Paying Yourself First Pays Off

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.

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Last Edited: June 9, 2011 @ 9:16 am
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

2 comments
ChristianPF
ChristianPF

Well, bummer you didn't win the big prize, but $5k isn't bad either! And don't forget maybe Dr. Dre will call one day to give you your big break! ;)

MoneyEnergy
MoneyEnergy

That's a pretty awesome story, and video you did, too! Wondering what you're doing with the $500... I know you're paying yourself with it...
congrats!!