MADISON, Wis.–By increasing their family’s savings more than $48,800 and reducing debt by $7,971 in just seven months, Evan and Robin Quilling of Fall River have won the 14th season of Summit Credit Union’s Project Money program.
The financial challenge awards a $10,000 cash grand prize to winning participants each year.
“Saving for retirement and our children’s education seemed like a difficult challenge for us,” said Evan Quilling. “Through sessions with James Schmidt, our Summit Credit Union coach, we found even small changes make a difference and we used resources to learn better budgeting and retirement investment tactics that gave us a holistic view of our household finances rather than a set-it-and-forget it mindset.”
The Goals
At the outset of the program, the Quillings’ goals included identifying monthly expenses and creating a solid household budget for the first time, according to Summit CU.
“They learned how to invest more wisely in their retirement accounts and in a rental property,” Summit CU said.
Evan Quilling said the couple used Summit’s Climbr tool to track expenses and identify funds to continue “living our lives.”
Since 2009, the 56 Project Money teams reduced their debt and increased savings by more than $1.2 million,” according to President and CEO Kim Sponem.
A ‘Different Way’
“Our Project Money coaches help participants create a different way of looking at money and spending,” said Sponem. “The habits and skills developed during the seven months together create a fundamental change in approach that builds a strong financial future.”
Summit CU said that throughout the Season 14 program, four Project Money teams or individuals worked with their specific Summit financial coaches to set customized financial goals designed to reduce debt, increase savings, and take control of their financial futures. The teams shared their progress through blog posts and social media posts, encouraging members of the community to join their journey and to share what they are learning, the CU added.
How Winners Were Selected
The season 14 winner was selected based on total debt reduced, overall savings and participation in program events, including appearances on Madison’s WKOW-TV.
In addition to the $10,000 grand prize, Summit awarded each of the remaining teams a $2,500 prize.
Since the program began in 2009, Project Money contestants have collectively increased their savings by $637,875.53 and decreased their debt by $579,480.83, according to the $6.2-billion Summit Credit Union.
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