Savings match program available at NORWESCAP

Newton — The Northwest New Jersey Community Action Program (NORWESCAP) is still accepting participants for a savings match program designed to encourage people to make regular savings account deposits. The program’s original deadline for participation has been extended, however participants will only have until Sept. 30 to meet their savings goal. Funded by federal stimulus dollars, the program provides a 1:1 dollar match for savings up to $500 for an individual and $1000 for a household. An additional $250 in bonus incentives is available for tackling credit card debt, applying for the Earned Income Tax Credit (EITC), and saving a portion of any income tax or EITC refund. To qualify, you must be a legal resident of the U.S., reside in Morris, Warren or Sussex County, and have a household income at or below 200 percent of federal poverty guidelines. For an individual, that figure is $21,660 annually; for households of two or three people, the figures are $29,140 and $36,620 respectively. At the end of the program in September, participants who have achieved their savings goal will see their deposits more than doubled by a matching check from the stimulus funds, plus a 10 percent bonus. Participants will have the opportunity to attend three workshops on money management and credit and may avail themselves of up to four private meetings with a financial counselor. After an initial budgeting consultation, they must commit to a savings goal between $100 and $500 and make regular monthly deposits to achieve that goal. For more information or to apply, contact Diane Johnson, Individual Financial Literacy Coordinator at NORWESCAP, at 973-784-4900, ext. 113 or johnsond@norwescap.org.