BATON ROUGE, La. – Kristi Smith of Walker, La, a single mother of two, made a $34,000 swing in her financial condition in the Lose To Win: Financial Edition competition sponsored by E FCU, winning a $10,000 grand prize.
During the eight-month financial makeover competition, Smith and her family, reduced their debt by $22,000 and increased their savings by $12,000 and increased her credit score by 50 points. Combined, the four competing families made an $80,000 financial swing.
In early 2009, Smith, a single mother of two, was drowning in debt with little savings and little hope. A recent divorce and undisciplined personal spending left her with mounting debt. Smith decided to take a chance at a fresh start by entering a local financial makeover competition sponsored by the credit union.
With the help of her financial coaches, Smith and her two children, Shelby and Kalyn, were named the competition’s winner by losing more than $22,000 in debt and saving over $12,000 in eight months.
She competed with three other families to see who could reduce debt and increase savings by the greatest percentage during the contest that ran from February through September 2009.
Throughout the competition, each family met at least monthly with their team of financial coaches, one from E FCU and one from Consumer Credit Counseling Services, to discuss ways to improve their financial situation by reducing their spending habits, increasing their earnings and living more financially sound lives. In addition, the families participated in quarterly financial seminars – open to the public – hosted by the credit union.
