The Vermont Matched Savings program (VMS) helps you save towards a goal resulting in a positive change in your financial security. VMS savings can be used towards one of four goals:
Starting or expanding a business
Buying or repairing a home
Buying or repairing a vehicle used to get to work
Higher education to help you advance professionally
When you join VMS, you open a special savings account. For every dollar you save in the account, up to a maximum of $1,000 over two years, you will receive $1 from VMS. If you save the maximum amount ($1,000), you receive an additional $1,000 from VMS towards your goal! By the end of your time with VMS, you will have $2,000 to use towards your goal – the $1,000 you saved plus the $1,000 VMS match.
As part of the program, you will take Growing Money classes on budgeting, saving, and credit. You will also have one-on-one financial coaching to help you set and achieve your financial goals.
For more information on what qualifies as approved expenses, visit the state website.
Vermont Matched Savings is a state funded program sponsored by the Office of Economic Opportunity.
If you think you meet the qualifications, the first step is to contact us at email@example.com
You will meet with a financial coach to discuss your application and if approved, you will open a joint savings account with us at Opportunities Credit Union.
Over the next year, you will take Growing Money classes, meet with a financial coach, and make monthly deposits into the joint savings account. You can receive your match money after 12 months of successful deposits.
Note: you must save regularly to qualify for the matched money and no money can be withdrawn without signatures from you and from the VMS program.
To qualify for the Vermont Matched Savings program, you must meet the following requirements:
Be actively earning the money you wish to deposit
Live in Addison, Chittenden, Franklin, or Grand Isle Counties.
Have assets below $10,000 (excluding a car and your home)
Meet income requirements (see chart below). You must make less than the number indicated for your household size to qualify for free services.