Congrats to Kayla!
Prosperity Works would like to congratulate New Mexico I.D.A. Saver, Kayla Resendez and her family, on the recent purchase of their home! We would like to thank Kayla and her I.D.A. Coach, Adrienne Smith on a job well done! Kayla has been chosen as a featured Saver Story with Bank of the West, CFED, and Prosperity Works!
Read Kayla’s story…
Several years ago, Kayla Resendez was living with her family of seven in a two bedroom apartment. Kayla’s goal was to someday purchase a home big enough for her sizeable family. Working as a Principal’s receptionist, Kayla learned about a Financial Literacy through the Albuquerque Public Schools family liaison, and she and a few colleagues decided to take the class.
Kayla completed her Financial Literacy course and soon learned about Prosperity Works’ Individual Development Account (IDA) program – a program that could help make her dream of homeownership a reality. Kayla learned more about the 3:1 matched savings program, opened an IDA at a local bank, and began saving for a home. “It is difficult saving any extra money when you have such a large family with so many different needs,” Kayla explains. “Any money I made from overtime I immediately put into our IDA account. Since this money was overtime that I don’t receive on a regular basis, I was able to deposit this money and still take care of our bills.”
The IDA program not only helped Kayla save for a home, it also taught her valuable lessons in day-to-day money management. “This program challenged my family to save not only for things that we would like to have but for unexpected emergencies as well. Saving can still be a challenge from time to time but after the program, we feel we have definitely been given the tools to help us make good reliable decisions. The program has allowed us to think about our savings, retirement and the big picture.”
Kayla’s dream of purchasing a home was realized in February 2011. The savings that she put away into her IDA was used to pay for the down payment and closing costs on her home. Even after her home purchase, Kayla has retained the important lessons she learned in the IDA program, and plans to continue to remain financially stable, debt free and live within her financial means. “We purchase items in bulk, stay away from vending machines, pack lunches and car pool as much as possible. I thank the Prosperity Works IDA program for all it has done for me, my life and my family!”
Are you a New Mexico I.D.A. Saver, interested in sharing your story? Contact us at Prosperity Works 1-877-272-0447 or join us on Facebook at www.facebook.com/groups/NMIDASAVER