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 Sheila G.
Sheila G.: The One Account Everyone Needs
Coach: Tameeka Lockwood, New Haven Branch Manager
Greetings! For six months, I will be working with my contestant, Sheila, to get on a better financial path. She applied for ConneXfactor because she knew that if she stayed on her current path, she would have a load of debt that she would not be able to pay off quickly.
Sheila’s debt is mainly a result of spending on wants. She was impulse spending because she had the available credit, instead of creating a plan for obtaining the things she wanted, such as improving her home. Sheila wants to change her financial patterns, and learn techniques for managing her finances better that she can also share with her two adult sons and young daughter.
During the course of the competition, Sheila will be working on the following goals:
1. Pay down credit card by $800
2. Save at least $500 in an emergency fund
3. Start saving for her daughter’s college education with a minimum of $500
Establishing an emergency fund is very important to Sheila. Many of us have probably heard the phrase “Expect the unexpected” at some point in our lives, but hearing and doing are two different things! Life is full of surprises, and sometimes those surprises can be costly. If we’re not prepared, what could merely be an inconvenience (i.e. car or home repairs) becomes a real emergency if we don’t have the funds to care for it. Sheila wants to avoid using her credit cards or taking out a loan if she’s in a pinch, and having this emergency savings account will help with this. Ideally, the hope is not to have to use it so that she can keep building it up. However, if life should throw a curveball – at least she is prepared and without the additional stress she would have felt before.
Sheila is determined to change her spending habits, maintain her monthly bills, and set a good example for her daughter in the process. I am truly looking forward to working with Sheila over the next 6 months to help her to begin to build a stable financial future.
Are you ready to get on a new financial path? 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.