MADISON, Wis.—Summit Credit Union is reporting it has launched the 13th season of its Project Money competition with the announcement of its 2021 participants.
Four teams have been selected from hundreds of applicants to participate in this year’s program, where they will compete to reduce debt and increase savings on the way to achieving their financial goals, Summit CU said.
“Every year, we’re so proud to see our Project Money participants take action to improve their financial wellness,” said Summit Credit Union CEO & President Kim Sponem. “Past teams have collectively saved nearly half a million dollars and reduced their debts by even more than that, but they aren’t the only ones who can benefit. Thousands of others follow along with the competition on WKOW-TV, Summit’s Money Smarts blog and social media for real-life examples of actions they can take to improve their own financial lives.”
Summit said that with the help of a dedicated financial coach, each team will learn strategies to improve their spending and saving habits and reach their goals. At the end of the competition, the team earning the most points for overall increase in savings, debt reduction and participation in program events will take home a $10,000 cash prize. All runners-up will also receive a $2,500 prize.
The Teams
The 2021 Project Money Teams are:
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Team Katie: A single mother of four, Katie is motivated to increase her financial knowledge so she can establish a sustainable budget and start building her savings.
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Team Eric and Kelly: This active family is inspired to develop better spending habits and pay off credit card debt so they can plan for bigger expenses on the horizon, like college and retirement.
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Team Jasmine: With three kids and two jobs, Jasmine is eager to build a stronger financial foundation so she can tackle unexpected expenses and buy her first home.
- Team Mary and Josh: With their three kids all now in school, this busy family is ready to strike a balance between saving and spending so they can reduce financial stress and feel more freedom.
Seven-Month Season
Starting in mid-June and throughout the seven-month season, each team will share updates on their progress with the greater community through Summit’s Money Smarts blog and on its Facebook and Twitter pages, the CU explained.
In addition, throughout the program, teams will appear on WKOW to discuss their challenges, wins and motivations.
Over the first 12 seasons, Project Money participants have collectively increased savings by $499,734 while reducing debt by $522,043.
The $4.7-billion Summit Credit Union has approximately 215,000 members.