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It’s that time again… where Money Smart week is just around the corner and bankers are looking for people that need their (FREE) Help. If you simply don’t know where to start, or feel that things might be hope-less, apply for the porgram!
Applications are now being accepted for the reality-based financial challenge until March 15, 2014, and can be found at: Summit’s web site. You do not need to be a member of Summit Credit Union to apply.
From May through December, each participant will work one-on-one with a Summit financial coach to reduce their debt and increase their savings. Their ongoing progress and unique stories will be accessible on Summit’s web site, as well as in various media outlets, serving as a learning tool for the entire community.
“Whether we ultimately won the big prize or not, is not the bottom line for me,” said Troy Cross, 2013 Project Money contestant. “The fact that we were able to recognize how we got into the situation that we were in and now that we have learned how not to do it again, makes us winners.”
In Feb. 2015, a winner will be determined based on percent increase in savings, percent decrease in debt and participation in program events. The winner will receive a grand prize of $10,000, and runners up will each receive $2,500.
Each year since 2009, Summit Credit Union’s Project Money competition has given four contestants (individuals or families), the opportunity to work with a financial coach to improve their finances. In 2013, the participants boosted their savings by $40,484 and decreased their debt by $62,916. In total over the past five years, Project Money participants have collectively increased their savings by $151,957 and decreased their debt by $221,569.
About Summit Credit Union:
Established in 1935, Summit Credit Union is a member-owned financial cooperative open to anyone in Wisconsin. Summit holds $1.9 billion in assets and has more than 131,000 members with a total of 26 locations throughout the Madison and Milwaukee areas. For more information, visit www.summitcreditunion.com or call (608) 243-5000 or (800) 236-5560.