SANTA ROSA, Calif. (11/22/11)--Team Jaworski is the winner of the $10,000 grand prize in Santa Rosa, Calif.-based Redwood CU's year-long Amazing Savers contest.
Members of the Jaworski family, who saved enough to purchase their first home, captured the $10,000 grand prize in Redwood CU's Amazing Savers' contest. Here, the Jaworskis (center) celebrate the announcement. (Photo provided by Redwood CU)
RCU's Amazing Savers contest followed five teams of RCU members throughout 2011 as they worked closely with financial coaches from the credit union to improve their finances by budgeting, refinancing, reducing debt and investing.
Over the course of the contest, the Jaworski family made the most financial improvements by increasing their savings enough to purchase their first home, start a college fund for their young son, pay off their auto loan and improve their credit score.
All five teams made significant financial transformations throughout the contest, including:
- Team Campbell improved its cashflow, started an emergency fund, purchased a more economical fuel-efficient vehicle, and improved the family's credit score.
- Team Flores reduced debt by refinancing its auto loan to a 4.74% annual percentage rate from 7.5%, started a savings plan and improved the family's credit score.
- Team Lynch reduced her credit card interest rate by 22%, improved her credit score, saved enough money to live independently, and is teaching her students the foundation of good money habits.
- Team Van Patten saved nearly $400 a month by refinancing its debt and improved its credit score. Mother Sharon is teaching her daughters good money habits for their future.
Runner-up teams were awarded $1,000 each for their hard work and achievements during the contest.
The contestants' financial transformation progress was chronicled online through contestant and coach blogs. The credit union's web site also offered tips, tools and guidance for anyone who wished to improve their finances.
Redwood CU offers free financial coaching to any member seeking to improve their financial situation.