Banking

What Are Individual Development Accounts (IDA’s) and How to Use Them

Posted in Banking

Just imagine you have a savings account in which for every dollar you put in, you will be matched with one more dollar. You would actually receive totally free money, and who wouldn’t jump at such an opportunity.

Well, you could get into such a position via a so-called ‘Individual Development Account’, or IDA, program. Generally, money contributed in an IDA can be used to purchase a house, pay for education cost, or for starting up a new business.

Most IDA programs are sponsored by various nonprofit organizations and a number of companies, though some of them are also sponsored through government contributions. For each dollar you put in, usually the sponsor will be adding $1 or maybe more to your IDA account.

Because various groups are supporting various IDA programs, the match level as well as the requirements may vary, but still you will be able to see that, because of regular matches, your IDA savings account will grow quickly. If you want to see if you qualify for an IDA, contact your bank, credit union, your local Housing Authority, or a Community Action Agency staff member.  

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How to save money and live within your means

Posted in Banking

This is part 2 of our tips on how to live within your means and save money

Clothing

You can learn that flea markets and garage sales can be great sources to get quality clothing at modest prices. You can also establish a sort of clothing exchange with your neighbors or friends to trade, for example, your children’s or adult clothes. What  may seem old to you or your friends may seem like new and exciting to other people.

You can also go to thrift stores on a regular basis where usually the inventory changes frequently, and start checking out clothing sales organized by service groups or local churches.

You may also check out so-called ‘consignment stores’. These stores are accepting and selling used clothes and they can give you money for items that you bring in. You may find clothing for both adults and kids in these stores.

Another advise is to stick with classics when and wherever you can. Classics are usually staying in style longer than trendy outfits and are generally made of longer-lasting materials.

Though it could be difficult to find good used children’s shoes, you may be successful if you look for sales, but don’t make the mistake that your child needs $75 running shoes, even is that is the sale price tag. You should instead help them to learn distinguishing between needs and wants.

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