Are you struggling to manage your finances? Are you looking to create a budget but aren't sure where to start? Are you seeking advice for how to live with less?
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Naydia Spears: "It's the whole idea of paying it forward."
Bio: Naydia Spears graduated from Austin Peay State University in Clarksville, TN with a bachelor of science in political science. After college she worked as a traveling leadership consultant for Alpha Sigma Alpha. Upon returning to Tennessee, she spent the next year serving as the campaign manager for a state house representative race. Naydia moved from Tennessee to Indianapolis in August of 2007 to begin as the leadership development & event coordinator for Alpha Sigma Alpha. During her time with Alpha Sigma Alpha, Naydia oversaw the planning, execution and on-site management of all regional and national events, leadership and educational programming development, academic team advisement, collegiate officer transition program and helped coordinate and implement the partnership with the Department of Labor Women’s Bureau Wi$eUp initiative. As part of the partnership, Wi$e Up workshops, focusing on financial management for women, were conducted at all regional and national events. Naydia recently switched gears and is now working as the development coordinator for the Alpha Sigma Alpha Foundation where she creates and oversees the organizational fundraising plan and development. Naydia attends Northview Christian Life Church where she enjoys singing and working in the children’s ministry. She is a regular volunteer for the Indiana Special Olympics. Naydia enjoys reading, politics, cooking southern food and spending time with her dog Turbo and fiancé Jeff.
1. Tell us a little about your passion for educating women on financial responsibility.
NS: I grew up in a family that constantly demonstrated fiscal restraint. We never had a lot, but we managed what we had efficiently. Having worked with college women now for almost four years, I see a growing trend that college students are learning less and less about financial responsibility. It frustrates me to see our youth continue to go uneducated when the concepts of managing money are so simple to understand. We don’t have to make a lot of money to be financially stable or retire well; many financial advisors and authors echo this same idea.
2. What money management strategies do you utilize for your own life?
NS: I work very hard to only make purchases with cash or my debit card. I save consistently. I have a 401K through my employer and make sure I at least save what my organization will match. I also maintain an emergency fund for incidentals that otherwise might cause me to resort to credit card use.
3. What advice do you have for college women who want to better manage their finances? NS: Start healthy habits now while you’re in college. Save a little each week, even if it’s only $10. This creates a healthy habit. Always pay with cash or debit card; if you can’t pay with cash, don’t get it. Use a budget! Even if you only have a small amount of money each week, plan your spending and savings now. This will go a long way in the future.
4. What advice do you have for young professional women who want to better manage their finances?
NS: Read the book, Smart Women Finish Rich, by David Bach. It’s one of the best books I’ve ever read. Also, make it a point to talk with your husband, boyfriend or significant other about finances. Money issues are the number one cause of divorce in America, so make sure you are on the same page in your financial beliefs. I also recommend taking a class like Dave Ramsey’s Financial Peace University. This class will give you very easy and simple steps to a debt free and happy life.
5. What are some common financial mistakes you see young women make? NS: Impulse purchasing habits. Let’s face it, women are shoppers and most of us love to be wearing the newest style, sporting the designer handbag, and spritzing on the latest fragrance. All these things add up to a lifestyle that looks great on the surface but does some serious damage to our bank accounts and credit scores. Not living within a pre-determined budget is probably the worst habit amount young women.
6. Some of our readers are interested in learning about how to do more with less, especially in today’s economy. What suggestions do you have for them?
NS: This is a great question and there are definitely some opportunities to get the best bang for your buck. Here are a couple of ideas: 1. Grocery shop at more than one store depending on the sale. This requires some coupon clipping and possibly some online planning before heading to the market. 2. Buy a coffee maker and some flavorings from the grocery store and stop driving through the local coffee shop. Just two $4.00 lattes a week add up to over $400 a year. A Mr. Coffee from Target will cost about $20. 3. Pay bills as they arrive instead of all at once, this helps avoid any late fees from an accidental lapse of memory.
7. What are some inexpensive entertainment options for those trying to watch their finances? NS: Instead of going to the movie theatre with friends, watch an on-demand movie or share a Netflix subscription with friends and rotate houses or apartments. Explore options in the area such as outdoor concerts or theatre that allow you to bring dinner and drinks with you. Plan a progressive dinner with friends – eating at home is always less expensive than dining out.
8. You teach financial responsibility workshops, what do you learn from those workshops about your participants? Are you surprised by anything?
NS: The most surprising comment that I hear from participants is that they had no idea how simple it really was. Instead of asking them to save $20 a month towards a vacation fund, I break that down to mean just eliminating one latte a week and it absolutely shocks them. I can literally see the light bulbs above their heads. :)
9. You are a member of a sorority; how important is it for you to give back to your organization? Why is it so important that every member give back if they can? NS: It’s important to give back because it continues to cycle of giving and receiving. In college, I was provided scholarships and opportunities to attend programming that were paid for by my organization’s Foundation. Now, as an adult and a professional, I can give that gift to women just like me. It’s the whole idea of paying it forward.
10. What do you value most in your work? NS: The ability to impact other women’s lives and raise money in hopes of securing a better future for our world.
11. What do you value outside of your work?
NS: Family, friends, community, God, freedom
12. How did your education prepare you for your career?
NS: I majored in political science in college and worked some campaigns after graduation. Fundraising, no matter what organization it is for, is about finding out what people care about and making a commitment to partner with them to make a difference. Politics definitely helped prepare me for that.
13. If one of our readers has questions, can they contact you? NS: Absolutely! nspears@alphasigmaalpha.org
14. Are there any websites and resources you would recommend? a.
www.finishrich.com (David Bach’s web site – also recommend his book Smart Women Finish Rich
b.
www.daveramsey.com (Dave Ramsey’s web site – also recommend his Financial Peace University
c.
www.wiseupwomen.org (a free financial education program that Alpha Sigma Alpha has partnered with to help educate generation X and Y women about their finances)