Madison-area couple wins $10,000 in Summit Credit Union’s Project Money
12th annual interactive competition teaches financial smarts, helps participants reach goals
MADISON, WI (March 5, 2021) —
By increasing their savings over $27,000 and reducing debt by nearly $10,000 in just seven months, Dustin and Scott Struckmeyer of McFarland won the 12th season of Summit Credit Union’s Project Money program. The financial challenge awards a $10,000 cash grand prize to the winning team each year.
“The skills we learned in Project Money have helped us build financial confidence we’ve never felt before,” said Scott. “We view, talk about and experience money completely differently after our Project Money journey, and we feel prepared for anything in life that comes our way.”
At the outset of the program, Dustin and Scott’s goals included paying off their debt and mortgage, growing their savings and creating healthy habits for spending. By working closely with their Summit financial coach, Nic Teachout, the couple developed a sustainable financial plan and established a style of communication around money they did not have before. When the program concluded, the couple had saved $27,558 while slashing debt by $9,762.
“In a dozen seasons, Summit’s 48 Project Money teams reduced their debt and increased savings by more than $1 million,” said Kim Sponem, CEO & President of Summit Credit Union. “On top of that, their courage in sharing their journeys has inspired their friends, family and thousands throughout the community to take control of their finances.”
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 financial lifestyle changes. The teams share their progress through blog posts, video blogs and social media posts, encouraging members of the community to join in on their journey and to share what they are learning.
The season 12 winning team was 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 was awarded a $2,500 prize.
Since the program began in 2009, Project Money contestants have collectively increased savings by $499,734 and reduced debt by $522,043. In the 2020 season, the Project Money teams totaled $48,753 in savings and lowered debt by $40,863. Applications for this year’s Project Money program are available on Summit’s website until March 6 at https://www.summitcreditunion.com/project-money/apply.
About Summit Credit Union (WI)
Established in 1935, Summit Credit Union is a member-owned financial cooperative. Summit holds $5 billion in assets and has more than 226,000 members and 799 employees across 49 locations throughout south-central and southeastern Wisconsin. Kim Sponem has been CEO & President of Summit Credit Union, and its predecessor organization, CUNA Credit Union/Great Wisconsin Credit Union, since 2002. Recognized for its excellence in employee engagement, Summit was named a Top Workplace in the USA in 2021 and 2022 by Top Workplaces USA and a Top Workplace in the Madison area for 2022 and 2021 by the Wisconsin State Journal.
For more information, visit www.summitcreditunion.com or call 608-243-5000 or 800-236-5560.
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