| Individual
Development Account - IDA |
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An
IDA is a savings account for lower income individuals that is used
for a specific purpose such as education, purchasing a first home
or starting a business. Savings are matched by private or public funds.
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The
program provides economic literacy training that shows participants
how to repair their credit, set up a budgeting and savings schedule
and teaches the basics of money management. IDAs help lower income
individuals build assets and save for the future so they can break
the cycle of poverty and achieve long-term self-sufficiency.
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Dictionary
