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Home > Family Savings Account Family Savings Account SAVE! LEARN! GROW! Fiscally Fit FSA is Tabor's version of the Individual Development Acct (IDA) program which is acclaimed nationally as a way to help families and individuals of modest means develop assets and escape poverty. FSA helps families save money and improve money management skills for a better future. For most Americans, having assets like a home, business, or college education, has been a first step toward economic security and a strong family. But families with low income usually have trouble taking that first step. Through FSA, savers firm up their knowledge of healthy, steady savings and reap its benefits. Families exercise their money muscles by setting goals, attending money management workshops and participating in technical counseling sessions. What is FSA? FSA is a special savings program for people with limited resources. Special because the savings dollars are matched by Tabor up to $2,000. These matched monies can be used to start building assets like:
Who Makes This Program A Success? 1. Savers- Individuals interested in joining the program must be 18 years of age and a Lancaster County resident meeting the income limits. Participants must deposit a minimum average of $10 a week for 12 - 24 months and save for an asset such as a home purchase, retirement or a first-time vehicle. Savers also attend educational seminars on various topics relating to financial management. After the savers have deposited the money and attended the seminars, they are eligible for their matching dollars- up to $2000 in free money! 2. Tabor Community Services- As the facilitator of the program, Tabor provides case management for the savers to assist them in setting financial goals for their families. Tabor also coordinates money management workshops to help FSA savers manage their money and develop personal savings and budget plans and works directly with the participating financial institutions to provide the special, free bank accounts. 3. Financial Partners- Currently, there are four financial institutions sponsoring the FSA program: Fulton Bank, Northwest Savings Bank, Lebanon Valley Farmer Bank and the Mennonite Financial Federal Credit Union. They provide no fee accounts for the savers and provide basic banking and financial instruction. Because of their expertise in banking and money management, some banks also facilitate FSA workshops for Tabor. 4. Pennsylvania Department of Community and Economic Development (DCED)- FSA's were established through the DCED with more than $1.25 million in state and federal funds. State dollars match account holders' savings at a 100% rate. Tabor's Fiscally Fit FSA is part of a statewide network of 13 programs. Tabor is at the forefront of a national and state wide movement! The first step is to attend an FSA orientation for dates/times contact Tabor's FSA coordinator at: save@tabornet.org Can anyone join FSA? Individuals interested in joining must be at least 18 years of age and a Lancaster or Lebanon County resident meeting the income limits.
Why build ASSETS?
The only way to get ahead and stay there is by building assets.
Home purchase
Don't delay! Take the first step and attend an orientation. For more information or to sign
up now, |
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