MADISON, Wis.—Summit Credit Union’s eighth-annual Project Money program—a reality-based financial challenge—is underway.
SCU reported that it has chosen four teams from hundreds of applicants, each with different backgrounds, careers and goals.
Teams will now work directly with a Summit financial coach, who will provide the strategies, resources and mentoring needed to reach their objectives. Project Money gives the participants and community at large an opportunity to learn how to better manage their money to reach various levels of financial success, the credit union said.
“It’s true that money can’t buy happiness,” said Summit CEO/President Kim Sponem, “but the relief of managing it better can be life-changing. Project Money shows our participants, and the many who follow along with their journey, how making small financial changes can drastically improve their lives.”
The 2016 Project Money teams include:
- Amanda and Nick Beyerl: Parents of two, these registered nurses hope to secure a promising financial future for their family by improving daily spending habits.
- Emilee Guderyon and Rob Schultz: This team, made up of a marketing account executive and forestry student, hopes to purchase their first home and share lessons with friends and family.
- Drew and Liz Ehlert: These parents would like to pay off student loan debt and increase savings to provide for their new family.
- Heidi and Mitchell Mellenberger: This couple hopes to reduce overall debt and establish a college-savings fund for their two children.
“We strive to involve participants from different financial situations so people in our community can relate to their challenges and daily wins,” said Sponem. “We appreciate their willingness to document their lessons in public so their neighbors can learn along with them.”
The four teams will document their progress and experiences from this year’s program through Summit’s Facebook and Twitter platforms and a weekly blog on Summit’s website. In addition, NBC15 will host participants live in studio to discuss challenges and progress throughout Project Money’s duration.
The program will culminate in February, 2017. The team that earns the most points, which are awarded for overall increase in savings, decrease in debt and participation in program events, will win $10,000. Runners-up each receive $2,500.
Over the past seven years, Summit Credit Union’s Project Money has helped 28 teams collectively increase savings by $218,505 and decrease debt by nearly $300,000.