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 Deborah F.
Deborah F.: The Ah-Ha Moment
Coach: Michael Federico, North Haven Assistant Branch Manager
Deb has been doing an excellent job throughout the course of the competition, staying on pace with our targeted goals and even bringing new ideas to the table to help exceed those goals.
At the beginning of the month we ran into a situation that caused a slight detour in our competition blueprint. Deb’s daughter returned from school as a full time driver again, which had made Deb’s monthly insurance premium increase significantly. Many auto insurance companies will allow you to temporarily remove a child from your policy if they’ve left for college( if the school is over 100 miles away) – or change your child’s “primary driver” status to “occasional driver” – which can help you save money. To accommodate this expense, we came up with a plan to allocate funds to pay for the higher premium until her daughter is back at school.
Deb recently told me a story about an “ah ha” moment that she had while shopping at the end of June. She thought to herself – “do I really need this item or can I get away with not purchasing it and allocate more money to my savings account?” She has told me she has had these thoughts numerous times throughout the month while shopping for household items. This enlightening feeling has given Deb a more in-depth look at what this competition is really about: changing and reinforcing a new financial mindset and habits that will continue long after ConneXfactor is over.
Deb has put a lot of effort, time, and consideration into this competition. She is on the path to financial success and it has been a true pleasure to see how much she has grown as we come to the halfway point of the competition.
Are you looking for ways to slash your budget? 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!