As our 2016 Project Money program marches on, our participants have now cleared their third full month! Read on to see what strategies these four families are implementing to reduce debt and increase savings. You never know what you might learn!
Drew & Liz
To kick off August, Drew and Liz did some homework and found out the estimated total they’ll need to pay for their son Beckett to go to college. At a year old, he’s still a little ways away (#proactive). The two nailed the process and have set up an EdVest account, to which they’re contributing $215 per month. By the time Beckett hits campus, the account will have an estimated $100K!
What’s more, the couple has already saved nearly $2,700 toward their other savings goals, and is putting the entire pay difference from Drew’s recent raise toward their retirement. And that’s not even mentioning their awesome NBC15 segment or the recipes they’ve been treating us to throughout their journey. Way to go, Team Ehlert!
Heidi & Mitch
Team Mellenberger’s success this month can be defined as “making money count”! After getting hit with an unexpected need for new tires on their Ford Explorer, the couple did their homework and got a great deal, which included new tires, an oil change and an alignment.
The couple kept their savings streak alive, by lowering their cable bill and opting for streaming services like Netflix and Hulu. They also ended up saving a slew of cash on back-to-school shopping this year, after taking an inventory of supplies that could still be used before they hit the shopping aisles. Keep it up, Mellenbergers!
Amanda & Nick
The headline for Amanda and Nick this month was Nick accepting a new position, which came with a pay bump – hooray! However, with the new gig, the couple will have to start paying for more daycare, as Nick’s new hours will take him away during the day.
To help alleviate that, the two are putting some of Nick’s higher pay toward the increased child-care costs, so they mostly won’t even notice the cost difference! Oh, and they did this thing where they traded in their SUV for a smaller, fuel-efficient car. Talk about a nice road to savings. We can’t wait to see all of your hard work pay off (literally), Amanda and Nick!
Emilee & Rob
We knew Emilee and Rob were going to have a great month when Emilee came up with a strategy for saving $170 a month. How, you ask? After taking a birds-eye view of her monthly yoga, cycling and gym payments, Emilee realized she would save a bunch of money and still be able to work out using the free gym in her apartment building!
The couple is also getting ahead of their expenses by saving for holiday shopping. Additionally, Emilee took some of her old clothes around to various resellers across town and came out with a pretty sizable amount of cash! That’s a pretty good idea for clothes lying around the house. If you want some inspiration, read their Fashionista on a Budget entry! You’ll find some great tips on places to take old clothes and even what they typically look for. Nice work, Emilee and Rob!
There you have it, savvy savers! Keep following Project Money 2016 to see these families complete their journey, and see what you can learn along the way.