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 Justine J.
Justine J.: Cutting Credit Card Debt
Coach: Gezim Stroka, Branford Branch Manager
I’m excited to be a coach in this year’s ConneXfactor competition and to work with my contestant, Justine. She is currently working for Yale University as a Sr. Administrator, and recently went back to school for her master’s degree to enhance her career.
She applied for the competition because she wants to be able to save money on her high interest rate credit cards, and save money for her continuing education.
The three goals Justine is specifically looking to meet by the end of September are:
• Reduce her credit card debt by $1,500.00
• Create a college savings account with $2,500.00, and Open an Emergency Savings account and save $2,500.00
• Improve her credit score to 725 by the end of the competition
During our first meeting, we went over the budgeting worksheet and her credit report to identify some areas that she needed help with. We also did a cash flow to see what is coming in and what is going out each month. This is important as it helps us decide on the best plan to create for Justine.
To help her meet her goals more easily, we have allocated funds to automatically come out of her paycheck. With the money being consistently set aside like this each pay period, Justine doesn’t have to worry about forgetting to transfer funds. It’s one less thing on her plate, which works for her!
For her credit cards, we pursued the refinance option and were able to consolidate all of her credit cards into a personal loan. That was a huge win for Justine since she was paying a high percentage rate on her credit cards. Since we were able to consolidate, it freed up some cash for her so it will make it easier to save more money towards her other goals – and stay on track!
These are some aggressive goals, but Justine is very committed and dedicated to achieving her goals on time. More to come!
Do you have goals that you’re ready to accomplish today? 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.