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.: Vacationing on a Budget
Coach: Lamar Weaver, Hamden Assistant Branch Manager
As ConneXfactor is nearing the end, Ruth has yet to cease to amaze me with her improvements and dedication to the challenge. Ruth has continued to stay on track with all of the goals that we initially set up at the beginning of the competition. She informed me about her recent vacation to visit her family out-of-state, where she had a great time at the state fair while staying within her pre-determined budget. During my last blog post I mentioned Ruth developed a strategy to conserve funds that would still allow her to enjoy her vacation. Thinking ahead about her vacation budget ahead of time actually helped her relax more, as she didn’t have to worry about going over. Ruth was able to spend time with her family and also convince them that budgeting was a priority – for everyone! With this mentality in play, Ruth and her family went grocery shopping for food instead of purchasing food from state fair vendors. Ruth was able to spend slightly less money than she anticipated, leaving more money in her savings account for other things.
To prove that ConneXfactor is now a lifestyle and not just a competition, Ruth has decided to continually use her Save To Win CD and money market accounts to save. Once all of her debts are paid, Ruth will apply the same monthly payment to her savings accounts, thereby increasing her savings by a minimum of $500 a month. Ruth is really taking advantage of her newly budgeted cash flow. It’s clear to me that she is now more attracted to being financially stable and saving funds for other future events as opposed to living an extravagant lifestyle.
Ruth has certainly risen to the occasion and has adopted a strong financially sound mindset. In addition, Ruth has developed strong decision making skills when it comes to her money. I am impressed with her dedication!
Do you want help creating a budget that will allow you to save money and have fun? 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!