Individual Development Accounts (IDA's)

We are now scheduling the required IDA Basic Financial Management Course. Click here to view our upcoming classes.

While the participant saves, they must participate in financial education classes that provide tools for changing cash-based spending habits; the development of and adherence to a personal budget; monthly economic literacy classes; monthly deposits into the IDA; a training program for the particular asset to be purchased. Save, Learn, Earn, and Invest are the foundational tenants of the program. The match incentive - similar to an employer match for 401(k) contributions - is provided through a variety of government and private sector sources.

Invest In Yourself

Personal savings is critical to building assets – whether it is a home for your family, a business to call your own or an education that will lead to a fulfilling career – assets provides benefits that income alone cannot provide. Those with assets are more economically secure, have more options in life, and can pass down status and opportunities to future generations.

According to the Center for Enterprise Development (CFED), every public dollar invested in IDA's generates $5 for the community. This is measured in new business and jobs, increased earning and educational achievements, new and improved homes, higher tax receipts and reduced welfare expenditures.

Assets provide benefits that income alone cannot offer. People with assets have more options in life and can pass on status and opportunities for future generations. Broadening the ownership of assets through IDAs is one way to help the nation's low-income working families move out of poverty, giving them a "leg-up" to enter the financial mainstream.

Click here to learn how IDA's work