WESTMINSTER, Vt. – Learning to save while receiving $1 for each $1 you save is a great way to learn more about how to grow your money and double your savings for an eligible personal investment that can be life changing. SEVCA’s Vermont Matched Savings program currently has immediate openings for eligible community members. It is simple to enroll: make an appointment, enroll in our comprehensive financial management classes, and begin saving earned income. Save just $77 for 13 months and your savings can be used for eligible investments: start or expand your business, purchase a first home or pay for a home repair, receive education after high school, or purchase tools or training needed for work.
Matched savings accounts are savings accounts that help low- and moderate-income individuals and families reach a savings goal. You deposit up to $1,000 that you have earned through work or self-employment into your account and state grants provide a match to those funds, up to $2000, helping you reach your goal more quickly. A qualified financial counselor provides 1:1 support and helps you to purchase your investment. Savings may be withdrawn at any time; yet if you complete the program requirements, at the end of one year you are able to make your purchase. And, as a one-stop shop for meeting community needs, you will learn more about other services available at SEVCA for which you and your household may be eligible.
Participation is open to anyone who meets the following guidelines:
- Have less than $10,000 in net assets excluding their primary dwelling and one car
- Make a monthly deposit out of earned income
- Complete online financial literacy classes
- Save for at least one year before eligible to use match
- Meet household income guidelines
For more information about the program, please visit SEVCA’s Vermont Matched Savings webpage, www.sevca.org/economic-development/individual-development-accounts, or contact the Financial Fitness Program Coordinator Sue Dillon at sdillon@sevca.org or 800-464-9951.
For information about SEVCA’s ongoing programs, including programs that help community members to navigate the effects of Covid-19, or to make an appointment for our no-cost VITA tax prep services, you may visit www.sevca.org or call and make an appointment at 800-464-9951.