Project Money: Part 13 - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Project Money: Part 13

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MADISON (WKOW) -- Holiday spending has been the downfall of more than one family budget over the years.

In this week's Project Money report, Greg Jeschke tells us how one team has avoided over-spending to reach a major milestone.

The coach of this year's biggest Project Money team, the four member Burk's, sums up their efforts with less than a month left in the competition for $10,000 -- "Team Burk is doing very well."

So well that they recently reached a major milestone.

"Happy to say that, as of last month, they have all of the credit card balances paid off."

That's about $14,000 in less than seven months. To get there, the Burk's knew they had to stick to their budget.

"We've cut out all careless spending. All thoughtless spending is gone."

"They've had to learn to make time to talk about and adjust their money plan," said Scott Hoerth, their Project Money coach.

"Both Heike and Paul are very busy, so to find the time to talk about family finances, even just the weekly things like balancing the checkbook, is very hard. So they had to learn to find the time, whether it's a half hour before bed..."

Although the Burk's have a slam dunk on the debt reduction side of the Project Money ledger, they haven't put much money in savings, which accounts for the other half of the contest.

"Now that we've paid down a lot of debt, we can talk about how to take that extra money and set it aside so that we can meet those goals and how long do we have before we can make them a reality."

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