You can makeover your finances

 

Are you living paycheck-to-paycheck?

Do you wish you had more money in savings or less debt?

Many people would like to improve their financial situation. The Financial Makeover Challenge was started about 10 years ago to inspire people to make positive changes to their finances.

FISC has been providing financial education and coaching, and Money Smart Week Fox Cities has been offering cash prizes to challenge participants. We are pleased that many lives were touched and positively changed.

After a great nine-year run, FISC and Money Smart Week Fox Cities have discontinued the Financial Makeover Challenge. While we are no longer doing the four-month challenge, people can still “makeover” their finances by working with a FISC financial counselor/coach and attending FISC’s The Power of Money workshop. Click here to learn about financial counseling and click here to learn more about the Power of Money workshop.

If you want to build financial strength, watch these inspiring videos featuring past Financial Makeover participants.

Their stories

Bougies won 2016-2017 Financial Makeover Challenge

Maria and David Bougie won the ninth annual Money Smart Week Fox Cities Financial Makeover Challenge and received a $3,000 cash prize. In just four months of working with Teri, their financial coach from FISC, they paid off more than $8,000 in debt and generated more than $4,000 in new savings.

Dana Schmidt took second place and received a $1,500 prize. Paul and Heather Stinson and Danielle and Jason Block were runners-up and each received $625. As a combined total, the four families paid off more than $23,000 in debt and increased savings by more than $27,000.

Maria said, “When we started the challenge, opening bills was scary. We had tried working on our debt but just couldn’t figure it out. Through working with Teri and attending the Power of Money workshop, we made many changes. Our grocery bill went from $800 per pay period to $350. We feel like we have control. It’s so awesome.”

The Bougies learned to treat saving money like an important bill to pay and to “pay themselves first.” They are excited to have money set aside in sub-accounts for future bills.

Teri, their financial coach said, “They are motivated and closer as a family. It was a pleasure watching the transformation take place. They have taken control of their lives.”

The Financial Makeover Challenge demonstrates that it often is possible to make significant changes and regain financial control.

 

 

Financial Makeover Challenge long-term results

For the past eight years, people have worked closely with financial coaches from FISC. Click here to learn about their long-term results.

Here are a few of the reasons why people have wanted to participate in the Challenge:

We both have solid jobs with solid incomes, but because of our student  loans and credit card debt we are essentially living paycheck to paycheck. The stress of living paycheck to paycheck has become tiresome and we are looking toward the Challenge as a way to focus on our goal and achieve it. Our goal with your help is to develop a plan to get out of debt.

We have a new baby coming and we don’t know what to do. We really need help to set a realistic monthly budget, so we can save for our goals while enjoying time with our family

We need more help because we disagree on how or what to save.

Past Challenge participants have shared some of their learning experiences:

We’re being more cautious about the food we buy, spending less, and not wasting as much food.

We didn’t really know how much each other was spending or how much we were spending. We had a deficit of almost $300 per month in our spending. Thanks to tracking and changes we have made in the first month, we have already reduced our monthly deficit to less than $100.

This was the first year that we didn’t create debt for Christmas. We did it by reducing the amount we spend on gifts and we learned to say “No.”

We want to encourage and inspire you to take action and make your financial situation better. Even if you don’t participate in the Financial Makeover Challenge, you can “makeover” your finances by working with a FISC counselor.