KANSAS CITY, Mo. - In the midst of a tough economy, four Kansas City families are showing credit union members how to improve the household bottom line, and in the process, one will win $10,000.
CommunityAmerica Credit Union is midway through its Financial Makeover promotion that follows four member families to see if they can improve their monetary situations and reach their financial goals by the end of 2008. Started at the beginning of 2007, the contest includes families of varying incomes, and all are making headway toward their objectives, explained Jean Hughes, CommunityAmerica's VP of marketing and employee development.
"It's about choosing families that have different financial goals and challenges," Hughes said about the promotion that not only draws attention to the credit union but also highlights CommunityAmerica's financial counseling services. "These families are receiving free financial counseling from the credit union. They represent a wide range of lifestyles, from high to low income, and different life stages. We did that to appeal to a diverse group of members."
The winning family receives $10,000 and the runners-up $2,500.
"Even if you're not in the contest you can get financial counseling from the credit union," said Hughes, adding that member interest in financial counseling and the promotion are very good. "If members don't take advantage of credit union counseling they can pick up tips from the families that are on our website."
CommunityAmerica's site includes a section on the financial makeover touting: "One year. Four families. Thousands of financial fixes." A blog and financial tips section help members track progress. "Check out our participants' blogs...and if you want to put their financial tips, tricks and lessons to work for you, you can," the site explains.
It's not just members hearing about the makeover. The families appear on a local TV news show once a month and radio program once a week, talking about their progress and what they are learning.
"It's a message that members and consumers alike want to hear right now with everyone struggling with the economy," Hughes said. "All of the families in the program are making positive changes to their bottom lines that they were not making before the contest."
While the $1.7-billion credit union here is not providing a metric to show members who is leading, Hughes said the "middle- to high- income" family working on budgeting techniques is doing the best. The winner will be determined by the credit union based on how well they meet their goals. Each family established clear, measurable goals at the start of the contest, Hughes said.
Members recently had the chance to see the families at CommunityAmerica's annual meeting, held at CommunityAmerica Ballpark (see related story).
"It was clear that members are very interested in how the families are doing," explained Hughes, who said that budgeting and saving money are top of mind with members these days.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
