Couple closes deal on first home, thanks to specialized savings account

April 03-- Apr. 3--People who rely on Government disability income have limits to how much money they can have in savings, so being able to save up for items like a car or a down payment on a house are removed from the realm of possibility for many people.

However, there is a savings account that they can utilize which is how Duncan "sweethearts" Donald "Donnie" and Michelle McCulloch, who both have developmental disabilities and have been working hard with their part-time jobs and the disability income to have a down payment.

The married couple are both clients of Think Ability First and have had the help from them to get things squared away.

Executive Director Robin Arter explained a little about the accounts.

"It's a big deal because people who depend on disability benefits are limited ... on how much resources they can have total," she said. "They are limited to $2,000 in assets. That's not very much so you can't really save for a house or a car or anything. There is something called an ABLE Account, Oklahoma calls it a STABLE Account."

Arter said it is run through the State of Ohio, but multiple states including Oklahoma have a partnership to do these accounts for people. Also the Federal ABLE act is what allowed citizens on disability to have those accounts.

"There are limits and rules to that money -- you can't put more than so much a month into it, you can't put so much a year into it, there is a lifetime cap to it,"

Donnie and Michelle both have their own STABLE accounts.

"They both work and have a budget, they come into the office once a week and work with one of the ladies in the office," Arter, said. "They plan what they are going to do for the next week and how they are going to spend their money."

Michelle said items on their weekly budgets were groceries, spending money, bills and of course the savings.

One of Michelle big decisions was deciding where to keep her bike that she named "OKC Thunder."

Arter said in two and half years the pair saved enough for a down payment for a house.

"Nita from Arvest and Brian from ReMax have both been very helpful through this and it's been a very rewarding experience for all of us," she said. "I really want people in our community and the state to know about STABLE Accounts."

When asked if he had any comments about soon having the keys in hand, Donnie was very enthusiastic.

"I can't wait!" he exclaimed.

Donnie said they were going to have a party once the were moved in.

"I like to cook good food," he said.

As a housewarming gift Donnie's mother got new siding for the house.

The couple will get to spend their 10th anniversary in the home on Aug. 16.

When asked what they were saving up for next, Michelle thought for a moment, looked at Donnie and asked "Disney Land?" and Donnie nodded.

When handed the keys to the their new house, Donnie snuck a kiss from Michelle.

To learn more about STABLE Accounts visit www.stableaccount.com.

___

(c)2019 The Duncan Banner (Duncan, Okla.)

Visit The Duncan Banner (Duncan, Okla.) at www.duncanbanner.com

Distributed by Tribune Content Agency, LLC.