Another month of Project Money is in the books! Between wedding anniversaries, beginning new career paths and saving for their children’s college education, October proved to be one of the most eventful months yet. Our participants are living out the excitement of their daily lives, all the while working hard to improve their financial well-being and future. Keep reading to get the scoop on the October Project Money recap!
Alane & Bishop
In October, Alane made quite the life change and left her job at the Salvation Army as a Case Manager working with families in the 90-day family shelter. She accepted a different Case Manager position at her other employer, The Road Home, where she’ll help families retain their current housing and secure bright futures. This will give Alane time to concentrate on decreasing debt and increasing savings while, most importantly, spending time with her son Bishop. “I deserve to have time to take care of myself and to be the parent to Bishop that I sometimes cannot be due to time restrictions,” says Alane. That’s great work, Alane. Sometimes you need to look at the overall picture and ensure there’s a healthy balance. Way to go!
Becca, Joel & Taytum
This past month Becca and Joel took a very responsible step in securing a bright future for their family by investing in a 529 College Savings Plan. After initially looking into retirement savings plans, their financial advisor showed numerous options and they left with an exciting new plan to invest in Taytum’s college education, which will help their retirement savings in the long run. After some research and calculation, they are now on track to save $20K for Taytum’s college over the next six to seven years! “We’re now more knowledgeable and prepared for investing towards college and retirement—two main goals we wanted to accomplish in [Project Money],” says Becca. Nice work, guys!
Carrie, Chris, Logan & Ryan
On October 15, Carrie and Chris celebrated their 10th wedding anniversary! Almost as a commemoration, they also finished paying off a $24K business debt that has clouded their financial well-being for several years. For you savvy savers out there looking for tips, Carrie and Chris said they calculated the mandatory monthly payments needed to pay the remaining $10K by December. Whenever they had money left over each month, they would put that toward the loan, which helped them pay it off ahead of schedule. “Accomplishing our #1 Project Money goal has been incredibly empowering. Doing it on our anniversary added a bit of sentiment to the accomplishment,” says Carrie. What a special way to celebrate a milestone year.
Sheba & Karim
When Sheba and Karim started Project Money, a primary goal was to better understand different types of loan debt and look into consolidating theirs. After a few financial sessions with their Summit coach and some homework, they consolidated their two auto loans with their credit card debt. Consolidating the loans enabled them to make payments on each loan in one payment amount each month. Now, after reviewing the timeline for the new payment plan, they’ll be able to pay the debt off eight months earlier than they originally thought! “Because our goal of paying off that debt is so much more attainable, it allows us to start planning and dreaming about what we can put that money toward once the auto loan is paid off. How exciting that will be!” they write. Well done, you two. Well done