Kristy is living the American Dream.

Four years ago she bought her first home.  But getting to that point wasn’t easy. Like many other Minnesotans, Kristy and her son were living at the poverty level—even though Kristy had a full-time job.

In 2000, Kristy heard about Family Assets for Independence in Minnesota (FAIM), a savings matching program that helps people increase their savings in order to help achieve financial independence. Program eligibility is based on income and Kristy qualified.

Sponsored by United Way and offered through Anoka County Community Action Program, Inc. (ACCAP), FAIM / "Start Saving" is a two-year program and part of a national initiative to promote Individual Development Accounts (IDAs). Participants contribute a maximum of $40 per month and their amounts are matched 3 to 1. There are three savings options: first-time homeownership, education purposes, or small business enhancement/start-up.

Participants are required to attend financial education classes that cover changing spending and savings behavior, consumer debt reduction, asset specific classes and more. Understandably, many people are nervous and have a lot of questions about buying a home for the first time. Additional resources are available to participants, including homeowner education and counseling.

During the time Kristy was in the program, she saved enough money for a down payment on her home—and had enough leftover to buy a computer and go back to school. She’s currently working on her two-year degree from Anoka Technical College. Coming up on her four-year homeowner anniversary, Kristy’s life is good. "FAIM is a wonderful program and it's the best financial investment that I've ever made," she said.

United Way’s Agenda for Lasting Change focuses on 10 measurable goals in our three focus areas: Meeting Basic Needs, Supporting Health and Independence and Nurturing Children and Families. One goal is improving the financial stability of 40,000 individuals by 2009.

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