Manuel Romero Jr. wants to improve his credit rating to make it easier to purchase a home; Athena Beshur, owner of her own landscape company, is bent on starting a retirement fund; and Deeanza Duran hopes to set an example for her young daughter on sound personal financial management.

All three are members of the Guadalupe Credit Union and are competing in an 11-month long website-based budgeting and finance management competition organized by the Credit Union Association of New Mexico.

"When I was young, I was never taught how important your credit rating is," said Duran, 33. "I want my daughter (Isabella, 9) to be ahead of the game in learning the importance of saving money and having a good credit rating."

A total of 15 members from five credit unions across the state are participating in the competition and vying for the top award of $10,000. Winners at each credit union will receive $2,500, and each competing family will walk away with at least $250 more in their credit union accounts.

Kathy Darwin, who is coordinating the competition for the state association, said the project is the first such statewide contest among credit unions in the country and is funded by a grant from the National Credit Union Foundation.

The Guadalupe Credit Union is the only participant in the Santa Fe area. The other credit unions are: Rio Grande Credit Union Albuquerque, Chino Federal Credit Union in Silver City, Everyone's Federal Credit Union in Tucumcari and High Plains Credit Union in Clovis.

As the competition is organized, "It's a bit like (the reality TV show) Biggest Loser, only this would be the 'Biggest Savers,' " Darwin said.

Supporters of the competitors can follow their favorites on a website set up by the association,
www.savingschallengenm.com.

There, visitors can learn about the competing families, and monitor their progress in improving their credit ratings, reducing debt and expanding their savings accounts.

Each month, the association posts figures noting how much the contestants have improved, or fallen behind, in the three categories.

There is also a "play at home" link at which the credit unions offer tips for improving financial management and resources and offer suggestions such as "don't buy stuff" and how to read a credit report.

In addition to the monitoring of their progress, competitors check in with a credit union "financial coach" once a month for more personal advice and encouragement.

"The coaching is helping," Romero said. "It keeps you on the path. Money is really easy to spend. If you don't know how to budget yourself, then you are going to have trouble for sure."

Romero, who teaches break dancing and works a with hís father at his Bianca's Boutique clothing shop, said each month his coach asks him how much he has saved. "You've got to constantly keep at it ..." he said. "You've got to know when to spend and how to spend."

Beshur said that besides establishing a workable retirement plan, one of her goals is to better manage cash flow from her landscaping business, Seeds of Wisdom, that is much heavier in the spring and summer than it is in the fall and winter.

"Work is seasonal. It really slows down in the winter," said Beshur, 36, "and I haven't really saved." She said she hopes the contest will motivate her to begin thinking more long term.

The New Mexico Savings Challenge began in June and will continue until the end of April 2011. The contestants will be judged by a still-to-be-selected CPA firm based on how well they have met their goals considering their circumstances.

Duran, 33, said her daughter has already begun to see how even small amounts of money when saved diligently can add up.

"Any change we find, we put in a big tub and pretend we don't have it," said Duran, who is struggling to pay for medication for her newly diagnosed multiple sclerosis.

The savings challenge also has brought about lifestyle changes for the Durans. She said the two will perhaps go for a hike rather than make a run for fast food.

"You have to look at what is more important," Duran said "going to Taco Bell or buying a house. ... For every hardship, there is a blessing."