MADISON, Wis. – Summit CU has announced the winner of its $10,000 Project Money savings competition, Penny Duane, a bookkeeper at Bethel Lutheran Church and a single mother.
This was the third year the credit union has held its contest, offering expert advice and mentors to consumers looking to put their finances on an even keel.
Duane was living paycheck-to-paycheck and struggling under $8,500 in debt. With help from Mary Johnson, her financial coach at Summit for the past seven months, Duane paid down $6,779 of debt and added $6,129 to her savings.
The most important tool was making a budget and sticking to it, she said. Duane set aside $300 per month for food, clothing and gifts. “Mary said I should have it all in cash. You literally get $10 a day. And you want to have something left in your wallet on the 30th,” Duane said.
Duane said she'll use her winnings to save for a down payment on a house and to take Dylan on a short vacation. “It can change your life in a short time. It turned my whole life around,” she said.
Duane and three other teams put $25,498 into savings and reduced their debt by a total $33,239 during the course of the project.
The other participants each received $2,500 prizes.
More than 150 people applied for a spot in the 2011 Project Money competition. Applications for the 2012 contest are available on Summit's website, summitcreditunion.com, and will be accepted until March 31.
