Two families are competing in this year’s Financial Health Challenge. Both are becoming financially fit and they want to share what they’re learning with you.
On Tuesday, we checked in with the Sifford family who is starting to understand the feeling of freedom that comes with paying off debt. For Gillian Sifford, embracing a budget is like being financially reborn. She says when you start doing a budget you realize you do have money to pay for things you wonder why you were so behind for so long.
Two months ago, the Sifford family was living paycheck to paycheck, sometimes sliding in payments past their due dates. Now with the help of Heather, their United Health Services Credit Union Coach, the family is sticking to a new summer spending strategy. They are finding free ways to entertain themselves. Instead of going rollerskating or bowling they started hiking and swimming. And the Siffords had the means to pay off two credit cards totaling almost $3,000.
They started by selling off the very things that caused it. They’ve now paid off two credit cards, canceled satellite TV and reduced their Internet bill, in total saving $205 a month.
The Siffords are competing against the Needham family in KREM 2’s Financial Health Challenge. The family to become the most financially fit will win $5,000.