Issue link: http://read.dmtmag.com/i/133552
Advertisement — SummitCreditUnion.com/ProjectMoney How Alyssa & Trevor united to boost their net worth by $31,433 in seven months " We're in such a great financial spot now. We started our marriage off with a significant savings account and a lot less debt than we had both ever had previously. Money isn't really an issue anymore." – Alyssa & Trevor, Project Money participants 2012 A Project Money Profile Each year since 2009 four teams are selected and compete for $10,000 in Summit Credit Union's seven-month, reality-based Project Money program. Contestants take on their biggest money challenges with the help of a Project Money Coach and share their journey so thousands can follow along and increase their money smarts, too. Here's one couple's story: Who we are: Alyssa and Trevor. We were engaged when we started Project Money and married by the end. We have two dogs: Gillygan & Mavrick. Our Project Money goals & stats: To start our new life together without added financial stress, to get married with less debt and to gain financial insights to prepare for a family and retirement. From June 1 — December 31, 2012 we reduced our debt by $15,777 and increased our savings by $15,656. Two things we did that helped us reach our goals: We finally sat down and discussed our goals and we learned how to get on the same page. Through this, we found we had similar goals. Our timeframes were just very off. We also learned to look ahead and set small goals. It was easy to give up eating out when we knew it would help us surpass our savings goal for the next month. Our Project Money "Aha" moment: The day we added up our eating out and grocery bills for three weeks and it equaled over $500 for TWO people. It made us think of all the money we wasted on food we didn't eat and where every dollar we made was going. What we're most proud: We're able to look into the future and save for things we never thought we'd ever have enough money for. What we do now if we fall into old habits: Reviewing our budget regularly helps us stay on track. When it seems we're straying, we just go back to it. Looking at our success in Project Money helps, too. If we could make a $30,000+ financial turnaround in seven months, we can make the turn around when we slip up. HOW WE SAVED • We quit eating out and made a plan for grocery shopping. We didn't need to buy two weeks' worth of food that would just go bad. We bought food for a week and went back to the store as needed. • We also reduced our internet and cable bill. We didn't need the extra channels. HOW WE REDUCED DEBT • We paid one piece of our debt at a time. Once we paid off a student loan, we put the money toward the credit card. Once we paid off the credit card we started paying off a personal loan, etc. • Before, we just put purchases on our credit card and paid what we could each month. When we started Project Money, we made a point to know every credit card charge and pay it off immediately. It is still our habit today. HOW YOU CAN TOO When you want to take control of your money to reach your dreams, see Summit Credit Union — we've got experience with that! SummitCreditUnion.com 608-243-5000 or 800-236-5560 June 2013 bravamagazine.com 1