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Project Money: Team Emily and Ginger

Team Emily and Ginger (Source: WMTV)
Team Emily and Ginger (Source: WMTV)(NBC15)
Published: Jan. 20, 2020 at 9:05 PM CST
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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.

Season 11 overall totals:

· Savings increase: $5,681

· Debt decrease: $15,588

Here’s a few tips coach Jamie Repasky for Team Emily and Ginger:

1. What did you advise Emily and Ginger to do to help reduce debt and increase savings? What were they able to accomplish to reach these goals?

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

2. Explain how their personal finances changed during the program. How did these changes help make strides in reaching their goals?

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

3. Explain how Emily and Ginger felt starting the program, compared to now. How do you think Project Money will help them continue to move forward with their financial strategies after the program?

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

4. When is the next opportunity to apply for Project Money?

a. Apply online at SummitCreditUnion.com or at any Summit branch to be a part of season 12! Applications are due March 7.

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