Impact > Individual Development Accounts (IDAs)
Project: Individual Development Accounts (IDAs)
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Angela is a homeless mother. She and her young daughter Aixa came to the YWCA’s residential program to escape a domestic violence situation. Angela's spouse was physically and emotionally abusive. He controlled the family finances; she never handled money or a bank account. Angela realized that she needed to learn to manage the funds she earned from her part time job and save to ensure that she could afford to take care of herself and her child.
She increased her work to full time and participated in the financial literacy classes offered at the YWCA. She attended the homebuyer course prior to beginning the Individual Development Account program which would match the money she saved toward a down payment on a house. Angela set a goal of saving at least fifty dollars each month and exceeded her goal by saving $100 each month. She decided that the goal of homeownership is attainable and is now working towards that effort. Angela has saved sufficient funds for her down payment and continues to save money regularly. Many of the residents of the Transitional Living Center have never had a bank account neither checking nor savings. Many have been financially dependent upon spouses who often control all the finances of the family. Homeless women entering the YWCA’s residential programs have little or no savings and no access to a safe place to live. When they enter the program the immediate need is for shelter and to feed their families these are their priorities. Once they have stabilized their living situation, they are ready to begin to learn about stabilizing their financial future through the Financial Literacy Programs offered at the YWCA. |
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