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 next update on EJ H.
EJ H.: Finding Ways to Save
Coach: Mike Nowicky, Meriden Branch Manager
EJ has started his financial journey by taking immediate steps towards meeting his ConneXfactor goals and I am excited by his enthusiasm and determination to succeed. As the “Expense Slasher,” he has also found some immediate ways to cut spending so that he can put those funds towards his goals. Specifically, he was able to negotiate a lower rate on some of his monthly bills – saving almost $100 on a monthly basis going forward! It literally can pay (more money in your pocket) to inquire how to get better rates.
He also met with our Financial Advisor to begin the process of meeting his goal of setting up college education funds for his two children and will be putting money aside each paycheck to increase their balances.
In regards to his goal of paying down credit card debt, EJ has already started increasing the amount he is paying each month so that he can get used to budgeting for the extra payments and start seeing his balances begin to decrease.
Lastly, EJ diligently transfers money to his emergency savings account each payday. One way to make sure you are consistently putting money away for savings is to “pay yourself first” before paying other bills. It doesn’t have to be a large amount; it’s about building a good habit that will provide a financial cushion. EJ is taking this approach and it should definitely pay dividends as he continues through his ConneXfactor journey.
They say “Rome wasn’t built in a day” and this applies to meeting the goals of the ConneXfactor challenge. Continued progress is the way by which success will be obtained and EJ has set himself up on the right path.
Do you need help finding multiple ways to save money? 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.