For six months, Connex Credit Union will be working closely with four 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 sixth annual ConneXfactor competition! Below is the first update on EJ H.
EJ H.: EJ the Expense Slasher!
Coach: Mike Nowicky, Meriden Branch Manager
Let me take this opportunity to introduce everyone to EJ, who is my ConneXfactor contestant for 2019.
EJ is a single father who wants the best for his two children and works hard to make sure he can provide for their needs while spending quality time as a family. He was interested in becoming a contestant because he wants to be able to cut unnecessary expenses while saving for his children’s education, and also have some additional money set aside for emergencies.
The goals for EJ to meet during the contest are as follows:
• Pay off $2,250.00 in credit card debt
• Create college savings account for two children with $500 in each account
• Open an Emergency Savings account and save $1,000.00
These are not easy goals and will take some hard work. EJ has already shown his motivation and willingness to take on this challenge. During our first meeting he came prepared with a budget that he created in Excel to include each monthly expense as well as the amount he receives each pay period. This has already been useful in determining some initial starting points so that he can realize some immediate successes as he begins his journey.
EJ has also set up an appointment to meet with our Financial Representative to begin discussions so that he can learn about the different College Savings options offered here at Connex. After this meeting, he should be able to start a plan and begin putting funds aside towards his second goal.
The financial journey has just begun and EJ is on his way in the 2019 ConneXfactor contest. I look forward to future blog posts so that I can share his progress.
Do you need a change in your financial life? 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.