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.: Dealing with Losses and Gains
Coach: Mike Nowicky, Meriden Branch Manager
Allen took some during July to visit his friends in Alaska and used the skills he developed from the contest to save a lot of money. He used his Connex credit card to pay for his plane tickets ($580.00), which he can pay back at 0.00% interest until August of 2019. He stayed with friends instead of an expensive hotel so his total out-of-pocket cost was right around $100.00. He really enjoyed spending time with his friends while traveling on a small budget. You don’t have to break the bank in order to see the world and have fun!
While he is still looking for a new part-time job, Allen is taking advantage of other opportunities to make some money this summer. He has increased his landscaping hours to 20 per week and has also taken babysitting side jobs which, added to his private soccer coaching, helps him meet his expenses and put some funds aside for savings.
Recently, Allen unfortunately had his cell phone stolen. He ended up having to cancel all of his debit and credit cards, as they were in the same case and information was also stored in his phone. Fortunately, his Connex credit card was not one of them and he was thankful this card was available for him.
To end this on some good news, one of Allen’s goals was reached as he paid $600.00 on the principal balance of his motorcycle loan. He now has two goals left and is well on his way to completing them by the end of the contest. Great job!
Well it’s the “dog days” of summer now that we are in August. Stay tuned for another report next month on Allen’s progress in the ConneXfactor competition!
Do you need advice on ways to increase your income? 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.