By increasing their savings by over $36,000 and slashing debt by over $11,000, Jeff and Sue Henning won the 11th season of Summit Credit Union’s Project Money program. Each year, the reality-based financial challenge awards a $10,000 cash grand prize to the winning team.
“Before Project Money, we were struggling financially and at a loss for how we were going to get ourselves out of debt,” said Sue. “The money-management skills we learned in our Project Money journey helped us achieve our dream of financial freedom.”
At the start of the Project Money program, Jeff and Sue’s main goals included replacing their vehicles, rebuilding their savings and building a foundation for retirement. Working with their Summit financial coach, Aidan Hauge, the couple developed a budget and established a plan for managing all aspects of their finances. By the conclusion of the challenge, the couple had saved $36,080 while reducing their debt by $11,384.
“Each year, we’re inspired by the success stories we see as participants improve their lives through Project Money,” said Kim Sponem, President & CEO of Summit Credit Union. “By embracing this challenge, these teams show their family, friends and thousands of community members following along at home that it’s possible to take control of your finances and achieve the life you’ve always imagined.”
Throughout the program, four Project Money teams work individually with their own Summit financial coach to set customized financial goals designed to reduce debt, increase savings and make positive lifestyle changes. By documenting their journey through blog posts, video blogs and social media posts, the teams encourage members of the community to take part as well.
The winning team is selected based on total debt reduced, overall savings and participation in program events, including live appearances on Madison’s NBC15 news. In addition to the $10,000 grand prize, each remaining team receives $2,500.
Since the program began in 2009, Project Money contestants have collectively increased savings by $450,981 and reduced debt by $481,180. In 2019, the Project Money teams totaled $80,863 in savings and lowered debt by $62,442. Applications for this year’s Project Money program are available on Summit’s website until March 7 at https://www.summitcreditunion.