YW Financial Empowerment

Individual Development Accounts (IDAs or matched savings accounts) can help you get moving toward big financial goals like buying a house, going back to school or starting your own business.

Financial Empowerment IDA

YW CalendarIDA Orientation Session Calendar

Resources

Savings Plan Disbursement
Savings Plan Modification
Asset Purchase Request Form

Individual Development Accounts

YW Individual Development Accounts (IDAs) are matched savings accounts. For every $1 you save, YW will contribute up to $4 towards your financial goals. Here are some of the goals you can use your YW IDA to save for:

  • The upfront costs of buying a home such as the down payment, closing costs and appraisal fees
  • Tuition, fees and books for an accredited vocational or training institute, community college, or a four-year college or university
  • Small business start-up items such as inventory, supplies, equipment and marketing material

How to Earn Matched Funds

You earn matched funds by first completing the YW Financial Education Workshop Series. Then you complete additional training related to your goal. For example, if you are saving to buy a home, you will likely need to attend a certified homebuyer education class. Next, you create a savings plan and you stick to it. Finally, you spend your money responsibly, and keep depositing into your savings account. Here’s how it works:

  • You must save at least $25 a month for at least six months; the maximum is 24 months.
  • It's best to save more than the minimum. If you save enough, you can get the maximum matched amount to add to your total ($4,000).
  • To get the maximum matched amount if you are saving for a home or school, you have to save $1,000, since the match for those goals is 4:1.
  • To get the maximum matched amount if you are saving for a small business, you have to save $2,000, since the match for that goal is 2:1.
  • All of the money paid out of your account will be paid directly to third-party vendors (the college, the title company, etc).
  • If you make a withdrawal without authorization, you will lose your matched funds.

To Be Eligible for a YW IDA You Must:

  • Live in Dallas County
  • Have a job or be self-employed and earning income (can be part-time or full-time, Social Security and Unemployment do not count)
  • Have a total household income lower than 200% federal poverty level:

2014 Guidelines:

 

Household Size

Gross Annual Income


 

1

2

3

4

5

6

$23,340

$31,460

$39,580

$47,700

$55,820

$63,940

 

  • Have total net assets less than $10,000 (Assets are things like a house, a car, stock or savings bonds. You don’t have to count the house you live in or the car you drive. Total net assets mean the amount your assets are worth minus your debts.)
  • Have a qualifying savings goal and an approved savings plan

 

YW CalendarIDA Orientation Session Calendar

For more information, to see if you are eligible, and to register, call 214.584.2348.