Saver Success Stories
Rachel’s New Beginning
Rachel is a 29 year old single mother with two daughters. She is employed full time and is working toward completing her college education. Rachel joined the IDA Program because she wanted the opportunity to develop a financial strategy for herself as well as set an example for her two daughters. Rachel decided to use her savings toward the purchase of her first home. She received financial management training from USU Extension, completed homeownership training with Habitat for Humanity, and her personal case management was provided by Financial Vital Signs.
Rachel’s new home is a 3 bedroom, 2.5 bathroom town home located in the heart of Salt Lake City that is close to where she attends school, and within walking distance of her daughters’ school. The neighboring town homes are occupied by other single-parent families with whom Rachel and her daughters built close relationships as they assisted in the completion of their own homes. Of her experience in the IDA Program, Rachel had this to say, “I want to sincerely thank you for the opportunity to participate in the IDA program. It has helped me secure a better future for myself and for my daughters. I value the education and saving habits I have developed since I partnered with this program.”
L.M.'s New Condo
L. M. is a 29 year old single mother of two daughters who works for an anti-poverty agency in Salt Lake. She was on section 8 housing and cost Salt Lake County Housing $240/month. She was on FSS and saved in an IDA account, did 200 hours of sweat equity for Habitat for Humanity home in Salt Lake County and qualified for a Home Start Loan.
L.’s IDA was case managed by the Salt Lake County Housing; her financial management classes were taught by USU and her home ownership classes were taught by USU. Her new condo is a 3 bedroom 2 ½ bath unit in a gated community with a rec center with pool and playground equipment for her two daughters. Her parents were so happy and comforted to know that L and her two daughters would have their own home.
J.N. Goes Back To School
JN is a 35 year old single mother with an 11 year-old child who came to the United States from Columbia. As a legal resident, JN worked full time for an antipoverty agency and part time for airline reservations but still fell well below 200% of the federal poverty level. Her financial case management was provided by Salt Lake Community Action.
She completed basic financial management classes and asset specific training in all of UIDAN’s three approved asset areas before deciding to return to college. She had some college in Columbia but was very apprehensive about returning to college after a 10 year break. UIDAN referred her to the Salt Lake Community College TRiO program for first generation college students. They have helped her apply for scholarships and acclimate to college.
Her second semester of college was paid for out of her IDA. She had just earned a 3.85 GPA in her first semester.
Heather's House
Heather saved for three years and worked closely with Linda Walker (pictured left) from Salt Lake Community Action. "After attending the financial literacy class and First-Time Homebuyer class, Heather took everything to heart and implemented it into her life," says Linda. This process has made a big impact on her son as well and has become a good saver. She is also making a difference on the people around her, and will for years to come. SLCAP enjoys the partnership with AAA and the UIDAN network by working with the people and seeing them achieve their dreams. As a means to help Heather visualize their savings and their asset goal, they created a poster and filled in each square equal to the amount they had saved for the month to show their progress towards their new home. Heather and her young son are now sharing a dream together.
Madelyn
Madelyn is a single woman who works at a Salt Lake City Mental Health Center. Madelyn heard about UIDAN at her job. Madelyn’s only debt was student loans but she was struggling financially and thought an IDA was a really good opportunity to achieve her dream of completing her education and buying a home. She opened her IDA account in 2006. Madelyn has returned to the University of Utah and continues to work full time. She had a 4.0 GPA last semester. Madelyn has a beautiful voice and sang in the chorus of Utah Opera’s Grapes of Wrath. Madelyn is continuing to save and will be eligible to withdraw additional money for her financial goals.
Payim
Payim is married with 2 children. He came to this country as a refugee and was working at the Asian Association’s, Utah Refugee Employment & Community Center when he heard about UIDAN in 2005. Payim has a high school diploma and is highly motivated to achieve financial self-sufficiency. To that end, he has enrolled in Salt Lake Community College’s airplane mechanic’s course. His IDA helped purchase required tools and pay for one semester of vocational training. Payim has completed his savings but will be able to apply for additional funding for his next semester’s tuition, books and fees.
