Did you know that you can triple your savings for a down payment on a home loan, starting a business, or even going back to school? If you’re willing to do some legwork and learn even more about managing your finances, it’s time to look into an Individual Development Account (IDA).
IDA’s rely on government grants and community resources to help low income individuals and families start moving forward with their lives. They offer a match program that can add as much as three times what you put into your savings. That’s right, for every dollar you add to your savings account, you may be able to receive three more.
This isn’t an easy ticket to savings for a splurge though. You’ll need to attend classes to learn how to manage your finances so that you can start building or repairing your credit. There are also limits on how much you can add to your savings, because the program is designed to meet the needs of low income individuals. So, the idea is, if you can afford to put a ton of money into savings, your income isn’t that low.
IDA’s are managed by different agencies, depending on where you live. A good place to start is any place in the community where you can go for utility or rent assistance. Consider the township trustee or a well-known community assistance program.
~Here’s to Your Financial Health!