Exciting Day for New Century IDA!

Yesterday was a great day for New Century IDA. We had two closings yesterday afternoon! Closings are always exciting for New Century IDA and its clients.

Tasha Adams and Tisha Shaver both closed on their homes. For both of these women, closing on their home meant they had achieved their goal of homeownership. This is a great accomplishment, and one that took determination and dedication. Tasha and Tisha both had to complete 24 hours of financial literacy courses and 8 hours of homeownership training as well as pay off debts and raise their credit score in order to prove that they were ready for homeownership.

Tasha and Tisha both proved that they were up to the challenge! At their closings today, they were both surrounded by people from the New Century IDA team to help celebrate the occasion.

Jackie Baldwin, the IDA success coach, was there from Experiment in Self Reliance as well as Bianca Green, a loan officer from Forsyth County Department of Housing.

Dee Oliver from Allen Tate Real Estate was also there. Dee was the realtor for both Tasha and Tisha. As a sponsor for IDA classes, Dee gets to know IDA clients. She can help them find a house that is affordable for them but that also fits their needs.

Tom Jacobs from Hinshaw and Jacobs was the attorney for the closings and is always able to make the closings run smoothly and efficiently for IDA clients!

New Century IDA is grateful for all of these partners that help turn the dream of homeownership into a reality. Congratulations to Tasha and Tisha. Your hard work has paid off, and you are officially homeowners!

Check out the pictures below to share in the excitement!

Tasha signing the papers!

Tasha with her success coach, Jackie Baldwin, and her realtor Dee Oliver.

What a great smile! Tisha is closing on her home!

Tisha with her loan officer Lisa Wright, success coach Jackie Baldwin, and realtor Dee Oliver.

If you or someone you know is interested in applying for New Century IDA, check out the application and call 336-722-9400 x. 410 with any questions.

More Americans Can't Afford Food

An article in The Huffington Post by Alexander Eichler reveals a disturbing statistic. More Americans are struggling to afford basic necessities, including food. A report from the Food Research and Action Center said that more Americans struggled to buy food in 2011 than in any other year of the financial crisis. 18.6 percent of people reported that they couldn’t always afford to feed their whole family in 2011.

Despite the economic recovery, incomes for many Americans have failed to keep pace with the cost of living. According to the Census Bureau, 46 million people lived below the poverty line in 2010, a record number that some estimates project is actually much higher. Another study done by Wider Opportunities for Women found that 45% of people have reported not being able to cover their basic living expenses, including food, shelter, and transportation.

Even though the official poverty rate is about 15%, over two-fifths of Americans are unable to save adequate amounts. One financial emergency is all it would take to push them into poverty.

Financial insecurity is being felt all the way down to the level of everyday spending. The Center for Housing Policy recently found that a growing number of middle income owners and renters are paying more than half their earnings just for a place to live.

As a result, people are sacrificing in other areas. A report published recently by the Employee Benefit Research Institute found that in 2009, one in five Americans over 50 years old were skipping doctor visits, switching to cheaper medications, or forgoing medicines entirely out of financial necessity.

It is concerning that so many Americans are having to sacrifice basic necessities. As hunger is becoming more widespread across America, it is important to realize that the entire country ends up paying one way or another. While the people who can not afford food suffer the most, the social costs incurred are great. It is estimated that social costs- from money spent to operate food pantries to the diminished earning power of impoverished children- come to about $167  billion a year, or $542 for every man, woman, and child in the country.

These are eye opening statistics. They serve as a powerful reminder of how important it is to promote financial security through saving and asset building.

To read the article “Growing Number of Americans Can’t Afford Food, Study Finds”, click here.

Set a Goal. Make a Plan. Save Automatically.

In continuation of our theme of Saves Week, here is another blog from America Saves.

The theme for America Saves Week 2012 is more than just a theme; it’s a simple set of instructions to help you save successfully. Set a Goal. Make a Plan. Save Automatically. Knowing what you want to save for, how to achieve it, and then making the savings process automatic will allow you to reach your savings goal.

Set a Goal
You can save more by having a goal in mind. Visualizing what you want to save for gives your savings a purpose. You may be tempted to withdraw from your savings if it has no purpose. But once you have a goal in place, you know that taking money out of your savings is taking away from that ultimate goal. So what are you saving for? An emergency fund, a home, retirement, a car?

Make a Plan 
Once you have your goal in place, make a plan of how you are going to save. To start, cut down on your spending and reduce high-cost debt. Next, keep track of what you spend and make a budget. Once you know where your money is going each month, you can cut down on unneeded spending and save the difference.

Don’t forget to keep your savings safe, secure, and growing. Banks, credit unions, and even the
government offer a variety of financial products that can help you save.

Save Automatically 
It can be hard to put aside money for savings. But there is an easy way to save money without ever missing it. Once you know how much you can save, make saving automatic. Many employers allow you to divide your paycheck into different accounts through direct deposit. Take advantage by putting part of your pay into a savings account. If you get paid in cash, take a small amount to the bank to deposit into a savings account each week.

Join America Saves to get tips and advice year round and follow them on Facebook and Twitter.