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NBCI Is Expanding Its Financial Literacy Program

This is a part of NBCI’s new and exciting savings program that encourages African American families to save 1 year of salary over the next 7 years. Education will be the center of this initiative, and we plan to emphasize it in all phases of church life. We cannot overstate the importance of education and how we plan to implement a very progressive, substantive, and knowledge-based financial literacy program to all of our faith-based communities across the country.

Our education program will be both web-based and have a seminar style learning approach utilizing the current education methodology and effective instructions. We have hired 3 financial literacy experts who will work with financial literacy education consortiums around the country. These consortiums of financial educators will not be product driven, but financial-literacy driven.

You Can Save the Smart Way

If savings behavior isn't changing, consumer attitudes may be. A recent Gallup poll found 62 percent of Americans say they enjoy saving more than spending, while 35 percent reported the reverse. Back in 2006, respondents were split about 50-50 on the question. Moreover, 57 percent say they are spending less money in recent months than they used to, up from 50 percent last July. Among the newly frugal, 38 percent say this spending pattern is the "new normal," while 19 percent say the budget cuts are temporary.

The poll didn't examine how people are saving, but the latte-by-latte route is being challenged by some. "If you look at the things you spend the most money on, that's where you can save the most money," says Elisabeth Leamy, author of the new book "Save Big" and a "Good Morning America" consumer correspondent.

10 Rookie Home Buyer Mistakes to Avoid

by Kimberly Castro

With the extension and expansion of the popular first-time home buyer tax credit, which President Obama signed into law in November, as well as price declines and attractive mortgage rates, an influx of qualified first-time buyers are rushing to take advantage of the market. Mark Zandi, the chief economist at Moody's Economy.com, projects there will be 1.84 million home sales to first-time home buyers in 2010, compared with 1.73 million in 2009. If you're a property virgin about to take the plunge, here are some common blunders to avoid—and helpful tips that could mean the difference between financial security and a mountain of debt:

The National Black Church Initiative Launches a Historic Savings Program for the Black Community

by Rev. Anthony Evans

The National Black Church Initiative, a coalition of the 34,000 African American churches, is launching its Savings for Life Program. This is an ambitious, bold and historic move on behalf of the Black Church. The Black Church believes it has no alternative given the devastating economic times in which we have witnessed the destruction of Black families, Black communities and Black economic structures. We feel that we have to gain the upper hand on these economic times and that calls for a biblically based savings initiative. In the Old Testament it discusses seven good years of harvest and seven bad years of harvest. During the good years of harvest God urged the people of Israel to store grain because there would be bad years.

A Note on the Current Recession: The Game Has Changed

by Rev. Anthony Evans

Over the past three years the Black community has experienced what amounts to an economic tsunami. Hundreds of billions of dollars have left the Black community through the foreclosure crisis, the devaluing of existing homes owned by African Americans, the devaluing of African American retirement plans and 401Ks and the loss of employment and business opportunities. The root of these bad economic times can be laid at the door of Wall Street...