Three days into 2013, this is the time to start saving. For those of you looking to achieve some lofty goals this year, the Virginia Department of Social Services, Virginia Housing Development Authority and the U.S. Department of Health and Human Services are giving away thousands of dollars in free money.
The program V.I.D.A or Virginia Individual Development Account Program is for three types of people: Entrepreneurs ready to start their own business, First time home buyers or those looking to go back to school. Essentially, it's a two for one match savings.
"So for every dollar the consumer puts into the program they receive $2 for their $1. So, you can put in a max of $2,000 in the program and you receive a match savings of $4,000 for a total of $6,000 to achieve your goal," says Brendan Vigorito, the Director of Education and Intermidiary for V.I.D.A.
Vigorito is starting to enroll interested parties into the program this month.
Applicants must meet a certain household income, also have income coming in and be able to save $25 dollars a month. If accepted into the saving program you'll have to complete 13 hours of financial training within the next two years. You must be in the program for a minimum of six months.
The last time this particular 2 for 1 savings was offered was two years ago. This year, 397 slots are available across the state.
To read more about V.I.D.A. click here.
If you are interested in applying and live in Southwest/Central Virginia call Brendan Vigorito at 1-800-208-2227 ext. 7006