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 Alyssa W.
Alyssa W.: Making Room in the Budget
Coach: Hannah Dewey, Guilford Assistant Branch Manager
It’s the third month of ConneXfactor, and Alyssa is already starting to see results as she works towards her three goals. As a reminder, these goals are:
1. Pay down some credit card debt
2. Save for the future (home purchase and emergencies)
3. Pay off her car loan and a few of her smaller student loans
The savings plan that she put into place last month is really starting to grow. The loan consolidation to a 0% credit card has already contributed to a much healthier monthly budget (Goal 1&2). She has also been sticking very closely to the new budget that we created, including bringing in lunches to work instead of going out to eat every day. You’d be amazed at how much money literally gets eaten up by buying lunch every day! Alyssa is enjoying seeing the savings.
While all these changes are great, there is still more to do and Alyssa is ready to take on the next challenge head on. In order to pay off her student loan much sooner, Alyssa has to start putting more towards her payments each month. (Goal 3)
To help create more room in the budget, Alyssa has applied for a personal loan to consolidate two of her highest interest credit cards. By consolidating these cards she will reduce the effective interest rate she pays in half, and free up money that can then be used to pay down other debts faster!
What’s the overall message for this month? Where there’s a will, there’s a way. Alyssa knew she had to make changes to get her finances on the right track, but was challenged with where to start. However, she has been open to suggestions we’ve discussed and taking action. There is always a way!
Do you need help knocking out debt? 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.