Teachers + Budget Planning =
A+ Financial Health!

When it comes to budget planning, teachers find themselves in a unique position. If you are a teacher who is paid for just a 9- or 10-month school term you know it can be challenging to make your income stretch to cover the entire 12-month calendar year.

The budget plan explained in detail here at personal-budgeting-works.com can help, with just a couple of slight adjustments.

INCOME: To figure your 12-month income, figure out your annual take-home income and divide it by 12. This will give you your actual monthly income – the maximum amount you have each month to cover expenses. Subtract this “actual” amount from the amount you bring home in a paid month. This amount – the difference between the two – becomes an expense that you pay to yourself every month that you receive a paycheck.

EXPENSES: Identify and map your other expenses following the steps in Making a Budget. You have basic expenses in each of the 12 months, even though you’re not receiving a paycheck in each month.

SAVINGS: You need a way to pay yourself each month, to be sure the money is there to cover expenses in the 2 or 3 months you don’t get paid. I strongly recommend that you set up a savings account at a bank, and then move the necessary amount out of your checking account and into this savings account each month so you won't be tempted to spend it. During the months that you don’t receive a paycheck, move the budgeted amount from your savings back into your checking account and cash envelopes – one month at a time – to cover your expenses for that month.

Teachers are fortunate to have education-based opportunities for adding budget-balancing income when the school year salary just doesn’t stretch far enough to cover 12 months of expenses. The possibilities include:
  • Summer school
  • Tutoring
  • Night school classes
  • Adult school classes
  • Senior center or community center classes
  • Community college or junior college courses
  • After school educational programs
  • An educational Web site

Beyond budget planning, educators have other specialized concerns as well, including maximizing their retirement benefits, the tax implications of spending personal money for classroom supplies, and physical and emotional needs unique to the demands of the teaching profession.

While doing some research I found a wonderful Web site that addresses all of these issues and more. It’s designed to help teachers take care of themselves, stay healthy physically and financially, and maximize their earning potential. If you’re in education, I recommend you take a tour of I know you’ll find it worthwhile. You’ll discover a wealth of information (no pun intended!) specifically designed to meet your unique needs.

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