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PROJECT MONEY DECEMBER RECAP

project money december 2015

December marked the final month of this year’s Project Money competition. Each team made remarkable strides toward debt reduction and saving over the past seven months, and we know we’re not alone when we say how proud we are of each and every one of them.

While our judges diligently review all teams’ progress before crowning a winner, see how each team finished this year’s competition.

Alane & Bishop:

In December, Alane and Bishop embraced the holiday spirit, saving plenty of money while doing so. They began by donating a number of Bishop’s old clothes, toys and books to the Salvation Army (Alane’s previous employer). They used their Cash Boomerang payout from Summit to purchase gifts for a family in need, and throughout the month, Alane shared many lessons she learned about spending and finances with family and friends. Where does Alane place a lot of the credit? “One of the best challenges that I have risen to in 2015 was participating in Summit Credit Union’s Project Money,” she explains. We’re so glad you feel that way, Alane!

Becca, Joel & Taytum:

Becca and Joel did a great job putting the lessons they learned from Project Money into action in December. They decided to take out a loan last spring to purchase new blinds for their recently purchased home. After receiving a 12-month payment program, they set out to pay it off. By creating separate savings accounts for the loan, and strictly sticking to their budget, they were able to pay off the entire loan by December! Now their dream trip to Hawaii is back on the table. “To avoid the temptation to sneak money out of a cash jar, we will be making automatic deposits into a “Hawaii” bucket in our savings account,” they explain. Now that’s being financially savvy.

Carrie, Chris, Logan & Ryan:

To date, Team Bennett has paid off their entire $11K business loan debt that they’ve had since the start of Project Money. That’s more than $1K per month in debt reduction alone. And it is clear how determined they are, as they’ve maintained detailed Daily Expense and Budget Worksheets the entire time! Impressive. What’s more, they’ve reduced their monthly gas bill from $435 to $180. Where is all that extra money going? To savings, of course. The team explains, “We’re seeing the dollar amount in our savings grow now, thanks to the knowledge we’ve gained from Project Money.” Couldn’t be more proud, team.

Sheba & Karim:

This past month, Sheba and Karim exhibited all the knowledge they’ve learned throughout the Project Money challenge, including planning and strategizing for retirement savings as well as taking the time to reflect on what they need and not always just what they want. We particularly enjoyed their piece titled “Your Best Year Yet,” detailing ways to ensure you hit your goals for 2016. “As we near the end of our journey with Project Money, we are inspired to help others create a fresh start and make this their best year yet!” Way to spread the “wealth,” you two!

Again, we’re so proud of each team in this year’s competition, who’ve shown that with determination and a little discipline, your financial goals are within reach. We’ll be announcing the winning team on February 16. Until then, keep Owning It!