Vermont Matched Savings Program
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:
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Starting or expanding a business
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Buying or repairing a home
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Buying or repairing a vehicle used to get to work
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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.
