What is an Individual Development Account (IDA)?
An IDA is a special savings program that helps you build money for something important—like buying a home, a car, going to school, or starting a small business. When you save money each month, the program adds extra money to match your savings. For every dollar you save, you get even more added in from state and local funds.

The program lasts four years and is for people who earn up to 200% of the federal poverty level. Along the way, you’ll also get free classes to learn about budgeting, saving, and how to reach your goal.

How the IDA Program Works
The Individual Development Account (IDA) is a savings program that helps you grow your money faster. For every $1 you save (up to $500 per year), the State of Indiana adds $3. That means you could save up to $1,500, and get an extra $4,500, giving you a total of $6,000 toward your goal.

To join the program, you’ll need to:

• Save at least $50 a month
• Create and stick to a simple budget
• Attend financial education classes (8–10 hours)
• Join goal-focused training (6–8 hours)
• Meet regularly with a case manager for extra support

You can use your savings to:

• Pay for college or training (for yourself or your child)
• Buy or fix up a home
• Start or grow a small business
• Buy a car to get to work or school
• But the program offers more than just money. You’ll also learn how to set financial goals, improve your credit, and gain tools that can help you make lasting, positive changes in your life.

Who Can Join?
You may qualify if you:

• Live in Indiana
• Are employed or self-employed
• Can save $50 each month
• Are willing to attend an info session
• Fall within income guidelines (for example, up to $60,000/year for a family of four)
• Can meet basic program requirements