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.: Getting Around Financial Challenges
Coach: Mike Nowicky, Meriden Branch Manager
Allen has started his final year of college and has six more classes to earn his degree. He is excited to be this much closer to graduation and he has also made Central Connecticut State University’s Club Soccer team.
His part-time landscaping job has finished, but Allen was able to get another youth soccer coaching position to bring in some additional income while attending school. He is very fortunate that his passion and talent for soccer allows him to play at a college level, as well as coach the next generation of soccer stars! He has also been given a part-time position at the university’s Career Success Center.
Even with all this good news, Allen faced a challenging financial situation recently with this vehicle. He kept having to make repairs to it, which was adding up to be very costly expenses. He knew he needed to find a solution very soon to ease the strain on his wallet. Things ended up working out in his favor when his mother purchased a new vehicle, and allowed Allen to drive her old vehicle as long as he pays for the insurance and upkeep. Because of this opportunity, Allen was able to sell his old vehicle for $3,000.00 and is now driving something much more reliable. More money in his pocket, and more peace of mind when commuting!
He is still taking advantage of the 15-month 0% Connex credit card. All of Allen’s expenses are put on the card so that he can keep track of what is being spent and pay the balance with no interest. This was shared in an earlier blog post, but Allen keeps mentioning how much easier this makes things for him.
Finally, I asked Allen to provide me with some feedback on what he has learned throughout the contest. His mentioned that he feels much less stress about his finances and that he “can breathe easier each day” knowing that he is in much better financial shape.
Do you need help managing financial challenges that have come up? 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.