Senator Eliot Shapleigh - El Paso, Texas

Lorena Quezada, bottom, and her children Daniel Quezada, 15, top... (Rudy Gutierrez/El Paso Times)

EL PASO -- Participants in the second GECU Savings Challenge say the 11-month contest has changed their lives and taught them sound financial habits that they will use the rest of their lives.

Eastsider Lorena Quezada, a single mother with two teenagers, said she cooks more, plans more, budgets and has learned to be "more disciplined."

Quezada, who works as the lead sales representative for El Paso Disposal, said she's saved about $7,000 and paid off $17,000 in debt.

The contest ended on Nov. 15, and winners will be announced Dec. 2 at a dinner to honor the participating families. The top two families will each receive $10,000, while the other four families will each get $2,500 for participating.

The contest is being judged by an El Paso certified public accounting firm, Lauterbach, Borschow & Co., which will determine which families did the best job of meeting their goals.

Quezada said she had about $20 in savings when the contest started back in January. She's so serious about continuing to implement what she's learned that she's already working on a budget for 2009, she said.

"The Challenge doesn't end (on Nov. 15); this is when it actually begins," Quezada said. "Last year, if you asked me, I would have said there was no way I could save $20 or $100. No way. If I can do it, ... anyone can."

Quezada said her five steps for success are to write down your goals, track your spending, create a budget, stick to your budget, and watch your savings grow.

The family has cut back on eating out and now eats most meals at home.

"Not only do I cook a lot more, but I don't buy prepared food, which is more expensive," Quezada said.

"It also means more work for me," she said.

Quezada said she's sometimes up until midnight cooking meals for the next day.

Her two children, Alejandra, 16, and Daniel, 15, both said they've learned how to save and manage money better because of the contest.

Alejandra said the family has learned to be more creative with its money. For instance, her mother made her a skirt for Oldies Day for Homecoming at El Dorado High School.

The teenagers also saved their own money for Homecoming activities from their allowance and by coming home for lunch instead of spending money at school. They also got some side jobs to earn extra money.

"We've become closer as a family, because we're always together," Alejandra said. They also learned to know the difference between needs and wants, she said.

Daniel said that he's learned "that if I want something, I have to save money."

A look at how two other sets of participants are faring:

Huse family, West Side.

Husband Keith, a self-employed carpenter; wife Christine, a teacher at Brown Middle School; and their two children, Gavin, 11, and Buzz 7, have paid off more than $26,000 in debt and saved about $8,900.

Mostly, the family has been able to do this by working more. Keith has taken on extra jobs in the evening and on weekends, while Christine tutors five days a week.

"And we're not spending like we used to," Keith said.

Christine said they've learned so much that it's hard to sum it up in a few words. However, she said they wouldn't have been able to save anything if they hadn't been in the contest and would have probably doubled their debt load.

The Huses say they've made great strides in getting their finances in order and are hoping to get out of debt, except for their house, by this time next year.

Being able to build up some savings and pay off debt has given the family peace of mind, Christine said.

"Everyone is worried about the economy," she said. "I feel like we're living in a different world than everyone else."

Keith said the family will continue to save and pay off debt.

"Nothing is going to change when the contest ends," he said.

Christine said she was thankful the family was able to participate and she doesn't care whether they win the grand prize.

"We've won already," she said.

Isabel Castillo, Central El Paso.

Castillo, 34, said she's made tremendous personal progress from participating in the contest.

"What started out as a financial makeover has turned into a health and spiritual journey," Castillo said. "Before the Challenge started, I was very chaotic and very erratic in the choices I made. I never sat down to think about the consequences of my spending.

"I was just making rash decisions. Whatever Isabel wanted, Isabel got, but when it came to things that I needed, I couldn't provide for myself."

At the beginning of the contest, she had $20 saved. She now has $2,740 in savings and has paid off $10,700 in debt.

Castillo is the office manager for the Alzheimer's Association and also owns a part-time business, One Take VO. Any money she's earned from her side business, she's put toward paying off debt.

"Since September 1, I've lost 11 pounds," she said. "I've paid off about $11,000 of debt. I've lost a pound per $1,000. I like that.

"During the 11 months of the contest, I feel like I've grown up. It's not that I have $2,000 in savings. That's only the beginning."