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 Brittany C.
Brittany C.: Unconventional Ways to Save
Coach: Mike Nowicky, Meriden Branch Manager
Brittany has made impressive movement towards her ConneXfactor goals over the last month. She is just about half-way to her savings goal, on track to paying off her husband’s car loan, and has met with our financial advisor to start education (529) plans for both of her children.
In addition, Brittany’s ducks arrived. Yes, fourteen actual ducks that live in a coop in her back yard where the females will lay approximately one egg per day that will go towards her family’s food budget. Her garden has also started to produce strawberries and she is expecting the rest of the fruits and vegetables to be ready in the next few weeks. In order to avoid waste, Brittany jars the unused items to supply her family’s needs throughout the year. Brittany’s unconventional approach is saving her money!
As Brittany is not one who likes clutter, she has gone through her house, room by room, to find unused or unwanted items that will be sold at a tag sale. Any items that are not sold will be given to a consignment shop with the hope of selling. Many of us often have hidden “treasures” in our homes that we may think of as junk, but that junk may be very valuable to someone else!
Brittany is taking this contest quite seriously and has done a great job at budgeting. She now sets aside $250.00 on a bi-weekly basis to cover food, gas and unexpected expenses. If the budgeted amount is spent, then no further purchases are made until the next paycheck. This disciplined approach to her spending has greatly helped in steadily putting money towards her contest goals.
One creative way that she has found to save money, and give her older daughter some fun, is to purchase a yearly pass to a local kids museum. She compared the annual cost of $175.00 with the amount she spends per visit ($40.00) and realized the amount she would save as the annual cost would be paid for in just 5 visits.
These are just a few great ideas to save money, so be sure to continue to check out Brittany’s progress in the next blog post!
Do you need help finding creative ways to save? 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!