Thank You Letters From Savers
“UIDAN has been a wonderful blessing in my life. First off it has gotten me into good habits like saving and budgeting. I also know that it’s important to get a good education. I love IDA because now I can get a good education and not be in debt. Furthermore it has allowed me to do things, with my time that I wouldn't be able to do, like serve/teach in a foreign country, had I not saved and planned. Thanks for the secure and happy life!” ~ RW
“I have had a phenomenal experience with the Utah IDA Network. I started out as an intern for the program to fulfill college credit. I began very skeptical at how much the program could impact its target population. After one day with Martha Wunderli, I learned that the program does impact its target population and they are thriving from the experience. This inspired me to join in as a saver and switch roles. This money is going to pay for my Graduate studies in Public Policy at the University of Utah. I want to put what I learn from my master's program into practice helping lesser advantaged populations. I couldn't have asked for a more positive experience with Utah IDA Network. Thanks for making my life goals more attainable.” ~ HB
“I joined the IDA program in June 2007 and think it is very exciting. It seemed so impossible to get ahead or break even. Saving seemed some what hopeless but it has been great to see that what I am putting away is adding up. This program gave me hope with the match it made the difference for my savings.” ~ KH
"I had lost hope on ever having a home of my own until I found this program. I am a single mom that works hard. I work full time and go to school part time and with no degree and the income to back up a home I felt it was hopeless. With a program that can match what I save and more I feel I have a much better chance at getting a start on having a home - my first home. The ability to give my son a yard to play in and have something I can build value and equity in is great. It sounded too good to be true to find a program that would help me. I took financial classes to qualify for this program which have helped me learn a little more about credit and money management. I think this program could continue to help so many if they are willing to be good savers and apply the knowledge they have been given." ~ LP
"I heard about the UIDAN program through a friend at college. I thought it sounded like a great idea since both me and my husband were enrolled in college and felt like we would never be able to save enough money to purchase a home. We attended the financial classes, found out more about the program, and decided that it was for us. We started saving in April 2007. Since then I have graduated college and started an entry level career and my husband is working part-time and is on track to graduate spring 2009. It can be difficult at times to find the extra money to save each month with our limited salaries; but when we think about the end goal, it is a lot easier. I know that if we were not part of the UIDAN program, there would be no way that we could be ready to purchase a home a year from now. This program has truly provided us a way to learn how to save and plan for the future." ~ KRB
"Your financial management courses have opened my eyes and introduced me to a different level of financial management. The courses were well organized and covered real life topics like credit score, buying a house, a car, or managing credit cards. I have learned how debt management can impact my life, my family, and my community." ~ LM
"The IDA network has been very helpful from the start with the availability of financial classes and home purchasing classes. The IDA network provided valuable resources to help us learn and apply important knowledge for first-time homebuyers. We would not be where we are today without the IDA network." ~ AR
"Due to issues regarding financial aid, I was required to pay for 1-2 semesters on my own before being able to receive financial aid. As a low income individual, after paying rent and other utilities, I had very little left over each month to save for school. Thus, I was beginning to lose hope that I would be able to return to school. After discovering UIDAN, I was able to save a manageable amount of money each month, and I was able to resume with my studies. I am now in my second semester of my area of study, Vocal Performance. Had I not discovered UIDAN, none of this would have been possible, as I would still be struggling to save the money to pay for school." ~ MG
"It has always been an ambition of mine of obtain my degree. Once I went out into the real world I discovered that one individual cannot provide for their family without a degree. I had tech school certificates, but those were not enough to obtain a sufficient career. I started going to school and did not anticipate all of the additional costs associated. After reviewing my financed I discovered that if I did not have help, I would no longer be able to continue my education. A friend suggested that I check into the UIDAN program. The joint saving not only enabled me to continue my education, but has also taught me money management, and how to save." ~ EM
"Through the classes that I had to attend to start the program I learned more in the six weeks about financial budgeting than I have learned my entire life. The education has helped me to realize how easy it is to save money. With the UIDAN match savings program It not only teaches me to save money but it rewards me for doing it." ~ TM
"The IDA grant gave me a place to start as I worked on continuing my education. As a result of the help I received in learning about managing money and saving the same amount every month I have been able to incorporate those techniques into my daily life. I am still saving $60 a month in an account and am constantly trying to build that savings account up so that I do not have to use credit cards to pay for anything. As a result of this program I have been able to return to school and have
eliminated all of my consumer debt. Thank you so much for all of the financial training, the guidance given as I learned about going back to school, and the financial asssistance I received. It has improved my life immensely." ~ MB