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 Sheila G.
Sheila G.: Put Yourself First
Coach: Tameeka Lockwood, New Haven Branch Manager
What a difference a shift in thinking makes!
Sheila continues to be amazed at how she is staying the course by staying on track with her savings goals for the ConneXfactor competition. Changing her financial mindset has resulted in her paying herself first, instead of last or not at all.
Paying yourself first doesn’t mean buying yourself an outfit, shoes, or a night out at a restaurant. It means investing in your financial future by setting aside funds regularly into a savings account. Sheila is “paying herself” each time she contributes to her emergency fund. She is also steadily adding money to an account that is dedicated to paying off debts. Securing your future starts with having a plan for how to achieve it, and these separate accounts are definitely helping Sheila to get to a place of financial freedom. In addition, Sheila is helping her daughter’s financial future by saving money in a college fund. This will be a big relief for her daughter when she’s ready to attend college in a few years, since she will have some funds to tap into for expenses. Every little bit helps!
A big takeaway for Sheila has been that you don’t need to have to wait until you have a large sum of money to start saving. You can choose to build your savings at any moment, with any amount. A snowball starts as something small and gets bigger as more snow is added to it, and it’s the same idea with a savings account. Start where you are. Sheila also likes that having a financial cushion allows her to think through a plan of action when something unexpected pops up. Before she would have went into crisis mode, and potentially dug a deeper financial hole for herself. Having some reserves at least lets you breathe a little and strategize a plan of action better.
Sheila is on her way to a bright financial future all because she is changing the way she thinks about spending!
Need a realistic savings plan? 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.