This week we are featuring Team Sproule. Their goals for the race include:
- maintaining a budget and transaction ledger
- paying off their son’s braces and all credit cards
- reducing monthly expenses
- paying off a student loan
- saving for a domestic adoption
The Sproule family is committed to cutting their monthly expenses. For Melissa, that means taking her lunch to work and eliminating trips to the coffee shop.
“I feel like that’s going to save me probably $40 – $50 a week,” said Melissa.
Saving money at the grocery store has become a team effort.
“We have made it a family affair. We’re trying to do it on Sunday night,” said Bobby.
“Me and my mom and dad go to the grocery store and find buy-one-get-one (deals),” said Ethan, Bobby and Melissa’s son.
With every dollar saved, the family becomes more prepared for their long-anticipated domestic adoption.
“Adoption is very dear to us. It’s something that we have always wanted to do, but the financial side of it has allowed us to hesitate,” said Bobby.
But, the family says, this eCO Savings Race journey is not only about saving money, but it’s also about learning to manage money.
“I would encourage anybody to sit down and work on a budget because once you get in control of your finances, your finances no longer control you,” Bobby said.
eCO Takeaway Tip
When working to improve your finances, be sure to include your kids. Whether it’s helping to find the deals at the grocery store, like Ethan, or creating a chore chart so kids can earn commissions for completing household tasks,
it’s important to teach kids good money habits! If you need a place to keep their extra allowance, eCO has kids and teen accounts that earn 2% interest on the first $1,000 in the account. Balances over $1,000 will earn dividends according to eCO’s Basic Share Tier Rate.
Follow all the teams and the progress they are making at ecosavingsrace.org.