For six 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 100 applications for the fourth annual ConneXfactor competition! Below is our update on Nina W.
Nina W.: Who Should You Pay First?
Coach: Tameeka Lockwood, New Haven Branch Manager
Nina is always looking for ways to make extra money! She’s a driver for Uber and was also looking into selling homemade dinners to local customers. However, this extra cash has been placed on hold since her vehicle has run into a few hiccups. Despite this obstacle, Nina has a positive and determined attitude.
One of the great things about Nina is that she has stayed committed to depositing funds in her savings account. As she’s paying her monthly bills, she “pays” herself first by making a deposit to her savings account. For most, it may seem unrealistic to talk about paying yourself first when you’re faced with so many other financial obligations. Yet, while it’s critical to pay all your bills on time, saving for emergencies and your future can’t always take the back seat. Every deposit, regardless of how small, counts. You may not immediately see the benefit of paying yourself first, but don’t get discouraged. If a financial emergency arises, this strategy can help you weather the storm. Ultimately, paying yourself first is about putting yourself first, which helps make sure you’re prepared for whatever’s yet to come.
Over the past three months, Nina’s whole perspective of money has improved. She continues to avoid using the credit card and recognizes the difference between needs and wants. She is avoiding unnecessary shopping trips and thinking before spending. I congratulate Nina on her new way of thinking because that is the first step to improving her financial life.
Do you need help with paying yourself first? 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!