Be ready for unexpected expenses! Build your money management skills and receive funds for car repairs, income loss, home needs or health emergencies.
Rainy Day Savings Account (RDSA)
NVME’s Rainy Day Savings Account program offers matched savings accounts for income-eligible individuals and households who want to set aside money for unexpected expenses such as new appliances, car repairs, health expenses, house repairs, income between jobs, and business expenses, while learning new financial skills.
How It Works
To build your money management skills and confidence, you’ll take a free group class or receive free individual coaching through NVME. By participating, you’ll gain life-changing habits for deciding on budgets and building savings.
At the same time, you’ll set aside money in a new savings account for at least four months*. You can set aside up to $400 total. When the program requirements have been completed, you’ll receive a dollar-for-dollar match up to $400 to use for unexpected expenses. For example, if you set aside $80, you’ll get $80 in matched savings for a total of $160. If you set aside the maximum of $400, you’ll have a total of $800 by the end of the program. The money can then be used for needs such as expenses that you didn’t expect or were more costly than you planned.
*Length of participation depends on the monthly savings amount; the maximum savings period is two years.
Are You Eligible?
Eligibility for the Rainy Day Saving Program is based on annual household income. For 2024, your annual household income must be at or below $30,120 for one person, $40,880 for two people and $51,640 for three people. (For larger households, please check with the NVME Matched Savings Coordinator to find out the income guidelines). There are additional eligibility requirements.
How to Participate in the RDSA Program
Step 1: Fill out a Rainy Day Savings Account application and write down the amount you want to save each month.
Step 2: Application is reviewed by NVME.
Step 3: If your application is approved, you’ll open a savings account at a participating bank and begin setting aside money each month.
Step 4: To set your goals and learn new savings skills, you’ll complete an NVME money management group class or individual coaching.
Step 5: When you complete the class or coaching, your contact at NVME will help you withdraw your saved funds so you can use them for your needed expenses.
For more information, please contact NVME’s Matched Savings Coordinator, Lisa Archer, at 207-621-7456 or lisa.archer@maine.edu.
NVME’s Rainy Day Savings Accounts are funded by the John T. Gorman Foundation and the Maine Community Foundation.
“This emergency savings account with matched money helped me to fix my vehicle and overcome what could have been a major setback.”
– Nadia (Biddeford)
It feels good to have money in the bank! Build your money management skills and receive funds for major purchases, emergencies or your long-term dreams.
Family Development Account (FDA)
It can be challenging to figure out how to save when you’re focused on meeting daily needs. But with New Ventures Maine’s Family Development Account (FDA) program, you can take charge of your financial future. Enjoy the security of having savings set aside for your goals!
How It Works
To build money management skills and confidence, you’ll take a free group class or receive free individual coaching through NVME. By participating, you’ll gain life-changing skills for deciding on budgets and building savings.
At the same time, you’ll start setting aside money for at least six months and as much as two years. Savings must come from your earnings from employment or self-employment and be set aside in a new FDA bank account. For every dollar you set aside, you’ll get four dollars in matched funds. For example, if you set aside $200 of your income, you’ll receive $800 for a total of $1,000. You can receive a maximum of $4,000 in matched funds. Savings can then be put toward buying a first home, buying or repairing a vehicle, boosting your small business, making home repairs, or covering emergency expenses.
Are You Eligible?
You may be eligible for an FDA matched savings account if you are a working adult with income from employment or self-employment and have a child under the age of 18 in your home. (Please note: you may be eligible even if you are receiving benefits while working.) Eligibility is also based on annual household income. For 2024, eligible household income limits are $40,880 for two people, $51,640 for three people, and $62,400 for four people. (For larger households, please check with the NVME Matched Savings Coordinator to find out the income guidelines). Families who are eligible for TANF or the Earned Income Tax Credit usually qualify to open a FDA. There are additional eligibility requirements.
How to Participate in the FDA Program
Step 1: Fill out an FDA application and write down your savings goals and how much you want to set aside each month.
Step 2: Application is reviewed by NVME.
Step 3: If your application is approved, you’ll open a savings account with a participating bank and begin setting aside money each month.
Step 4: To set your goals and learn new savings skills, you’ll complete an NVME money management group class or individual coaching.
Step 5: When you complete the class or coaching and meet your savings goals, your contact at NVME will help you withdraw your saved funds so you can use them for your needed expenses.
This program is administered through the Maine Family Development Account Coalition. Note: The FDA program has a limited number of accounts available each year.
For more information, please contact NVME’s Matched Savings Coordinator, Lisa Archer, at 207-621-7456 or lisa.archer@maine.edu.
Family Development Accounts are funded by the Maine Department of Health and Human Services (DHHS), Maine State Housing, and the Wicklow Foundation.
“When we heard about the Family Development Account, we wanted to apply right away to help us save for a house! New Ventures Maine helped us figure everything out. Now we’re officially homeowners. We are so thankful for all the financial help we have gotten from these programs.”
– Jeff and Anna (Brunswick), FDA participants