For more information, contact:
Cheryl Van Tessier, Finesse Public Relations LLC
(608) 467-4408, ctessier@finessepr.net
Tania Widish, Summit Credit Union
(608) 243-5000X4701, Tania.Widish@summitcreditunion.com
Project Money helps individuals, community, learn how to take control of their finances
MADISON, Wis. — Four local families have been chosen to receive free, one-on-one financial coaching between now and December, courtesy of Summit Credit Union’s third-annual Project Money reality-based financial challenge.
Project Money provides an opportunity for participants — as well as the community at large — to learn how to ‘do more’ with their money and achieve financial success. From 140 applicants, four teams were selected in April, each with varying backgrounds and financial situations.
“This year’s Project Money participants include a new blended family working to merge different philosophies on money, a single parent who’s trying to save for the future, a young family who wants to learn to manage their money together and reduce their stress, and a state worker facing financial uncertainty,” said Kim Sponem, CEO/President of Summit Credit Union. “So there’s a situation or scenario that pretty much anyone in the community can relate to and learn from.” The 2011 Project Money teams include:
* Larry and Juli Brown, and twins Larry Jr. and Lexie — a blended family which has recently undergone pay cuts and is struggling to sync money philosophies and pay for things like monthly bills and the kids’ sporting fees, all while saving for college, retirement and a camping trip to the Grand Canyon.
* Penny Duane and son, Dylan — a divorced woman who’s working to reduce credit card debt, start enjoying her life with her son and realize their dreams of traveling to see Niagara Falls and the Macy’s Thanksgiving Day Parade.
* Jennifer Jones — after reflecting on her life following a recent milestone birthday, this single state worker has her sights set on aggressively building her retirement savings and assets.
* Dan and Sheila Robertson, and son Max — bogged down with unexpected medical bills and high insurance deductibles, this young family is teaming up to reduce their debt, communicate better and start enjoying life again.
Throughout the program, each of the participants will work closely with a Summit financial coach, who will provide them with the plans, tools and advice they need to accomplish their financial goals.
Their ongoing progress and unique stories will be featured at: http://projectmoney.summitcreditunion.com/, which will feature tips and advice from the financial coaches each week correlating with the participants’ real-time situations and challenges, so that consumers may strive to achieve their own financial goals. The site will also feature weekly blogs from each of the participants, as well as links to their respective Facebook pages, which the community is encouraged to “like,” in order to follow and comment on their postings, videos and progress throughout the competition.
Additionally, starting on July 6, WKOW-TV news anchor Greg Jeschke will be reporting the participants’ challenges & progress in an ongoing series airing Wednesdays on Channel 27 during the 6 p.m. newscast.
In February 2012, a $10,000 prize will be awarded to the team that earns the most points during the competition. Points are awarded for percent increase in savings, decrease in debt and participation in program events. Runners up will each receive $2,500.
Summit Credit Union’s first two “Project Money” competitions made a huge difference in the lives of the four participant teams each year (eight families total), as well as community members who followed their progress. Not only did they learn how to ‘do more’ with their money and achieve financial success, the competing participants collectively boosted their savings by $21,669 and decreased their debt by nearly $73,000.
About Summit Credit Union:
Established in 1935, Summit Credit Union is a member-owned financial cooperative open to anyone in Wisconsin. Summit holds $1.6 billion in assets and has more than 119,000 members with a total of 24 locations throughout the Madison and Milwaukee areas. For more information, visit http://www.summitcreditunion.com or call (608) 243-5000 or (800) 236-5560.
