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 fifth annual ConneXfactor competition! Below is our update on Allen G.
Allen G.: Small Changes, Big Savings
Coach: Mike Nowicky, Meriden Branch Manager
Let me take this opportunity to introduce everyone to Allen, who is my ConneXfactor contestant for 2018. His goals during the competition are:
- Pay down his motorcycle loan
- Create an emergency fund
- Save to own a home one day
Allen is currently a full-Time student at Central Connecticut State University and he also works a full-time job. In the spring and summer, he also coaches and referees youth soccer programs which makes you wonder what he does in his free time. As you can see, he has a full schedule!
Though his day is packed, Allen is able to manage his time wisely so that he can also work on ways to increase his savings and eliminate any unnecessary expenses. During these first few weeks of the contest, he has already stopped eating out and instead is now bringing his meals to work. This simple act is saving him over $50.00 per week!
Another way he found to save money is by staying put. Allen used to always make a trip home in between classes. He found that he was spending quite a bit on gas and realized that staying at school, during the downtime , has helped save on commuting costs AND given him some extra time during his day. Two benefits in one!
Allen’s excitement about the contest, and saving money, is quite apparent. He recently opened a Roth IRA as well. He has a great understanding of personal finance and feels it’s really important to him to start saving for retirement at a young age.
The financial journey has just begun and Allen is well on his way in the 2018 ConneXfactor contest. I look forward to future blog posts so that I can share his progress and financial tips!
Do you need to find extra money in 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!