Six-Month Savings Journey Kicks-off for Five Challengers from across the Nation
FNBO Direct announces finalists for the Pay Yourself First Challenge
OMAHA, Neb., Oct 06, 2008 (BUSINESS WIRE) -- Five finalists from across America embark on a six-month savings journey today as part of the FNBO Direct Pay Yourself First Challenge, a national online savings contest that follows real consumers as they overcome their saving challenges. The finalists, chosen from over 150 entrants, have savings goals that are familiar to many Americans: paying for college tuition, preparing for a new baby, buying a larger home and paying off student loans. Americans can follow the Challenge by reading the finalists' blogs, downloading podcasts, posting comments and voting for their favorite finalist at www.pyfchallenge.com.
The timing of this challenge could not be more fortunate for America's "savings-challenged." In the mid-1980s, Americans' savings rate exceeded 10 percent. Since 2004, the rate has averaged less than 1 percent (Source: U.S. Bureau of Economic Research, March 2008). "Americans should be doing more to save for a rainy day," said Liz Pulliam Weston, the Internet's most-read personal finance columnist. FNBO Direct has teamed up with Weston to bring an exciting element to this challenge. According to Weston, the nation's personal savings rate fell below 0 percent in 2005 -- something that had not happened since the Great Depression. "It is now more important than ever for consumers to save more of their hard-earned money," said Weston. And that is what the Pay Yourself First Challenge is all about -- helping consumers build sound saving habits.
"I'm excited about the Challenge because I hope it will inspire and encourage Americans to save more," said Weston. "And I look forward to helping our Challengers on their savings journey by offering sound, time-tested financial advice -- and have a little fun along the way," she said.
Meet the Pay Yourself First Challengers
The Pay Yourself First finalists represent a good cross-section of Americans who are struggling with many of the same savings problems, such as setting up and sticking to a budget, paying off debt and controlling their spending. Meet the Pay Yourself First Challengers, watch their creative entry videos, follow their savings blogs and vote for your favorite finalist at www.pyfchallenge.com.
Challenger Tim Rhodes speaks on behalf of all five finalists when he says "I've never mentioned 'saving money' and 'fun' in the same sentence before. But now, after meeting the other Challengers and Ms. Weston, I realize that learning about and sharing new saving tactics can be really fun and ultimately really rewarding," he said.
What can they win?
After working hard for six months to build a savings balance -- FNBO Direct will match each finalist's savings dollar-for-dollar up to $5,000(1) -- and the grand prize winner and a guest will be whisked away to an all-expense paid vacation to a luxurious resort and spa destination to restore his or her personal balance.(2)
Media Assets
-- Learn about the FNBO Direct Pay Yourself First Challenge at http://www.pyfchallenge.com.
-- Additional video of Mr. Rajive Johri, Ms. Liz Pulliam Weston and the five Challengers is available upon request.
About FNBO Direct
FNBO Direct ( http://www.fnbodirect.com) is an Internet bank that offers consumers innovative online banking products. FNBO Direct is part of First National Bank of Omaha, a subsidiary of First National of Nebraska, Inc. First National of Nebraska has grown into the largest privately owned banking company in the United States. This all-American bank celebrated 150 years of banking excellence and commitment to community with a recent nod for a seventh year in a row as one of the 2008 Working Mother 100 Best Companies.(3) First National and its affiliates have $21 billion in managed assets and more than 8,000 employee associates located in 35 states. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas.
Copyright (C) 2008 First National Bank of Omaha. All Rights Reserved. Online Savings Accounts offered by First National Bank of Omaha, Member FDIC. Deposits are insured to the maximum permitted by law.
(1)FNBO Direct will match what each finalist saves, up to a maximum of $5,000 per finalist. See Official Rules for details at http://www.pyfchallenge.com/officialrules/
(2)The Grand Prize winner will receive an all-expense paid vacation, worth up to $7,500. See Official Rules for details at http://www.pyfchallenge.com/officialrules/
(3)Working Mother magazine named First National Bank of Omaha one of the 2008 Working Mother 100 Best Companies. This is the seventh consecutive year First National has won the award. www.workingmother.com.
SOURCE: First National Bank of Omaha
TAKEN FROM: http://www.marketwatch.com/news/story/six-month-savings-journey-kicks-off-five/story.aspx?guid={C953F937-0437-4AC2-85E1-C8A7509EDB05}&dist=hppr
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