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SCU Project Money February Update

Summit Credit Union Project Money February update

Well, savvy savers, we’ve officially completed Project Money season nine.

While we’ll be sad to see these teams go, they ended the program on a great note all-around. So, sit back and get a few last learnings from these awesome families.

Jenniffer:
Jenniffer’s first Project Money journey was called “Oh What a Ride This Will Be.” Her last blog entry was aptly titled “Oh What a Ride This Has Been.” We’ve always loved the roller coaster analogy for finances, as it’s a smart way to capture the ups and downs of it all.

Jenniffer’s journey seemed to consist mostly of ups, as she worked with her financial coach to achieve all of her short- and long-term goals, which included paying off medical bills and credit cards, establishing emergency funds and start saving for Ashley’s college. She’s already set up new post-Project Money goals! Going forward, even though she won’t be on the Project Money roller coaster, Jenniffer will be on the #TeamPrice roller coaster. The only difference is she’ll be riding with her eyes “wide open.

Her most important learning? “Shifting my money mindset, so I can more effectively evaluate the expenses that are needs, versus those that are wants.”

Jenniffer’s last advice for Project Money followers was simply that making money changes is hard. However, saving enough to build solid financial roots will empower you to overcome whatever obstacle comes your way.

Great job this year, Jenniffer! Good luck to you and Ashley!

  • Total Savings Increase: $10,313.13; Total Debt Reduction: $4,664.69

 

Karl & Heather:
All season long, Karl and Heather faced their financial challenges with positivity and adventurous spirits that were a joy to follow. They also had a keen sense for summarizing key learnings, which made their journey all the more helpful to those following along.

In their last post, they stuck to those principles, summarizing key learnings over the last seven months:

  • Came face-to-face with our less-than-ideal financial position
  • Set realistic goals to address our largest problems
  • Talked daily about what we were doing and how we were feeling
  • Revisited our progress/what needed to change each month
  • Started planning for the future in addition to living in the moment

Overall, the tactics worked, as they went on to save over $11,000 and reduce debt by nearly $4,000! Impressive. To Karl and Heather, one of the biggest factors to their success was “learning how to talk about finances and money within our family and to our friends.” It certainly seemed to work as they were able to establish a monthly budget, eliminate credit card debt and get rid of the need to use their savings to pay for expenses.

Congratulations on a great year, Team Duncan!

  • Total Savings Increase: $11,272.24; Total Debt Reduction: $3,624.71

 

Moriah & Terrance:
Sometimes Project Money can enhance the actual fiber of our participants’ lives. We’ve seen families come together and marriages saved. For Moriah and Terrance, they were able to figure out how to be financially married, and we couldn’t be happier.

The goals Moriah and Terrance achieved this year were certainly inspiring, and after their Project Money journey they’re “pretty much out of debt, have emergency funds built and are getting set up” to make their money work for them. That’s a lot to be proud of.

The happy financially married couple also shared a great final money tip with their followers: be honest with yourself when it comes to your money. We couldn’t have said it better, as that is a major hurdle that many people have to overcome if they want to make impactful money changes that will improve their lives.

And in conclusion, the numbers don’t lie. Moriah and Terrance were able to increase their savings by more than $5,500 while reducing over $10,000 of debt …! Congratulations on a great seven months, you two!

  • Total Savings Increase: $5,632.72; Total Debt Reduction: $10,055.44

 

Venus & Madison:
Venus had a great Project Money season, bolstered by her entrepreneurial spirit and the learnings about her own business.

By program’s end, Venus was able to pay off her credit card and improve her overall credit score, two of her primary goals at the program’s start. She’s also leaving with more financial insights and momentum than she had before the program, which will help her manage her own business.

While she won’t necessarily be missing the live NBC15 studio appearances, Venus enjoyed the educational sharing part of Project Money and is even considering writing a blog for her business to instill a more personal feel. Overall, Venus says, “I feel more confidence in my business. I feel like I can be more thoughtful when planning for my business, and I don’t feel as desperate.”

She’ll also be taking three main lessons with her from Project Money: 1. A support system still requires work on my part; 2. my earnings are not something to be ashamed of; and 3. with planning and focused execution, anything is possible.

We LOVE those lessons, Venus! Great job this season and keep the momentum going throughout 2018!

  • Total Savings Increase: $1,374.41; Total Debt Reduction: $751.74

 

Congratulations to all of our season nine teams on a great Project Money! Collectively, they increased savings by nearly $30,000 while reducing debt by almost $20,000! Impressive stuff. We’ll certainly miss these awesome teams but be on the lookout in the next few months for Project Money season 10! Even better, you could apply yourself!

Total Savings Increase: $28,592.50; Total Debt Reduction: $19,096.58