EL PASO, Texas – A year of budgeting, paying off debt and overall belt tightening paid off Tuesday for two families who were awarded $10,000 each as winners of GECU’s "Savers Challenge."
The winners were judged by a panel of three accountants from a local firm as the best among six participating families in meeting their original goals for the year, not how much they saved.
The winners were the Mares family of three and the Aguilar family, also of three. The four other participating families received $2,500 as part of the contest.
Harriet May, president of the $1.2 billion credit union, said the purpose of the savers contest was to educate participating families and the community about sound financial practices. The credit union plans another contest for next year.
Several other credit unions have begun their own savers contests to educate and encourage savings among their members.
