NORTH HAVEN, Conn.–As part of its commitment to member advocacy and its philanthropic ConnexCares program, Connex Credit Union has selected six participants in its ConneXfactor competition. Aimed at giving members the resources necessary to take control of their finances and become financially fit.
ConneXfactor, now in its sixth year, is a financial fitness competition where four individuals compete to see who can improve their fiscal situation the most over six months. Each participant is paired with a Connex financial advocate who acts as a coach, providing them with tips and guidance throughout the duration of the contest. The participant who emerges with the healthiest financial situation will receive a grand prize of $3,000. Additionally, first place will win $1,000 and second place will collect $500.
After receiving more than 100 applications, Connex has selected the four participants who have been awarded an opportunity to develop and achieve their fiscal goals/
Among the participants:
- EJ H. of Colchester, Conn., a father with two small children. As a salesman, he travels extensively throughout the area by car. Although he is compensated by his company for travel expenses, he has a large amount of credit card debt. EJ’s goals are to reduce his credit card debt, save at least $1,000 for emergencies and save $500 for each child for their college education.
- Justine J. of West Haven, Conn., who recently moved back home so she could pay off her credit card debt and student loans while working full time and attending graduate school. She’s struggling and trying hard not to take out additional loans for school or for a car that is frequently breaking down. Justine’s goals are to pay down credit card debt, save $2,500 for emergencies and toward the purchase of a new-to-her car, and improve her credit score.
- Nikia B. of New Haven, Conn., who is a single mom of two children. In addition to credit card debt, she finds herself struggling each month to make ends meet and feels there is no opportunity to save. One of Nikia’s biggest expenses is food because they eat out nearly every day. Her goals are to pay down credit card debt, save $800 for emergencies and save toward retirement.
- Sheila G. of Hamden, Conn., who is a single mom to three children. Her two sons are out on their own and her daughter, who lives with her, will be graduating high school in six years. She finds herself “robbing Peter to pay Paul” and savings is getting harder and harder. Sheila’s goals are to pay down credit card debt, establish an emergency savings and save for her daughter’s education.
“Each year we continue to offer ConneXfactor to help contestants take the first major step toward a healthy financial future,” said Carl J. Casper, EVP and chief operating officer with Connex Credit Union. “Congratulations to these four contestants who have earned an opportunity to work closely with a Connex financial advocate to become financially fit and improve their lives.”