Matched Savings for Adults
Save Money. Manage Your Finances. Reach Your Goals!
We know that managing and saving money can be hard, especially while living on a income. Momentum has been supporting Calgarians to manage their money and build ongoing saving habits for more than 20 years.
Matched Savings programs support you to learn financial literacy skills and for every dollar you save in the program, Momentum matches it at a ratio of 3-1.
How does it work?
Save money and build a habit
- Build the habit of saving by depositing up to $50 each month in your own bank account.
- We support you to achieve your savings goals and keep you accountable.
Learn in class and manage your money
- Come to interactive and non-judgmental financial literacy workshops with people in similar situations as yourself.
- Together, learn about budgeting, credit, debt management, assets, and other important topics.
Earn matched savings and put it towards your future
- For every one dollar you save, Momentum matches it times three!
- Use your combined savings to improve your future through education, tools for work, RESP, RDSP, housing, and more.
Matched Savings Program Success
“We were never taught about our finances. I was living paycheque to paycheque, no savings, nothing to fall back on. I feel like I have a better understanding of my finances. I’m not stressed out and I feel safe now.” – Jacklyn In a five-year reach back survey, 92% of our program graduates said they are still saving money on a regular basis.
“We were never taught about our finances. I was living paycheque to paycheque, no savings, nothing to fall back on. I feel like I have a better understanding of my finances. I’m not stressed out and I feel safe now.” – Jacklyn
In a five-year reach back survey, 92% of our program graduates said they are still saving money on a regular basis.
“I had a really bad habit of spending money burning in my pocket. Momentum really helped me, because I’m no longer spending because I can spend.” – Rain
On average, participants walk away saving $110 every month.
Momentum’s Matched Savings Program for Adults begin in the spring and fall of each year and fill up quickly. We accept applications year-round. To apply, you must meet the minimum eligibility criteria:
- You are over 18 years of age
- You are a permanent resident or citizen of Canada
- You are not full-time student (some exceptions apply for: English language courses, upgrading, employment training programs, etc.)
- Your household is living on a low income, and it is below the following cut off chart (before tax)
|1 person||$ 2,642.60||$ 31,711.20|
|2 persons||$ 3,289.90||$ 39,478.80|
|3 persons||$ 4,044.50||$ 48,534.00|
|4 persons||$ 4,910.60||$ 58,927.20|
|5 persons||$ 5,569.50||$ 66,834.00|
|6 persons||$ 6,281.40||$ 75,376.80|
|7 or more persons||$ 6,993.50||$ 83,922.00|
Frequently Asked Questions
Matched-Savings Programs start in the Spring and Fall each year, and they are six or twelve months long. Programs fill up quickly and seats are limited. We accept applications all year-round.
- Education or training towards a career for self, spouse or an adult / post-secondary child.
- Required supports for learning such as textbooks for a course.
- Computers/tablets or cameras required by the program/institution for the course or program. Note that there may be tax implications for this asset
- RESP for child or self
- RDSP for child or self
- Starting or expanding a small business
- Down Payment for a home purchase
- Tools for work. Equipment for, or to enhance, the practice of a trade or profession
- Household furniture, appliances, household goods
- Courses that will help with work or asset development
- Resiliency fund up to a maximum of $500.00 for the purposes of an emergency
- Eyeglasses and permanent dental work
- Security deposit for rental property
Not Accepted Assets:
- Debt repayment
- Vacation / Travel
- Renovations / Maintenance
- Day to day expenses and supplies
- Cell Phones
Please connect with us by filling out the 'Request more info' form or call 403-204-2694 , or email email@example.com to learn more.
No, each completed application that is submitted is reviewed by a committee. Once your application has been reviewed, a member of the Asset Building Team will notify you of the results.
- Attend cohort based Financial Literacy workshops in person or online
- Save monthly and submit proof of savings to Momentum
- Have a savings goal for an approved asset item
- Be ready, willing and able – commitment to Momentum
Yes, you can still apply. However, it is important that you have a sustainable source of income that is stable and sufficient, enough to cover your basic needs and for savings. Qualifying income may include government benefits, spousal support, etc.
Note that student loans, access to credit, existing savings do not qualify as income for this program.
Yes, generally recipients of government benefits may participate in a Matched-Savings Program provided they meet the other eligibility requirements, and inform their caseworker about their participation in the program.
If money is limited right now, we suggest postponing applying for a savings program until the timing is better for you. We want program participants to be comfortably saving during the 6 or 12-month commitment.
We are a Registered Charity, and Momentum’s Matched-Savings Programs have been walking beside people living on a low to moderate incomes and have limited assets since 1999. The funding for the Matched-Savings programs are from United Way of Calgary and Area, and the City of Calgary the City of Calgary Family Community Support Services.
- Participants may participate in only one Matched-Savings Program at a time.
- Participants may not repeat the same Matched-Savings Program if they have successfully graduated from it
- Participants and their partner/spouse may come to the classes together, but only one Matched-Savings Fund Account per couple.
- The spirit of Matched-Savings Programs is to reach as many people living on a low to moderate income and within the Calgary & Area, so seats would be offered to those who have never completed a Matched-Savings program.