Kaaron Spotts is a graduate of Love INC’s Faith & Finances class. She said applying the things she’s learned has been life-changing.
Tom Russo | Daily Reporter
GREENFIELD — It’s been five months since Kaaron Spotts started attending the Faith & Finances class offered through Love In the Name of Christ, and she couldn’t be happier with the changes it’s made in her life.
She’s gradually built up her savings and cut back on unnecessary expenses, like having fast food and groceries delivered to her home.
“On top of that (expense) I always felt like I had to tip the delivery people, so that just added to the amount of money going out,” she said Monday evening.
In May she was able to pay cash for an unexpected 10-day trip out of state to visit her sister who had fallen ill, thanks to having built up her rainy day fund over the past several months.
“If that would have happened before (attending the finance class), I would have charged the trip on credit cards and probably carried a balance,” said Spotts, 72, as a tiny white poodle mix named Mae scampered around her Greenfield home.
Spotts is among many happy graduates who have attended the first two rounds of the Faith & Finances course offered through Love INC.
The first six-week course kicked off Feb. 9 at St. James Lutheran Church in Greenfield, while the second wrapped up June 20 at Calvary Baptist Church in Greenfield.
Registration is now open for a third class that kicks off Aug. 15 at Amity Community Church in Greenfield.
“We’re already hearing from a lot of people who are interested in the third course, so I have a feeling we’re going to be hosting a very big class next month,” said Cristy Warren, the Transformational Ministry director for Love INC of Hancock County.
Warren said the free course is open to all people from all backgrounds, no matter their financial situation. Each free course takes place once a week over six weeks, and includes a free meal and childcare for all participants.
So far the course has had roughly a 50% completion rate, with four of the eight registrants completing the first course and nine of the 16 registrations completing the second.
That’s not bad considering how hesitant some people are to discuss their financial affairs, said Warren.
“Not a lot of people are eager to talk about their finances, but this curriculum is so wonderfully written that it really opens up the door to good conversations,” she said.
Spotts said she felt a little guilty hearing about the financial hardships other class participants were going through, like struggling to afford car repairs or pay their monthly rent.
“I went because I had forgotten how to be smart about managing my finances after retirement, despite having a background in finance,” said Spotts, who worked as a finance assistant in the treasury department at Eli Lilly & Co. until retiring in 2019. She also served as a tax preparer for 45 years.
When she reached out to a financial planner in February for help getting her finances back under control, he encouraged her to reach out to Warren to learn about the Faith & Finances class.
“They happened to be starting the class that same night, so I went,” said Spotts, who was motivated to not only manage her retirement income but to sock away some money for an upcoming trip to see her son on the West Coast.
Spotts was really impressed by Warren, who runs the class.
“She was outstanding and so knowledgeable,” Spotts said.
The Faith & Finances program was created by The Chalmers Center, a Georgia-based nonprofit which supports churches in alleviating poverty.
The lessons “get right to the root causes of some of our bad financial decisions, and we’ve all been there,” Warren said.
While the course is Bible-based, Spotts said everyone is made to feel welcomed, including those like her who don’t attend church.
“I wouldn’t call myself a spiritual person, but I did enjoy hearing the Bible stories regarding finances. They’re inspiring because the people in the Bible have difficult challenges and financial issues, just like everybody has,” she said.
Warren said getting control of her finances through the Faith & Finances course has enhanced her life in more ways than one
She’s now cooking at home a lot more and eating out a lot less, and has stopped paying services to deliver groceries and take-out food. Instead, she orders groceries online and picks them up curbside at the grocery for free.
Cooking at home has not only saved her money but made her healthier. “I don’t eat as much and I eat healthier, so I’ve lost weight and I feel great,” she said.
Getting her finances in order has also reduced her stress and boosted her confidence, prompting her to start volunteering in the community. She joined the board of Hancock County Senior Services earlier this year, and has signed on to do free tax prep for seniors next year.
The only regret she has is not starting her newfound financial habits sooner.
When asked about the most important lessons she learned through Faith & Finances, Spotts found it hard to narrow it down to just one.
“Pay yourself first, set aside savings, keep a budget and don’t have a credit card. Write down what you spend every day and know where your money is going,” she said.
Looking back, Spotts said using credit cards and carrying a monthly balance was the main habit that got her into financial trouble.
“I should have been using my debit card and checking account instead,” she said.
Since graduating from the class in March, Spotts said she’s been able to increase her savings and follow a monthly budget. Every day she sits down at her kitchen table and enters her expenses into a ledger book she bought when she started the course.
As a longtime tax preparer, she’s most comfortable with tracking her expenses with pen and paper, but she knows many others likely opt to using mobile apps.
The important thing is that you track what you spend, she said, and make sure you’re spending less than you make.
“It’s important to track what you have, no matter how much or how little you have,” she said.
One of the most important things Spotts learned in the class was planning ahead for annual expenses, she said, like insurance premiums and subscriptions for online streaming and shopping services.
By totalling up those annual amounts and dividing by 12 — then placing that amount into savings each month — it’s much easier to pay the bill out of savings versus scramble to come up with enough in any given month, she said.
“Before I had the money for savings but was spending it, but now I’m putting it away before I have a chance to spend. You have to pay yourself first,” she said.
The course stressed the importance of checking charges daily, and shared how to monitor monthly and annual subscriptions to avoid getting charged for services no longer in use. The class also encouraged the practice of giving to charity.
“It’s been a really good program,” said Spotts. “I’d highly recommend it to anyone,” she said.
To learn more about Faith & Finances, or to register for the course starting Aug. 15, call Love INC at 317-468-6300, text 317-747-0302 or visit LoveINC-GHC.org.
