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WORC Savings Programs, Financial Planning and Money Management
Matching Savings Programs
Individual Development Accounts (IDA) are offered in most states through a combination of national and local public and private funding sources as a way to help low-income individuals and families become financially self-sufficient. In Pennsylvania, this savings program is known as the Family Savings Account (FSA) program and is supported by the Pennsylvania Department of Community and Economic Development. These matching savings programs help people learn how to make the most of their hard earned money using financial planning and money management! (Please contact your counselor or sponsoring agency for more information on the specifics of the IDA/FSA savings program offered in your area as it may differ from the description given below.)
Savers are given:
- Free Savings Accounts at a Participating Bank, Saving Society or Credit Union
- Matching funds for money saved (typically on a dollar for dollar basis, or more)
- Help learning about finances, credit repair, home purchasing, investments, education options and business
Participants have to:
- Pay a small enrollment fee for class materials and instruction in money management
- Open a savings account at a cooperating bank, saving society or credit union
- Save at least $10 a week and make regular deposits of their savings into their accounts
- Attend the required IDA/FSA classes on topics like “Savings and Money Management,” and “Credit Repair” or complete the required training using the Building Blocks to Financial Success Online Training Program
- Use their saved dollars and matching funds to purchase an asset like a home, business or education
Poverty Income Guidelines are based on the official
poverty income line established by the Federal Office of Management
and Budget as published in the Federal Register annually.
| Family Size |
75% |
100% |
115% |
125% |
135% |
150% |
200% |
| 1 |
$6,735 |
$8,980 |
$10,327 |
$11,225 |
$12,123 |
$13,470 |
$17,960 |
| 2 |
9,090 |
12,120 |
13,938 |
15,150 |
16,362 |
18,180 |
24,240 |
| 3 |
11,445 |
15,260 |
17,549 |
19,075 |
20,601 |
22,890 |
30,520 |
| 4 |
13,800 |
18,400 |
21,160 |
23,000 |
24,840 |
27,600 |
36,800 |
| 5 |
16,155 |
21,540 |
24,771 |
26,925 |
29,079 |
32,310 |
43,080 |
| 6 |
18,510 |
24,680 |
28,382 |
30,850 |
33,318 |
37,020 |
49,360 |
| 7 |
20,865 |
27,820 |
31,993 |
34,775 |
37,557 |
41,730 |
55,640 |
| 8 |
23,220 |
30,960 |
35,604 |
38,700 |
41,796 |
46,440 |
61,920 |
For Family Units with More Than Eight (8) Members - For each additional
person, add:
| |
$2,355 |
$3,140 |
$3,611 |
$3,925 |
$4,239 |
$4,710 |
$6,280 |
Office of Community Service programs
and the percentage of poverty income guidelines used to establish
client eligibility for each program.
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