Program offers savings match

A program from the Northwest Alliance Program for the Rural Carolinas can help local residents get up to $2,000 in matching funds toward buying a first home, starting a business or furthering their education. Does this sound too good to be true? In this case, it isn’t.

But like all offers, there are strings attached to this offer to get on “The Success Highway.”

Those who are interested in The Success Highway Individual Development Accounts (IDA) program must agree to save $1,000 of their own money and funds allocated by the program go to the specific need identified, such as a down payment on a home or college tuition. The educational aspect of the funds can also be utilized to get career training, such as a cosmetology license or other professional accreditation. Most plans call for saving around $50 per month toward a specific goal and all require that a person have employment, either full- or part-time.

In addition, a Money Smart financial literacy program is a requirement. The basic skills course generally meets once a month for a period of 10 months and covers such topics as handling personal finances, budgeting, understanding credit, and using credit cards responsibly.

Get the rest of this article in this week's issue of the Alleghany News! Back