Written by Melinda Wildes, Midcoast Workforce Specialist
Do you dream of owning your own home? Own a home that needs repairs? Are you worried about paying for vehicle repairs or unexpected expenses for your family?
It can be challenging to try to figure out how to save when you are focused on meeting your daily needs. The good news is it is never too late to start learning about saving. In addition, New Ventures Maine (NVME) has a “Family Development Account” (FDA) matched savings program that can help you take charge of your future and meet your goals.
Are you Eligible?
You may be eligible for an FDA matched savings account if you have income from employment or self-employment and have a child under the age of 18 in your home. Household income limits are $32,920 for two people, $41,560 for three people, $50,200 for four people. For income limits for larger households, contact your local NVME office.
How Does it Work?
For every dollar saved, the FDA Coalition matches it with four more dollars. Participants can save up to $500 per year, up to a total of $1000. You will need to save for at least 180 days before using your FDA funds.
You can save to buy your first home, repair your house, buy a car, make car repairs, or cover emergency expenses. With your savings and matching funds, you can have up to a total of $5000 toward your goal.
NVME provides financial training and coaching as part of this program. By participating, you can learn how to manage your budget and build good habits that will last a lifetime.
Thoughts from Recent FDA Participants
Jeff and Anna Cardoza of Brunswick, recent FDA participants, share their story:
“When we heard about the Family Development Account, we wanted to apply right away to help save for a house! Now we’re officially homeowners. Everything worked out perfectly. We are so thankful for all the financial help we have gotten from these programs.
The FDA program is a great way to pursue your financial goals and get help along the way. New Ventures Maine has been great in helping us figure everything out. They worked fast and efficiently to get us the help we need.”
Are you Ready to Start Saving?
Learn more by contacting a New Ventures Maine location nearest you. Contact NVME today for your FDA application and full eligibility requirements.