It seems like everything on television is a competition. Cooking, decorating, and weight loss challenge programs have turned kitchens, living rooms, and workout rooms into battlefields. Thankfully, there are people who are taking a more realistic approach to this “reality” trend. The Lose To Win: Financial Edition makeover competition sponsored by E Federal Credit Union (EFCU) in Louisiana combined practical professional help with unmatched participant dedication to achieve remarkable results.

In early 2009, Kristi Smith, a single mother of two from Walker, LA, was drowning in debt with little savings and little hope. A recent divorce and undisciplined personal spending left her with mounting debt. Smith decided to take a chance at a fresh start by entering the makeover competition.

With the help of her financial coaches, Anna Lafitte of EFCU and MMI’s Valerie Jenkins, Smith and her two children, Shelby and Kalyn, were named the competition’s winner by losing more than $22,000 in debt and saving over $12,000 in eight months. She competed with three other families to see who could reduce debt and increase savings by the greatest percentage during the contest that ran from February through September 2009.

“I can’t believe we did what we did! The numbers we produced in these 8 months were simply overwhelming. I never in my wildest dreams would have ever imagined being able to eliminate $22,000 in debt while saving $12,000 at the same time, “said Kristi Smith. “Our family has made large strides to getting ourselves out of an ugly financial mess, and we can hold our heads high with pride, knowing we did what had to be done to change our future.”

Throughout the competition, each family met at least monthly with their financial coaches to discuss ways to improve their financial situation by reducing their spending habits, increasing their earnings, and living more financially sound lives. In addition, the families participated in quarterly financial seminars.

All of the participating families made real and significant improvements to their financial outlook. Combined, the four families made a financial swing of more than $80,000 in just eight months. For details on how they did it, check out LoseToWinFE.com where the families’ journeys were chronicled weekly through online videos and blogs. Event organizers hope that the success of the four families will inspire others to improve their own financial lives. Are you inspired?

Kristi Smith (left) hugged by one of her financial coaches, Valerie Jenkins of MMI/CCCS.

Thanksgiving marks the beginning of the holiday season and many people start their holiday by serving a delicious Thanksgiving dinner and end it by shopping. Unfortunately, an expensive Thanksgiving weekend means less money left over for the weeks ahead. Like most expenses, there are quite a few ways to keep costs down, and as usual, the most important one is to plan ahead. To help trim the fat from your Thanksgiving weekend budget, I am pleased to announce the release of MMI’s latest free eBook—Thrifty Thanksgiving.

When thinking about holiday spending, most people typically fast-forward to December’s big budget busting holidays. However, it pays to think thrifty all season long—starting with Thanksgiving. While a turkey alone might not tip your financial scale, holiday food, travel, decorations, and entertainment can really add up. Thankfully, Thrifty Thanksgiving includes a lot of ideas to help you trim the fat from your Thanksgiving budget. In addition to ideas on how to stretch your dinner and budget, Thrifty Thanksgiving covers:

-Step-by-step instructions for decorating on a dime
-5 ways to keep tradition
-5 ways to break tradition
-Travel tips
-Tips for staying in the black on Black Friday
-How to make the most of leftovers
-Ways to incorporate “thanks” into your Thanksgiving

Thrifty Thanksgiving also offers a holiday checklist to help you organize your plans. After all, a little planning can help you enjoy and tasteful and thrifty Thanksgiving.

The Thrifty Thanksgiving eBook can be downloaded for free by visiting http://Thanksgiving/MoneyManagement.org.

Many financial emergencies are caused by major life events, such as a car accident. While the results of such events can be devastating, maintaining adequate insurance is one good way to protect yourself from financial ruin. In fact, for your protection and the protection of those around you, many states now require some types of insurance.

Because there are many types of auto insurance available, it is important to understand what you are getting for your money.

-Liability. The most important type of insurance, liability covers costs associated with property damages or bodily injury caused by you or a member of your household. It could protect you from losing everything in a lawsuit.

-Collision. If your car is damaged in an accident, collision coverage will pay for the damages.

-Comprehensive. Damage to your car by factors other than an accident (fire, vandalism, theft) are covered by comprehensive coverage.

-Medical payments. This coverage guarantees immediate medical payments regardless of who is at fault. It also covers you and members of your household in any accident involving an automobile, even if you are walking or on a bicycle.

-Uninsured motorist. This coverage protects you if you are ever in an accident caused by an uninsured driver. It may also provide protection in a hit-and-run accident.

-Underinsured motorist. If an accident is caused by someone who is not adequately insured, this insurance would cover the additional expenses.

-Gap insurance. A type of insurance growing in popularity, gap insurance covers the difference between an insurance settlement and your loan or lease balance.

-Extra coverage. Some people choose to pay for voluntary coverages. Coverages available include towing insurance, auto glass insurance, emergency roadside insurance, and rental insurance.

-No-fault. No-fault insurance is required in many states. With no-fault insurance, your insurance company would cover your expenses in an accident—regardless of who was at fault. Other drivers would be covered by their own policies. No-fault insurance eliminates the need for accident victims to establish another’s liability in a lawsuit.

Most types of insurance are available with different levels that limit the dollar amount the insurer will pay in the event of an accident. Generally, the lower your limit, the less the insurance will cost you. The potential downside to low limits is that if you are ever in an accident, your coverage may not cover all of your costs.

Some insurance policies also have deductibles. Your deductible is the amount you would have to pay before your insurance policy kicks-in. For example, a $500 deductible means that you pay for the initial $500 of each loss. The higher your deductible, the lower the cost of your policy. However, you should consider how much you would realistically be able to pay if you were involved in an accident.

Also, you should be aware that it’s common for auto insurance companies to use credit information when deciding whether to issue a policy on your car and at what cost. Therefore, it pays to maintain a positive credit history.

Note: I am not an attorney. The above information is being shared for educational purposes and should not be interpreted as legal advice.