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 Nikia B.
Nikia B.: Tackling Debt Challenges
Coach: Frank Pomarico, Hamden Branch Manager
Nikia is still running at full speed ahead in the fourth month of the ConneXfactor competition. If one word could describe the past month for her, it would be “balance.” Saving money and paying down debt has been both a delicate balancing act and learning process!
She’s enjoying watching her IRA and emergency savings accounts steadily increasing each month. Since we set up the automatic payday transfers to these accounts at the beginning of the contest, it’s almost like “out of sight, out of mind” for Nikia. Now once she gets her spending down some, she’ll really be cruising!
There are a few obstacles that Nikia is working on overcoming. She has a balance left from a few expenses that she recently cut, so she’s focused on paying the debt off. She’ll have more money to save as these balances go down. Nikia is also waiting to hear from her medical insurance about her payment estimate for an orthodontic procedure she recently had, so that’ll be one less debt on her plate. She’s still investigating her options for lowering her car insurance as well.
Lastly, Nikia is working on a better schedule for making her monthly payments. Right now, both her mortgage and car note payments are being made during the same pay period, which leaves her budget a bit tight after. Nikia is tackling each challenge head on, and that’s the most important part!
Do you need help tackling debt? 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.