PT Money » Pay Yourself First Challenge

Paying Yourself First Pays Off

PT — Mon, 27 Apr 2009 11:00:17 +0000

You’ve heard it a thousand times, when it comes to your finances and securing your future, you’ve got to pay yourself first. I couldn’t agree more. That’s why I’m big on an action plan to make that happen: automating and separating my savings.

The Pay Yourself First Challenge is Complete

I’m big on paying myself first for another reason though. As some of you may know I’ve been participating in a contest put on by FNBO Direct called the Pay Yourself First Challenge. I entered the contest by submitting this rap video. Then, after a quick interview, I was selected as one of five individuals who would participate in a 6 month online savings challenge.

Well, the contest winner was announced yesterday. Even though I didn’t win the $7,500 grand prize, I still had $5K in matched savings deposited into my FNBO Direct account, had a lot of fun, met some great people, and learned how much I could stretch myself to save even more.

Kristen Shaul Wins Big!

The winner, deservedly so, was Kristen. She really blew the competition away with the amount of votes she received and how well she described her savings journey through her blog at the Challenge website. Kristen and her family, who are missionaries, were saving up money to pay for her nursing school program in full, without going into debt.

Not only were they able to do that, but they saved up a few thousand more. Now they’ll have an extra $5K in matched savings, plus the grand prize. They racked up! In part, because they live their lives paying themselves first. Are you paying yourself first?

I’d encourage you read more about the Shaul’s mission work with the people of the carribean.

FNBO Direct Pay Yourself First Challenge Update: I Need Your Votes!

PT — Thu, 12 Feb 2009 16:14:38 +0000

It’s been a while since I’ve updated you guys on the FNBO Direct Pay Yourself First Challenge. For a quick refresher on my participation in the challenge just visit the Pay Yourself First Challenge category page. If you’re a new reader, check out my post on getting into the top 5, as well as my video entry, for more info.

Just so ya know, the contest is still going on, and doesn’t end until April. I’ve updated my blog page recently. So if you haven’t checked it out in a while I encourage you to do so.

Anyway, I’m currently in 3rd place, and I’ve reached 100% of my savings goal. That means we’ve saved up enough for the expenses related to our baby girl. It’s a good thing too. We’re due in just a few weeks.

So, the only thing holding me back is votes from the American Public. I know you guys have been pouring in the votes for me, and I thank you for that. Votes, among other things, will help me win the grand prize.

How to vote: If you think I’m the best challenger (and I know you do) and if want to cast your vote for me, please visit my blog at http://pyfchallenge.com/meet_phil and click the vote for Phil button (like the one pictured above).

You can vote every day. Throughout the remainder of the challenge I’ll have the vote for Phil button in the sidebar of this blog, as well as in the RSS feed and daily update emails. If you see it and have an extra second to spare, I’d appreciate the vote.

Lastly, if there’s anything more you’d like me to share on my pyf challenge blog let me know.

PYF Challenge Update: New Promo Videos Unveiled

PT — Mon, 15 Dec 2008 11:00:19 +0000

This past weekend I was excited to find that FNBO Direct had recently uploaded some more promotional videos for the Pay Yourself First (PYF) Challenge. With some tweaking I was able to share them here in HD format.

This first video is an introduction to the PYF Challenge, the contestants, and the experts, Liz Weston and Rajive Johri. video link

This next video is a more detailed question and answer with just me. video link

Seeing these videos reminded me of the great time I had in Omaha meeting the great folks at FNBO Direct and the other contestants. It also got me excited again about the PYF Challenge, which lasts another few months. Read the latest post on my PYF Challenge Blog.

Thanks to your continued votes, we’re currently hanging on to third place. I appreciate your continued support of Prime Time Money and of me in the PYF Challenge. Over the next few months I hope to share more about the other contestant, and of course, any media opportunities that result from the contest.

How Much Do You Contribute to Your Health Care Flexible Spending Account?

PT — Thu, 13 Nov 2008 23:49:49 +0000

Please take a second to check out my video blog post on Health Care and Flexible Spending Accounts and leave your response in the comments there. I’m trying to figure out how much to contribute to my 2009 flexible spending account. While you’re there, maybe throw a quick vote my way. Thanks guys! Much appreciated!

Go Vote and Get Your Freebies

PT — Tue, 04 Nov 2008 06:44:34 +0000

Vote!

Just a quick post to remind all you US readers to get out there and vote. For a nice summary of the McCain and Obama positions on taxes, retirement savings, ect. see this Wall Street Journal article: Obama vs. McCain: It’s About Your Money.

