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INDIVIDUAL DEVELOPMENT ACCOUNTS: PERSONAL STORIES
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“Opportunity Passport has helped me get an affordable car for fast and reliable transportation to and from school, work, appointments, and events; it has helped me get books and a laptop for school; and it has helped me save and be more financially secure. Because of Opportunity Passport, I am able to get more done, to take advantage of more opportunities, and to better take care of myself and help others.”
Michael Moore
Age 19
Opportunity Passport Program Click here to read more
Savings Tips
- Consider needs vs. wants. Think about the items you purchase on a regular basis. These add up. Where can you save?
- If you use check-cashing stores regularly, you might pay $3-$5 for each check you cash. This can easily add up to several hundred dollars in fees every year. Consider opening a checking account at a bank or credit union.
- If you get a raise or bonus from your employer, save that extra money.
- If you have paid off a loan, keep making the monthly payments to yourself. You can save or invest the money for
your future goals.
- If you receive cash as a gift, save at least part of it.
- Avoid debt that does not help build long-term financial security, for example: a vacation, clothing, and dinners
out in restaurants. Debt that helps building long-term financial security includes: paying for education, buying or
remodeling home, or buying a car to get to work.
- Save change at the end of the day and deposit it into the bank (every week or month).
- When you get a tax refund, save as much of it as possible. Avoid refund anticipation loans.
- Be sure to claim all your eligible tax credits and get your taxes prepared for free through a VITA tax preparation site.
You could save hundreds in tax prep fees and receive your return in only 7-10 days through direct deposit. Dial 2-1-1 for
the nearest VITA site.
Source: FDIC-Money Smart-Financial Education Curriculum “Pay Yourself First” |
Individual Development Accounts
Individual Development Accounts (IDAs) are matched savings accounts to be used for job training, college education, small business start-up, or down payment for a home. The resources below are here for you to contact to start up your own individual development account.
WEST TENNESSEE
RISE Foundation
Services: Individual Development Accounts (IDAs)
Description: The RISE Foundation’s Save Up II Program is a matched savings program for workers in Shelby County. It is designed for those who do not live in public housing. This benefit is only provided for the purchase of a home, a vehicle, or a computer. Participants may save up to $1,000 and the RISE Foundation will match each dollar saved with $2 up to a maximum of $2,000, for a total of $3,000.
Clients Served: Workers in Shelby County
Fees: None/Free
Format: Class or One-on-One
Hours: Office Hours M-F 8-5; classes are held on Thursdays from 5:45 to 8:30 PM.
Service Area: Shelby County
Phone: 901-507-6639
Address: 22 N. Front Street, Suite 650, Memphis TN, 38103
Web: http://memphis.earnbenefits.org/page.php?pageID=977
MIDDLE TENNESSEE
Catholic Charities of Tennessee, Inc
Services: Refugee IDA Program
Description: This program provides a one-to-one match on savings (up to $2,000 for an individual or $4,000 for a family) towards a home, business, or vehicle. The enrollee is required to save for at least five months, and must attend a number of financial classes during that time.
Clients Served: Refugees
Fees: Free
Format: Appointment and class settings
Hours: M-F 8-4:30
Phone: 615-259-3567 ext. 794
Service Area: Davidson County
Web: www.cctenn.org
Level of Information: Beginner
Monroe Harding-Youth Connections
Services: Opportunity Passport Financial Management & Asset-Specific Classes
Description: Topics include budgeting, credit, predatory lending, banking and saving.
Participants will be compensated $100 into an IDA/matched savings account, & $20 into a checking account upon successful completion of all required paperwork, classes and online survey. Participants under the age of 18 are required to have a cosigner present at the time of enrollment. Individual Development Account, or Matched Savings, allows young people to save their money in a secure bank account until they are ready to purchase an asset such as a vehicle, education expenses, housing (rent
deposit or purchase), or other investments.
Clients Served: Youth ages 16-23 who are currently in or was previously in foster care or state custody.
Fees: Free
Format: Class setting
Hours: Classes held second Saturday of each month from 9:45-3:30. Individual classes taught as needed.
Youth Connection hours of operation are M-Th 8:30-5:30; F 9-5
Service Area: Middle TN area and Upper Cumberland
Phone: 615-664-1509
Web: www.tnyouthconnections.net or www.monroeharding.org
“Opportunity Passport has helped me get an affordable car for fast and reliable transportation to and from school, work, appointments, and events; it has helped me get books and a laptop for school; and it has helped me save and be more financially secure. Because of Opportunity Passport, I am able to get more done, to take advantage of more opportunities, and to better take care of myself and help others.”
Michael Moore
Age 19
Opportunity Passport Program Client
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