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.: Handling Unexpected Expenses
Coach: Mike Nowicky, Meriden Branch Manager
Allen is in the middle of taking his finals, so this is a busy time for him as he also works full-time. He also had some unexpected expenses arise since his last blog post.
Unfortunately, Allen was required to have his wisdom teeth removed which we all know can be painful to both the mouth AND the wallet. He was going to take the funds from his savings account until we discussed the possibility of applying for a Connex credit card, which offers 0% interest for the first 15 months. The card was approved and Allen is now able to budget this expense.
Another way that Allen helped to save some money was by bringing up the grade in one of his courses, in order to receive full tuition reimbursement. This was extremely valuable as it eliminated the need to pay $1,600.00 to re-take the course.
Allen also provides private soccer coaching sessions – another income stream for him. He scored a new client recently, and his client was so impressed that Allen now has the opportunity to provide two more coaching sessions. This should also give him the opportunity to pick up some additional work at local summer soccer schools. This is a great example of doing something that you love and getting paid for it!
Allen continually looks for new ways to either save money or increase his income. He has stated that he enjoys the feeling that comes with finding creative financial solutions. For example, he was required to renew his motorcycle insurance and took the opportunity to shop around. By doing so his annual premium is now $410.00 while the next closest quote was $1,200.00 for a savings of about $800.00 per year. It pays to have a little patience and do your research!
Well, that’s about all for this month. Stay tuned next month to find out what Allen was able to accomplish during May as continues on his ConneXfactor journey.
Do you need to find new income streams or ways to trim your expenses?? 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