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 final update on Jennifer J.
Jennifer J.: Track Your Financial Progress
Coach: Michael Federico, North Haven Assistant Branch Manager
As the competition comes to a close, Jennifer and I used our last meeting to button up some of the last few missing pieces. Throughout the competition, Jennifer worked extremely hard to not only meet but exceed the four goals that she felt were most important to her; increase her credit score by more than twenty points, save $750 in a special savings account, payoff her credit card, and pay down $1,000 on the highest-rate student loan.
Jennifer used a composition notebook to track all of her balances, allocations of payments and savings accounts. The notebook became one of Jennifer’s main tools throughout the course of the competition serving as a tangible reminder of her continuous progress. The notebook contained many pages of direct deposit balances, deposit balances, and loan balances after payments. As can often happen in life, Jennifer hit a bump in the road when she unexpectedly had to pay for expensive repairs to her car. Although she experienced a momentary set back due to a significant increase in her credit card balance, she remained steadfast and was able to pay the credit card off by the end of the competition.
Overall, I am extremely proud of her unwavering determination in this competition and am pleased to say that she has exceeded all of her goals. Jennifer has learned new life skills to become financially savvy and I’ve had the privilege of being her Coach and helping her achieve those goals.
We hope you’ve enjoyed reading about and learning from this year’s ConneXfactor contestants’ financial journeys! Our Financial Advocates can also 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!