Pay Yourself First

Here’s something interesting I learned about in an email I received this morning. Here’s the important information from the email:

FNBO Direct recognizes the challenges consumers face to save money — as costs for gas and food surge and credit card debt climbs to new highs. Our answer to help struggling consumers is the Pay Yourself First Challenge – and we think that the Challenge may be of interest to you and your readers.

Pay Yourself First is a national challenge to encourage people from across the country to save money. We’re inviting prospective challengers to create and post a one-minute video on YouTube about how they save — or don’t save. The first 500 entrants will receive a $10 gift card. The top 20 finalists will receive $500 in cash. And everyone who submits a video has a chance to win a portion of the $45,000 prize package, a free vacation and, more important, acquire money-saving tips they can carry with them long after the close of the challenge. FNBO Direct will judge the video submissions and select five finalists — maybe even some of your readers — who will move on to participate in the actual six-month Challenge. If selected, America will watch them try to save as much as possible by depositing their money into an FNBO Direct Online Savings Account.

Throughout the challenge, participants will get advice from the Internet’s most-read personal finance columnist, Liz Pulliam Weston. She’ll weigh in on the challengers’ progress and offer tips we all can use.

I’ll promote pretty much anything if it will help motivate people to start saving money.

5 thoughts on “Pay Yourself First”

  1. Kudos for encouraging saving, but if I win a free vacation, I’m more than likely going to be a very good consumer while on vacation. And I like the “…by depositing their money into an FNBO savings account”

    Certainly no conflict of interest there.

    FNBO is in it to make money. They’re betting that they’ll earn (off of their investments, interest and other vehicles) _at_least_ enough to cover that 45k. And with lots of new customers I’m sure they’ll be as happy as a pig in mud.

    I should be able to choose where I save my money, whether it be with FNBO or my mattress.

  2. I’ve used FNBO before and while I had very little problems, they loved to take five business days to move your funds. It took forever and just killed me when I moved money too often (That was my fault). I am not sure what their interest rate is and I haven’t checked out the site but keep that in mind if you are opening an account.

    Going back to the contest, it is definitely an interesting idea. I wouldn’t mind $10.

  3. As a challenge, I thing that saving money can turn a rewarding experience as there is a motivation contributing to awareness.

    We spend too much and despite we are encouraged to start saving it seems like healthy finances are not as attractive as a contest.

  4. I find it a sad state if a person needs these types of prizes dangled in front of them for the thought of putting money into savings to cross their minds. If that is the case, I feel these types of people will pull their money out of the account once the contest is over.

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