FNBO Direct Announces Final Call for Entries for the Pay Yourself First Challenge

Business Wire,  July 16, 2008  

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Personal Finance Expert Liz Pulliam Weston Reveals Five Simple Ways to Boost Savings

OMAHA, Neb. -- American consumers have until July 31, 2008, to enter FNBO Direct's Pay Yourself First Challenge (http://www.pyfchallenge.com), a nationwide contest seeking five individuals to participate in a six-month savings journey with Liz Pulliam Weston, the Internet's most-read personal finance columnist.

"The reality aspect of this savings challenge is truly unique," said Weston. "By putting themselves out there, and by making their savings goals public, contestants will have an extra incentive to successfully save money. After all, America will be watching."

FNBO Direct's Pay Yourself First Challenge is dedicated to solving a problem many consumers face every day - not saving enough. Month after month, consumers automatically deposit their earnings into checking accounts from which they pay their bills. Then, rather than save some of what's left over, the rest seems to vanish on impulse buys and morning coffees. In the current economic environment, it takes more discipline than ever to save. According to Weston, five simple changes consumers can make to boost savings include:

1. Make saving automatic. If you have to decide every payday whether to save, you'll always find something "better" to do with that money. Weston advises, "Set it up so a portion, if not all, of your paycheck is deposited automatically into a high-rate savings account such as the FNBO Direct online savings account, which is currently at 3.50 percent APY1. Pull out only what you need to pay monthly bills and the rest will earn a competitive interest rate--you'll be making money on your money."

2. Plan for irregular expenses. "Holidays, vacations, home and car repairs aren't unexpected expenses. They happen every year; they just don't happen every month," said Weston. "Planning for them ensures you don't have to go into debt or raid your savings."

3. Track your spending. "If you don't know where the money is going, more of it will slip through your fingers. Tracking your spending helps you identify where you can cut back," advised Weston.

4. Think twice about impulse purchases. "Smart savers create some kind of 'pause button' to short-circuit impulse spending," said Weston. "This can be as simple as a shopping list. If it's not on the list, you don't buy it; if you think you really want it, add it to a future shopping list and wait at least three days before you go back." She added, "Some folks need an even longer cooling off period - do what works for you."

5. Keep an eye on the big things. "Forgoing lattes and dining out won't help much if you're overspending in the big categories, such as your home or vehicle," said Weston. "If you're paying more than 30 percent of your gross income for your home or more than 10 percent on your wheels, you'll be hard-pressed to cover the rest of your bills and still find ways to save."

Are you up for the Challenge?

Prospective challengers are encouraged to create and upload a one-minute video on YouTube that shares a savings goal that's compelling, original and creative. View detailed instructions here: http://www.pyfchallenge.com/details/.

The first 500 entrants will receive a $10 Amazon.com[R] Gift Card* with a video submission on or before July 31, 2008; the top 20 contestants will receive $500 in cash each; and the five finalists will have their savings matched dollar-for-dollar, up to $5,0002.

The top five finalists chosen for the Challenge will embark on their savings journey, which will be documented in real-time at http://www.pyfchallenge.com, from October 2008 - April 2009. After working hard for six months to build a savings balance, the grand prize winner and a guest will be whisked away to a luxurious spa destination to restore his or her personal balance.3

* View Pay Yourself First Challenge entry videos http://www.pyfchallenge.com

* See detailed instructions for submitting a video entry: http://www.pyfchallenge.com/details/index.html

* Review the Official Rules, including more information about the YouTube contest selection criteria, visit http://www.pyfchallenge.com/officialrules

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 innovation with a recent nod in Computerworld's annual survey, ranking it among the top places to work for IT professionals4. 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.