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.: Ghosts of the Financial Past
Coach: Tameeka Lockwood, New Haven Branch Manager
Sometimes the ghosts of our financial past come back to detour us on our journey to financial freedom, especially when we’re hitting a good stride. This was the case recently for Nina, as she continues to strive to exceed her ConneXfactor goals.
She’s had to fight the temptation to fall back into old habits lately. Before the competition, it wasn’t uncommon for her to jump in to assist family and close friends experiencing financial challenges. There’s nothing wrong with helping loved ones, but Nina would often put herself into debt in the process. Instead of approaching a loved one’s situation in this same unproductive manner recently, she is now looking into other options first that won’t jeopardize her personal finances and the progress she has been making so far in the competition.
Another challenge she’s had to deal with recently was her company has begun to layoff some workers. Although she’s handling the workload of two people, thankfully she is able to retain her position due to her seniority.
The good news is that Nina continues to push forward with her commitment to her savings plan. Her diligence paid off not too long ago when she attended her niece’s wedding. She was able to give her niece a nice wedding gift with the money she’d accumulated from bottle returns and saving her spare change. Before the competition, she never would have thought about twice how she would purchase a gift like this. She would have just put it on her credit card, but she is avoiding using credit in situations like these. She’s becoming more disciplined about having the mindset of not using her cards for things she doesn’t need, as well as staying mindful about not charging anything she can’t pay off within the month. In general, Nina now asks herself if she really needs something before making a purchase – whether paying with a card or cash.
The other good news to report is that Nina still pays herself first, which has resulted in a noticeable increase in her savings account.
Despite the latest challenges and temptations, Nina is remaining strong in changing her spending habits and she continues to do a great job!
Do you need help creating better spending and savings habits? 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!