Saving is an American Value
I suppose many of us grew up learning the old saw (allegedly from Ben Franklin), that “a penny saved is a penny earned.” It was something my mom and dad said as they directed me to put monetary gifts from relatives (that crisp new $5 bill from an uncle or aunt) into my savings account instead of into my pocket. And on this rainy day, I am reminded that we also were admonished to “save for a rainy day”; put something aside for when things get gloomy, like when your roof starts leaking on that rainy day.
At Piedmont Housing, we teach saving techniques to our clients. Many of them have little left over once they have paid their bills, but a habit of saving can help them get through the next crisis that comes their way. And on the bright side, saving can help them reach a goal, like home ownership, college or starting a business. Piedmont Housing administers a program that rewards those who are saving for these goals. It’s called the Virginia Individual Development Account, or VIDA, and it provides a 2:1 match for eligible savers. $2 for every $1 you save. You can read all about it at the Virginia Dept. of Housing & Community Development website.–ktk