Michigan IDA can Double or Triple your savings!

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Eight months ago we were making New Year’s resolutions to ourselves for 2016! The most common resolution people make is to save more. In order to conquer your resolution, you must be specific about the amount you’re saving for and make the goal measurable. For example, stating that you want to save $250 every 4 months to reach a savings goal of $1,000 by 12/31/16 is specific and measurable.

Let’s say you are trying to save $1,000 for a new home, to start a new business or to go back to school. Do you need a little motivation to get you started? What if I told you that the State of Michigan has a savings program that will match you $2 or $3 for every earned income $1 you save! The Michigan $ave$ Individual Development Account (IDA) Program matches individuals who saves their first $1,000 (over a 6 month or more period) as follows:

Savings Goal You Save MI IDA Matches
Home $1,000 $3,000
Business $1,000 $2,000
Education $1,000 $2,000

 

There are income requirements to participate in the program. For example, a family of 2, can earn an income of up to $31,860 to qualify to participate in the program. The program also requires participates to attend financial management classes and to have been employed for the last 12 months. Wayne Metropolitan Community Action Agency and Starfish Family Services assist with potential participants getting started with the Michigan IDA program. To find out how if you qualify and view answers to other FAQs visit the Michigan Individual Development Account Partnership’s website.

 

 

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