Second, I’ll just add that whoever wins, I’m going to continue doing the things that have brought success with my personal finances. I challenge you to renew your commitment to do the same. Continuing to save more money, get out of debt, and live a more frugal life will lead you to financial freedom regardless of who is running the show in Washington D.C.

Score Freebies from Starbucks and Chick-Fil-A

After you vote, swing by Starbucks for a free coffee. Also, some area Chick-Fil-A restaurants are reported to be giving away chicken sandwiches (thanks Cash Money Life and SlickDeals for the heads up). Go get em!

Don’t Just Vote Today!

While you’re busy voting don’t forget you can cast your vote for me, PT in FNBO Direct’s Pay Yourself First Challenge. Vote early and often (you can vote several times every day). I’m currently in 3rd place, so head over there and help move me up in the vote count. Thanks in advance!

Welcome Readers from FNBO Direct’s Pay Yourself First Challenge

PT — Mon, 06 Oct 2008 16:58:19 +0000

The Pay Yourself First Challenge website recently launched. I want to welcome all the readers that may be coming over. I enjoyed writing my first blog post and look forward to sharing more with you. Remember, you can subscribe to the content on that blog, and get notified whenever I update.

You can also subscribe to the posts here at Prime Time Money. If you’d like to get a quick flavor for the content here, just visit the “best of” page. Thanks for stopping by and contact me if you have any questions or problems subscribing.

Behind the Scenes at the FNBO Direct Pay Yourself First Challenge

PT — Tue, 30 Sep 2008 20:44:28 +0000

I just got off the phone with the fine folks at FNBO Direct. We recorded our first group podcast for the Pay Yourself First Challenge. If you’re a new reader, check out my post on getting into the top 5, as well as my video entry, for more info. Anyway, the call reminded me that I need to share some photos with you of the official kick-off we had a couple of weekends ago. I’ll also throw in a little more detail about the contest itself.

Kick Off Weekend

In order to meet all the contestants face-to-face, take promotional photos and videos, as well as provide some basic contest training, FNBO Direct flew the five finalists to Omaha (First National Headquarters) for an official kick-off to the six month long contest. Basically we were treated like rock-stars for a few days. Here are a few of the highlights:

“Where’s my cappuccino!?” Here I am at the studio getting my hair and makeup done. So diva.

The five PYF Challenge contestants getting last minute touch-ups on the studio floor. There was a lot of time spend just hanging around chatting like this throughout the weekend. We all got to know each other pretty well.

Liz Weston and PT. I was able to chat with Liz quite a bit during our down time on Friday and Saturday. I’m looking forward to her expert opinions throughout the contest. Check out my review of Liz’s book, Easy Money.

One of the shots was taken in front of a vintage bank vault. Here’s Liz encouraging us to steal money to meet our savings goals.

There was also a lot of video footage shot to be used for press releases aimed at local and national media. This is in downtown Omaha. Beautiful city and some great weather made for a fun day. Apparently I look better from the ground up.

We had a contestant training session in the FNBO Direct offices where we learned more specifics on the contest requirements (blogging, podcasts, press interaction, etc.) and how to come up with our savings goals.

A tour of the swank executive floor at the FNBO Direct headquarters.

The five finalists. All very impressive people. You’ll enjoy learning more about their stories throughout the contest I’m sure. All for one, and one for all. Cheese.

The Pay Yourself First Challenge

Okay, the best way I know how to describe the challenge itself is it’s a six month “online” version of a reality show contest. Where the goal is to demonstrate the most personal finance prowess in reaching your savings goals. The grand prize is a $7,500 vacation. But each of the five finalist get up to $5,000 in matched savings. So, we’re all sort of winners already.

FNBO Direct will launch the complete contest website (www.pyfchallenge.com) sometime in early October. The site will focus around the five contestant’s profiles and will track our individual savings goals. Each contestant will have an individual blog (which you’ll be able to subscribe to) and profile page. You’ll be able to follow along as we share our challenges and successes with saving towards our goals.

There will also be commentary on our efforts from Liz Weston and Rajive Johri, who are serving as the financial experts. Lastly, there will be a place for you to cast YOUR vote for each of the contestants. I think you will be able to vote (for me, of course) once a day.

At the end of the six months, FNBO Direct will declare a winner based on percentage of savings goal met, votes, financial experts opinion, and general participation in the contest.

The Challengers

Many people have been asking to see the other finalist’s videos. Here they are, all in one spot:

As one of my side projects, I plan on interviewing each of the other contestants here on Prime Time Money. So look for those periodically throughout the six month contest.

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Alright, guys..thanks for letting me share this quick update on the contest. I’m glad to have you all coming along for the ride. Should be fun.