Saving money can be difficult for everyone, but it's particularly tough for refugees. Many, devastated by war, have lost homes and possessions. Typically, some rush to replace what they have lost rather than bank their earnings. They aren't thinking about their future problems. In the IDA program, participants save a certain amount each month in a special account they own and control.
Limits vary depending on circumstances, such as family size.
The matching funds are deposited in a separate account controlled by the institute and can be used only for approved purchases such as college, cars, computers, home improvement or small-business development. The matching money comes from the federal government's Office of Refugee Resettlement. The institute also offers workshops on money management, meeting money goals and how to purchase, protect and manage assets. But then again, it's nice to have options. But because I am studying, maybe I'll buy a cheaper car and a computer, too.