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.: Saving Money Saves YOU
Coach: Mike N., Meriden Branch Manager
Brittany has continued to make great strides towards meeting her contest goals. For example, she recently paid off her husband’s auto loan and has exceeded 75% of her goal for her daughters’ 529 college savings plans.
Brittany’s husband has accepted a new job, which is farther away from their home. Since it’s important for him to have reliable transportation, they decided to sell their existing vehicle and purchase another inexpensive used vehicle. They used some of their savings to purchase the new vehicle. When they sold the old vehicle, they used those proceeds to pay off the rest of that auto loan, while also replenishing most of what was used from the savings account for the new car. A good takeaway from this is that saving money saves YOU in the end. Brittany didn’t have to go into debt to make this major purchase because she had the funds set aside for the unexpected.
Other highlights include Brittany holding a tag sale that made them $300! She is also selling old books at stores and online, which resulted in another $130. Lastly, her family and another family held a picnic together using part of her food budget. The picnic was a lot of fun for both families and provided much food leftovers that helped stretch her budget. Her vegetable garden is also helping her family save on expenses, since they don’t have to purchase produce.
Another idea that she is working on is to look at how much of her and her husband’s paychecks are going to retirement, and how much in taxes are being taken out. She is looking to find the right balance to maximize her savings and income, even if it results in a lower annual tax return. Her goal is to have more money available each pay period.
I really admire Brittany’s resourcefulness! She is finding creative ways to accomplish her competition goals, and not getting sidetracked by curveballs thrown at her. She looks at all her options first instead of making a hasty decision. This approach will serve her well long after ConneXfactor is over!
Are you looking for ideas on how to bring in more income? 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!