such high financial goals in other places it was difficult for us to find the cash in her finances to immediately start committing to this goal.  This is where the savings on the mortgage comes in.  Now that she has the mortgage savings, she can not only afford to make the $600 contributions every month but she also can send in a catch up contribution of $1800 this month!  This puts her in a strong position to complete all of her goals.

Christine has been doing a wonderful job committing to her goals and the process.  Most importantly, with Connex’s help she has put herself and her family in a financial situation where these goals will be attainable over the long haul.

This just shows that it’s important to stay the course even when it appears nothing is moving as fast as you’d like.  It takes time, but time worth investing for a huge return when the goal is reached. Patience is key!

Are you finding it tough to come up with a plan for your financial goals? 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!

 

 

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Improving the lives of our members... one member at a time.

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