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.: Budgeting for Wedding Season
Coach: Hannah Dewey, Guilford Assistant Branch Manager
June just came to a close and so does month three of ConneXfactor. June was a busy month for Alyssa because she was in a wedding! While weddings create beautiful memories, they often create costly expenses as well. According to one study, the average cost to be a guest at a wedding is $888 and being IN the wedding brings that number closer to $1000.00*. Multiply that by two and we have the total household expense for many people. For most households, this would mean a large credit card bill and several nights of eating ramen to afford being in the wedding party. Thankfully, Alyssa remembered advice that she got from her coach and resisted the temptation to put all the expenses on a card. Instead, she was able to plan ahead and had saved up beforehand to cover a big chunk of the expenses. She was able to cover the remaining expenses by cutting back on several of her payments, paying the minimum instead of the accelerated payments she had been making. With this great planning, she was able to enjoy the wedding without incurring any new debts and was still able to meet her savings goals for the month!
Going forward, she is working with her coach to delve deeper into her budget to finetune and monitor her spending. She is working hard to see, in detail, where her money goes and areas where she can save more money. She is also excited to try out money-saving tricks such as a “gift card budget.” This type of tactic is great for entertainment spending, as it puts a hard limit on the amount you spend on a given budget item in a month.
Alyssa is proof is that with a little forethought, planning, and creativity, you can enjoy the big AND little moments of life without blowing the budget.
Do you have a big event coming up, and not sure how to budget for it? 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.
*Jacobson, I. (2016). Here’s How Much the Average Wedding Guest and Attendant Spend. Retrieved June 28, 2018, from The Knot: https://www.theknot.com/content/wedding-guest-cost-2016