The $1.9 billion Redwood Credit Union announced that the Jaworski family has won the $10,000 grand prize in the credit union’s Amazing Savers contest.
The Santa Rosa, Calif.-based credit union’s Amazing Savers contest followed five teams of 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 profound 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, the credit union said.
Team Campbell improved their cash flow, started an emergency fund, purchased a more economical fuel-efficient vehicle, and improved their credit score.
Team Flores reduced their debt by refinancing their auto loan, started a savings plan and improved their credit score.
Team Lynch reduced her credit card interest rate by 22 percentage points, improved her credit score and saved enough money to live independently.
Team Van Patten saved nearly $400 a month by refinancing their debt and improved their credit score.
Each of the runner-up teams was awarded $1,000 for their hard work and achievements over the course of the contest.
The contestants’ financial transformation progress was chronicled online through contestant and coach blogs.