Redwood Credit Union's “Amazing Savers” Contestants Making Progress

Redwood Credit Union’s (RCU’s) Amazing Savers contestants are beginning to see notable financial improvement as they compete to transform their finances for a $10,000 prize.  The Amazing Savers contest is following five teams of RCU Members throughout 2011 as they work closely with financial coaches from the Credit Union to improve their financial situation through budgeting, refinancing, reducing debt, investing and more.  Here are some of the results so far:

•  Team Van Patten is now saving $387 each month by refinancing their car loan and credit cards.

•  Team Flores has reduced their auto loan interest rate from 7.50% to 4.74%, saving $130 per month. They also plan to start a 401(k) to help with retirement savings.

•  Team Jaworski saved $800 and will pay off their car loan two months early by refinancing; increased their credit score by 84 points; and are saving $274 a year on insurance (and receiving additional coverage plus renters’ insurance) by shopping different carriers.

•  Team Lynch reduced credit card interest rates from 29.99% to 7.00%, cutting payments in half and saving over $2,000 in interest alone.  Team Lynch has also found creative ways to save on everyday expenses through coupons and other deals.

•  Small business owner Team Campbell has put aside a $6,000 emergency fund to help through tight times, and have cut their grocery spending by more than 50% using the provided budgeting tools.

The contestants’ financial transformation progress is chronicled online through contestant and coach blogs at www.rcuamazingsavers.org.  Everyone in the community is encouraged to follow along for tips and guidance on how to transform their own finances and save money. RCU is also promoting the unique contest in various ways, including staff t-shirt days, radio, print and online ads, and on Facebook and Twitter.

 Followers of the contest will also be able to cast their vote for the contestant they believe has made the most progress. At the end of the year, the contestant who has made the greatest overall improvement to their finances will win $10,000.

 “Redwood Credit Union is committed to helping people achieve financial wellness, and we’re thrilled at the progress our contestants have made so far,” said Anne Benjamin, RCU’s Executive Vice President & Chief Operating Officer.  “We hope their stories will energize others, as we believe everyone can benefit from learning to save more, reduce debt and find financial freedom through the Amazing Savers contest.”

 Redwood Credit Union is a local member-owned financial cooperative with 18 branch locations, plus a one-stop auto-purchasing center. The Credit Union offers full-service banking including free checking, savings and deposit accounts, auto and home loans, business services, commercial and SBA lending, credit cards, financial management and retirement planning, insurance, and a variety of online services. For additional information, please call (707) 545-4000, toll-free at 1 (800) 479-7928, or visit www.redwoodcu.org.