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ABOUT COMMUNITYAMERICA
Press Releases Archive
Local Family Wins Big By Spending Little
Prudent financial moves net $10,000 prize
Lenexa, KS ( 11/19/2008) -- Jaci Blinzler knew that changing her spending and savings habits would pay off in the long run. A $10,000 prize in the short term was an unexpected but very welcome bonus.
Blinzler, a single mother of two from Parkville, Mo., won the $10,000 grand prize in the Financial Makeover contest sponsored by CommunityAmerica Credit Union. She competed with three other families to see who could reduce debt and increase savings the most during a contest that ran from January through October 2008. Financial coaches from the credit union provided guidance and support to all four families throughout the contest.
Contest judges awarded the prize to Blinzler, 46, and her children, Conner, 13, and Madi, 10, for successfully improving their financial condition based on a pre-determined formula. Every month, the families met with their coaches to evaluate and review their finances, as well as discuss new ways to save money and cut costs. At the end of each month, their progress was charted on a spreadsheet and compared with the three other competing families. In addition, the credit union conducted quarterly group seminars in which all four families received financial education to supplement their individual coaching.
"We are thrilled to win the prize money, but we really felt like winners throughout the contest because we learned valuable, life-long money-management lessons," said Blinzler. "The contest started when the economy was still strong, and the financial management strategies really made a difference. Now, despite the global economic crisis, we were able to save, reduce debt and make significant progress toward our financial goals. These lessons make our lives better now, but will be valuable to both Conner and Madi as they grow into adulthood - armed with great ways to be financially successful for life."
"Building financial success together and helping people learn how to better manage their money is one of our fundamental values," said Dennis Pierce, CEO of CommunityAmerica Credit Union. "The purpose of the contest was to demonstrate how big a difference a series of small but critical changes in spending and saving practices can make."
"Our goals and objectives as a financial institution are all about advancing the financial interests of our members, and this contest demonstrates how real people can apply good financial planning and budgeting strategies in their every day lives," Pierce added.
The Blinzlers entered the contest because they knew they had to change their financial habits. With a family income of less than $50,000, they struggled with mortgage and credit card debt, and had little opportunity to save for the future.
During the course of the contest, the Blinzlers learned how to create a family budget, and how to stick to it. They learned how to avoid impulse purchases and to differentiate between needs and wants, while implementing effective strategies for cutting monthly expenses. They made significant cuts in their food, clothing and utility spending, and negotiated lower interest rates on their credit card balances. Short- and long-term savings were incorporated into their monthly budget for the first time ever.
The three other families in the contest - the Morrows of Overland Park, Kan., and the Carmichaels and Weinands of Olathe, Kan. - each won $2,500, and also benefited from improved financial literacy that will last a lifetime.
Almost any family can achieve similar results with the right kind of coaching, information and support - the kind of support CommunityAmerica offers its members every day. CommunityAmerica Credit Union is hosting another Financial Makeover contest in 2009. Interested families can apply online at http://www.cacu.com/financialmakeover/index.html, or obtain an application at any CommunityAmerica branch. The application deadline is Nov. 30.
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