One of the most important financial activities one can do is to save.
Pay yourself first.
The Loan Fund has been providing matched savings to its participants in Enterprising Women and the Assets programs for the last seven years. We match 3 to 1 the participants' monthly $20 deposits, allowing participants to save anywhere between $300 and $960.
We've had participants use the money for school, computers, house repairs, equipment, and much more. They learn to convert one asset, cash, into another asset that helps them attain greater self-reliance.
In the United States what we are calling matched savings, is called Individual Development Accounts. It is promoted in many American states and supported by the government as a method to help individuals living on low income save and build assets, especially for a home. Even in Canada, we see a couple of great examples where this is happening, in Winnipeg and Calgary for instance.
We are hoping we can build on this asset building program and include many more individuals. For more information please send us a note by filling the form below.