Reality-based financial program helps contestants increase savings, reduce debt
During the seven challenges since 2009, 28 Project Money participants have, collectively increased their savings by over $200,000 and reduced debt by nearly $300,000. Summit Credit Union is now accepting applications for its eighth annual Project Money challenge. From May through December, four participants (individuals or families) will work directly with a Summit financial coach to reduce their debt and increase their savings.
In addition to Madison-area media outlets, participants’ ongoing progress and unique stories will be published regularly on Summit’s Project Money page and social media channels to serve as a financial resource for the entire community.
In February 2017, a winner will be determined based on increase in savings, reduction of debt and participation in program events. The winner will receive a grand prize of $10,000 and the three runners-up will each receive $2,500.
“Summit’s Project Money was developed to enhance the financial lives of our participants while inspiring thousands of others to follow suit and improve their financial wellness,” said Kim Sponem, Summit Credit CEO and president. “It’s a public financial education program that makes individuals, families and communities financially stronger by providing real-life financial tips they can put into action.” In 2015, participants boosted their savings by more than $26,000 and reduced debt by over $49,000. “We knew it would be a life-changing experience but never to this extent,” said 2015 participants, Sheba and Karim. “Being a part of Project Money has enabled us to dream bigger. Through various goals, discussions, achievements and failures, our lives are changed.”
Applications will be accepted until March 12, 2016 and can be found at https://www.summitcreditunion.com/apply-for-project-money.html, along with full rules and guidelines. For a 5-minute video introduction to Project money, visit: https://www.summitcreditunion.com/about-project-money.html.
About Summit Credit Union: Established in 1935, Summit Credit Union is a member- owned financial cooperative open to anyone in Wisconsin. Summit holds $2.4 billion in assets and has more than 153,000 members with 32 locations throughout the Madison and Milwaukee areas. For more information, visit www.summitcreditunion.com or call 608-243-5000 or 800-236- 5560. For additional media information, visit https://www.summitcreditunion.com/about/press_room.html