Money Watch Q & A: Get Paid to Save - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Money Watch Q & A: Get Paid to Save

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A special savings program is available to some northern Nevadans that not only helps people save money, it also helps them grow their savings as well. It is called an Individual Development Account through the Financial Guidance Center. The purpose of the accounts are to help people accumulate wealth to achieve a financial goal. They are matched deposit funds and are funded through grants.

Details about two different IDA accounts are as follows:

The Become A Small Business Owner IDA: Adults 18 or older, who have very low or low-to-moderate income can apply. It is a 10 month minimum program. Participants can save up to $2,000 and the program will match their savings at a rate of two to one - up to $4,000. The savings and match fund can be used for educational purposes (college tuition, computer, books) or vocational training (tuition, tools, uniforms) or micro-enterprise development.  

The Become A Homeowner IDA: This program is designed for adults with low-to-moderate income and requires a 10 month minimum. Participants can save up to $5,000 and the Financial Guidance Center will match their savings at a rate of three to one - up to $15,000. The savings and match fund can be used towards the purchase of an owner-occupied home purchase (down payment, closing costs and/or principal reduction). The participants must be a first time home buyer, which means that cannot have owned a home during the last three years.

To learn more about either program, call our Money Watch Q & A lines between 5-6 p.m. You can also reach our guest, Jill Perry during regular business hours at the Financial Guidance Center. 

Jill Perry
Northern Nevada Director
Financial Guidance Center
(Formerly Consumer Credit Affiliates)
3100 Mill Street, Suite 111

Reno, NV 89502
P:  (775) 337-6363
Toll free: 800-451-4505
F:  (775) 337-6679

Written by Kristen Remington

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