Project Money 2016 month two is officially in the books! What have our participants been up to? Read on to learn about a slew of money-savings apps, the benefits of consolidating loans and even get an inside look at a recent car trade. It’s all pretty good stuff. Keep reading and start Owning!
Heidi & Mitchell:
Heidi and Mitchell have had a pretty great month—the highlight no doubt being the celebration of their 12th wedding anniversary! How did they celebrate the big milestone? By applying and getting approved for a Home Equity Line of Credit to consolidate loans, of course. When it was all set in stone, they found out their monthly bills will decrease by $578.96! For you mathletes out there, that comes out to nearly seven THOUSAND dollars annually! Even better? Their loans will be paid off in just four years. Way to go, team. Way to go.
Emilee & Rob:
Emilee and Rob also did some great homework this month and met with their financial coach, Rachel, to see how they might free up some of their loan payments as well. A major goal for the couple right now is to purchase their first home. After putting their heads together, the team found that if Emilee doubled the minimum payment on her student loans each month, she would have them paid off in two years, rather than five. With that, she’ll be able to allocate more money to their New House fund much sooner than expected. Plus, who doesn’t love the thought of having student loans paid off in two years?! Talk about mindful spending. Nice job, you two!
Amanda and Nick:
Amanda and Nick had a huge month. In addition to Nick accepting a new position at the UW Hospital (and the raise that came with it), Amanda got a new car! She traded in her Acura MDX for a great deal on a 2015 Volkswagen Jetta. We were especially proud because the change will save the couple a considerable amount on gas money and lowered her monthly car payment by nearly $200! What’s more, the couple worked closely with financial coach Sara to create separate accounts for short- and long-term expenses, like monthly bills and various savings accounts. Well done, team!
Drew and Liz:
Drew and Liz started July off with some huge wins. The first major payoff? Cutting off cable and their gym memberships. With those two simple fixes, the pair is saving $170 a month. Additionally, they’ve altered their student loan repayment from a 25-year plan to a 10-year repayment plan. That move alone will end up saving them $42,000 over the loan’s lifetime, which they plan to allocate directly to their son Beckett’s college savings fund. On top of all that, they kept up their always-delicious and cost-efficient meal recommendations. Our favorites had to be the creamy pesto pasta and enchiladas. Way to Own It, Drew and Liz!