INDIANAPOLIS, Indiana-FORUM Credit Union here has launched a new program that challenges members to save money, change their spending habits and manage their money better.
The "SaveItUp Program" challenges participants to complete items within five different categories: budget, thrift, savvy, goals and education. For example, under the budget category, one requirement is to "create a realistic budget to help identify areas where you need to make a change." By completing such items, participants are then entered to win up to $5,000.
Jacki Teachnor, marketing director for the $1-billion FORUM CU, said that the credit union saw a need to help provide its members encouragement to make changes in their financial lives.
"We provide 'free credit check days,' and we heard our members share their struggles with saving money and getting out of debt," she said. "We knew we needed to create something that would help them with this challenge. We knew we wanted a program that would help all members regardless of their financial situation."
So the CU put a group of cross-department employees together who met several times to come up with a program that would help members.
"We brainstormed from our own individual experience and came up with the 'checklist' concept," Teachnor said. "We met throughout the fourth quarter of 2008, and once we had the concept down, marketing went to work."
Here's how it works:
"We have a list of items in five categories: budget, goals, education, thrift and savvy," Teachnor explained. "Once a participant completes an item, they earn points. Once they earn 75 points, they are entered to win $2,500. If the participant completes every item within every category, we double the prize, so they could potentially win $5,000."
Teachnor said there are other smaller prizes as well participants can win.
"We require the participant to provide proof that they have completed items, like attaching their budget sheet, etc.," she noted."
SaveItUp participants have access to tools and information through the SaveItUp website —
Teachnor the tight economy has not kept members from saving; in fact, she said it's actually quite the opposite.
"I don't think anyone is encouraging people who are in debt to continue to spend above their means," she said. "Most of the participants are trying to get out of debt and create a rainy day fund. I think the people who are being encouraged to spend money are those who have disposable income to do so."
Teachnor said the cost involved in the new program "was very minimal."
"We had marketing material costs and the prize costs only," she noted. "We are incorporating the promotion into other marketing that we were already participating in."
FORUM CU is projecting strong ROI. "The promotion encourages members to open accounts that save them money, and at the end of the promotion, we will review the growth in those specific accounts," she said.
For other credit unions considering setting up similar programs, Teachnor advised, "Just do it! The members [who are participating] are so thankful and enthusiastic about it."
In fact, the day Credit Union Journal spoke with Teachnor about the program, the FORUM Credit Union was shooting a video of a couple who participated in the program, and was sharing their story about how they changed their financial life and how the program helped them.
"I would also say to create a something that everyone can participate and get involved in — not just a small group of people."
The SaveItUp Challenge is open to FORUM CU members and non-members and runs through Oct. 31, 2009.
