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.: These are the Breaks!
Coach: Mike Nowicky, Meriden Branch Manager
EJ was able to enjoy some time off and re-charge his batteries for the second half of the contest. By using the skills that he has learned to this point, he was able to enjoy himself while not overspending.
EJ also had to face an unforeseen major auto repair during this past month. He had to replace the brake system power booster and master cylinder; something he had to take care of quickly, or he wasn’t going to be able to push the brake pedal down to stop the car! As we all know, things happen that we do not expect unfortunately. We can plan for these costs by putting funds aside in an emergency savings account though. This way, should surprise expenses arise like this, funds may already be available to help offset or even pay the total cost. By putting the funds aside, the impact on your monthly budget can be limited.
In my last post, I mentioned how EJ started bringing lunch to work and changing the way he shops for groceries. He is starting to realize savings from these changes and is putting some of these funds aside to take his children on vacation, which is something they look forward to each year.
By contacting his loan provider, EJ was able to lower his monthly student loan payment by $50.00. This is another great example of how reviewing your credit file and reviewing your monthly payments can help you look at reducing debt.
Are you interested in finding out what’s in your consumer credit file and looking for ways to consolidate or reduce expenses? 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.