This article is related to a program that matches your savings, even more. For more details, log on! http://www.statenislandunitedwegrow.com/phorum/list.php?51 Wed, 08 Sep 2010 07:23:24 -0400 Phorum 5.2.9a http://www.statenislandunitedwegrow.com/phorum/read.php?51,251,251#msg-251 http://www.statenislandunitedwegrow.com/phorum/read.php?51,251,251#msg-251 Can I Save Money Being Poor?


For those of you who live below the poverty line, and/or are disable, this program is for you (Individual Development Account). As I have said before, where there is a will, there is a way. There are many programs available for anyone if you just put some time and effort into finding them. I believe this is a good one. You can google it to get more information if you so desire. For those of you who can't benefit directly, I am sure you know a family member or friend that can. Please forward them this email.

What is an Individual Development Account(IDA)?

Individual Development Accounts, also known as "IDAs" are a savings account. What makes it special is you receive an additional deposit each time you add to your savings. It is called a match and is usually one to four times the size of each deposit you make. For example, if you receive a 2:1 match, each time you deposit $25, you will get an additional $50 towards your savings goal.

What can I use an IDA account for?

Each IDA program may differ slightly and may have their own guidelines for how the savings can be used. However, in most cases, IDAs, are used specifically for three purposes:

Starting a business
Buying a home
Going back to school
What is financial literacy training?

Each participant in an IDA program must take free financial literacy traininig. EACH IDA program has its own way of providing this type of training. At a minimum, you will learn how to reduce your debt, develop a savings plan, and prepare for your savings goal. You may also learn about your credit history, banking, investing and money management. The training can take many forms. You may receive one-on-one counseling, classroom training, or peer support.


Can I participate in an IDA?

Each IDA program may have slightly different requirements to participate. Generally speaking, you must be within the income guidelines of "200% of poverty". This means, for example, that an individual could not earn more than net income of $17,720 and the head of household of four could not earn more than $36,200. In addition to income guidelines, you must also have a job. IDA programs often refer to it as an "earned Income" requirement. Even if you do not meet these guidelines, you should still pursue participating in an IDA program, because the IDA program nearest you may have more liberal guidelines.


How Much money can I save?

Many IDA programs last about two to three years. How much you save in the end depends on how much you deposit and how much of a match is offered. For example, if you deposit $25 every month for two years, you save $600 on your own. If the IDA organization offers a 3:1 match, you will receive an additional $1,800 towards your savings goal. In two years, you will save $2,400.


Where is the program nearest you?

For more information, please log on to www.Idanetwork.org, click on "State Pages" on the main (left) navigation bar, select your state from the drop down menu, and then select "IDA Programs". Contact information for all IDA programs in your state will be listed.



Best Wishes,

George Almodovar
CEO of Striving For Better Days, Inc.]]> admin Can I Save Living Below The Poverty Line! Tue, 09 Feb 2010 12:46:20 -0500