Working Cooperatively to Build a Better Community.

Hi folks,

You know it never fails … whether it’s daily or weekly, no matter how long I’ve been in this field, someone always asks me, “what’s the difference between a bank and a credit union?” or “what makes a credit union different from a bank?” 

Well, I’ve written numerous entries as to what the differences are … so this time, I thought I’d take a different approach and talk about the three local credit unions in Licking County, who are participating in the Bet You Can Save challenge.

Ten credit unions located throughout central Ohio are working together to challenge 10 families, to improve their financial situation and save money over the course of 2009.  Each family works with a financial coach who meets with them to help them accomplish their goals over a five month period. The family coming closest to … or exceeding their established goals will be declared the winner and receives $10,000! Runner-up families will receive $500!

I think this challenge is fantastic. There really couldn’t be a better time for it, because in this economy, people have increasingly become concerned about their future and meeting their day-to-day bills, and forget about saving. This kind of real life experience will give each family such an advantage in the long run. Because, it teaches them that they can’t borrow their way out of debt and in an effort to save money, they really have to make some tough choices and sacrifices.

That being said, what I think makes it even more unique as that three local credit unions, right here in Licking County, are participating. Harvest, Fiberglas and of course, Hopewell Federal.  Now it might sound strange, why is one credit union’s CEO, touting the efforts of the other two. That’s easy, because we’re working cooperatively. Working together, all three credit unions, plus the other seven located throughout central Ohio, are helping change the lives of families, three of which are located right here in Licking County. And that’s a BIG difference between credit unions and banks. We can work together to help make a difference in the lives of our members, and like I always say, help them get ahead financially!  When was the last time you saw your local community banks working together to help change the lives of families in your area?

Our Hopewell family, the Bebout’s, were in just yesterday for their monthly meeting. They struggle with just one income and three kids, but they are determined to meet these goals and stay the course to pay down their debt and save money.

I encourage you to visit the site betyoucansave.com, follow them on twitter and of course, cheer them on when you see them! Win or lose, each family deserves a tremendous amount of credit for putting themselves out there, sharing their stories and working hard to help themselves get ahead financially.  In my book, that makes them all winners!

Have a great weekend!

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