11 Financial Tips for Teachers

                                  

There are approximately 4 million teachers in the United States. There are over 50 million students being taught in the United States.  Becoming a teacher is a huge sacrifice and requires specialized education, certification and continuing education for elementary, middle school and high school levels. 

Many teachers are committed to educating their students despite political, state and local roadblocks. In addition, teachers are not provided with adequate resources, tools and supplies for their students. 

Teachers educate students, make out-of-pocket purchases, and tackle social issues such as homelessness, poverty, hunger and teaching students basic life skills. Many teachers spend money to buy their students necessary supplies such: pencils, papers, pens, glue, arts and crafts, snacks, clothing, toothbrushes, hygiene products, field trip fees, toys, and alarm clocks and spend on average $444 a year. However, they not receive reimbursements and only receive a small tax credit. 

The average starting teacher salary is $35,672. Some teachers are forced to obtain part-time jobs to make ends meet and to help cover costs for out-of-pocket expenses for students. 

Here are eleven financial tips to help teachers stretch their paychecks.

1. Create a Budget - A budget will help determine what you owe, what you earn and what you spend.
2. Reduce Expenses - Find ways to reduce expenses. Shop at discount or wholesales stores. 
3. Pay Down Debt - Pay more than the minimum monthly payment to pay down debt faster.
4. Downsize.  Trade in your expensive car for a cheaper used car.  Downgrade your home or refinance to get a lower interest rate.
5. Shop. When shopping at retailers ask for they offer discounts for teachers.
6. Shop online for bargains. Use comparison shopping websites to find bargains at sites like Amazon, eBay or Bizrate.com.
7. Coupons. Use coupons when shopping. Also shop at discount stores such as Costco, Sam's Club or Target.
8. Barter.  Barter services with friends, co-workers or family members who have businesses or who can provide a skill, produce or service that you need.
9. Used vs. New.  Buy used vs. new items.
10. Student loan forgiveness programs. Teachers who work in low-income elementary or secondary schools may be able to cancel a portion or all of their federal student loan debt.
11. Consult a professional – Consult a professional to set current and future financial goals.