Ana Miranda is your typical self-funding college student – broke and searching for ways to pay for her tuition while managing the rest of life’s expenses. However, thanks to an Individual Development Account (IDA) program offered by the Iowa Credit Union Foundation and managed by Village Credit Union, Ana was able to continue her lifelong dream of continuing her secondary education.
The IDA program works with local credit unions to match savings funds for families with limited resources who meet income-based criteria. These matched savings accounts are connected to services to help individuals and families eventually acquire an economic asset toward long-term financial stability.
“Saving has not always been an option for me, especially when dealing with multiple expenses and having to stretch every paycheck as much as possible. Nor had I received the financial education to know how to save. I needed a starting point, and the IDA program offered the ideal place to start.”
Ana’s experience with the IDA program provided the structure and discipline she needed to save money to finance her college tuition, and the matching funds aspect enabled her to realize her goals sooner, encouraging Ana to stick to her plans and ultimately reach her financial goal.
“I think the IDA program is the best way to encourage families and individuals to start saving and work towards the goals they have been putting aside for so long due to the lack of a good savings plan.”
When asked if she would recommend the IDA program to others, Ana said she already has!
“I am proud to refer my friends and family to [Village] Credit Union. [It] is an eye-opening experience for the community to [realize] the countless benefits of using a local credit union versus a corporate financial institution.”