Project Money: Team Emily and Ginger
We're just weeks away from finding out which of our four teams will be this year's big winner of Project Money and taking home that $10,000 cash prize.
Tonight we're checking in with Team Emily and Ginger's coach, Jamie Repasky, who as of right now has been able to save more than $5,000, and decrease their debt by more than $15,000.
· Savings increase: $5,681
· Debt decrease: $15,588
Here’s a few tips coach Jamie Repasky for Team Emily and Ginger:
a. Be flexible and patient
b. Test run a new spending plan and then reflect and adjust as needed
c. It takes time to see new habits take affect and move your numbers
d. They set up a cash flow calendar and specific spending budgets in Summit’s Climbr, organized a debt snowball strategy and followed the plan for debt pay offs
a. Paid off their car loan and all credit card debt
b. Increased savings for emergencies and vacations
c. Used strategies to ensure they had time for themselves and each other without breaking the bank with babysitting costs by coordinating with other parents
d. Set up individual spending accounts and used one central bill account to keep everything clean and clear
a. Initially the conversation started about making the BEST move or the RIGHT move
b. We spoke a lot about how many different approaches, strategies and also non-monetary factors (like feelings) make it impossible to say there is one correct way
c. They were empowered by these dialogues to really own the plan and be comfortable making adjustments without feeling like they failed
d. Communication about goals and values is what will keep them on track in the future – honest conversations with yourself and each other is the secret to success
a. Apply online at SummitCreditUnion.com or at any Summit branch to be a part of season 12! Applications are due March 7.