MADISON, Wis.—One family here has been awarded $10,000 by Summit Credit Union after winning its latest Project Money program.
By saving almost $24,000 and reducing their debt by nearly $16,000, Angie and Cries Nelson took home the grand prize in Project Money, which is a reality-based financial competition now marking its 10th year.
“Before Project Money, we didn’t feel like we had true accountability with our finances,” said Angie. “After all we’ve learned and achieved the past seven months, we’re excited to keep taking a thoughtful approach to our money management and meeting the goals we’ve set.”
According to Summit, Angie and Cries began their Project Money journey with the goal of improving their financial decision making, building up their savings and putting themselves in a position to build a new home. They also hoped to teach sound money habits for their two children, Blake, 10, and Carly, 7. Using lessons learned from their Summit financial coach, Melanie Ruelas, the family reduced their debt by $15,905 while growing their savings by $23,723, Summit reported.
‘Proud’ of Results
“We’re always so proud to see the impactful lifestyle changes our Project Money teams are able to make each year,” said Kim Sponem, Summit’s CEO and president. “By having the courage to take on this unique challenge, they show their friends, families and communities that it’s possible to take control of your finances and achieve the life you want.”
For the duration of the competition, Project Money teams work individually with a Summit financial coach to set customized financial goals designed to reduce debt, increase savings and improve their daily lives. Along the way, each team encourages their communities to join in through blog posts, video blogs and social media posts, Summit said.
How Team Was Selected
The credit union said the winning team was selected based on total debt reduced, overall savings and participation in program events, including live appearances on Madison’s NBC15 news. In addition to the $10,000 grand prize, each participating team receives $2,500.
Since the program began in 2009, Project Money contestants have collectively increased savings by $370,117 and reduced debt by $418,738. In 2018, the Project Money teams totaled $62,986 in savings and lowered debt by $64,484.
Summit is now accepting applications for this year’s Project Money.