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.

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Financial Group Coaching

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Financial Freedom Program

If you owe lots of debt, have bad credit and overspend, I have a Financial Freedom Program. After completing this program clients: will owe less money, will increase their credit score, free up money for unexpected emergencies, increase their household cash flow, will stop overspending, be able to buy what you want and need, best use of the money you have, and be able to plan for the future. I had a client who was struggling with debt. They had been a renter for twenty years and did not believe homeownership was possible. I helped the client create and maintain a budget, become debt free, increase their credit score by 120 points and was approved for a mortgage loan with a low interest rate. The client was the first person in her family to become a homeowner and became a role model for her daughter who also became my client. If you want to become debt free, have good credit and have money left over each month click here to purchase this program now! 

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If you owe lots of debt and have bad credit I have a Financial Makeover Program. After completing this program clients: will owe less money, will increase their credit score, free up money for unexpected emergencies, and increase their net worth. I had a client that filed bankruptcy, had a repossession, had bad credit, and no savings. I helped the client rebuild their credit and they were able to purchase a single family home with a low interest rate, purchase two vehicles and pay down credit card debt. The client was also able to create financial goals such as starting a business. If you want to become debt free and have good credit click here to purchase this program now!

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If you have bad credit, I have a Credit Score Program. After completing this program clients: will feel better, will get easily approved for personal or business credit, will have negotiating power, increase job opportunities, will save money in fees, will increase liquidity, and have more options and more choices when spending money. I had a client who had a 420 credit score and I assisted them by increasing their credit score to 700. They were able to purchase a home and create financial stability for their family. If you want to have, good credit click here to purchase this program now!

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Kind regards,

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Owner, H.E. Freeman Enterprises

www.hefreemanenterprises.com

Financial Expert/Speaker/Author

As seen in Forbes, MSN Money, Marketwatch, NASDAQ.com, Yahoo

http://hefreemanenterprises.blogspot.com  (blog)

http://www.twitter.com/harrine

Financial Planning for Teachers

                                         

There are approximately 4 million teachers in the United States. There are over 50 million students being taught in the United States plus.  Becoming is a huge sacrifice and teacher 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.  

According to a nationwide survey conducted by AdoptAClassroom.org, “This survey of our teachers makes one thing abundantly clear: teachers are not only educating students, but through their out-of-pocket purchases, teachers are tackling major social issues such as homelessness, poverty, hunger and teaching students basic life skills,” said James Rosenberg, founder of AdoptAClassroom.org.

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 $40,356. 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 some financial tips to help teachers stretch their paychecks.

Deals for Teachers to Stretch their paycheck

1. Shop online for bargains. Use comparison shopping websites to find bargains at sites like Amazon, eBay or Bizrate.com.
2. Used vs. New.  Buy used vs. new items or use recycled items on sites like freecyle.com. You can find many great items still in good condition.
3. Downsize.  Trade in your expensive car for a cheaper used car with no note.  Downgrade your home to a smaller one to have a cheaper mortgage payment or refinance to get a lower interest rate.
4. Coupons. Use coupons to save money when shopping. Also, shop at discount or wholesale stores such as Costco, Sam's Club or Target. Research days when stores have sales and take advantage of the sale along with coupons to get a better value.
5. 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.

Student Loan Repayment Assistance

1. Use caution with consolidation. Consolidating student loans combines your loans into one payment but may or may not provide you with a lower interest rate. Do extensive research before consolidating your student loans. In addition, you may not be eligible for various student loan forgiveness programs if you consolidate your student loans.
2. 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 loan debt.
3. Make payment arrangements. Contact your loan servicer and make payment arrangements such as forbearance, deferment or economic hardship to assist with paying back student loan debt.
4. Use discounts and benefits. Use discounts or benefits to pay back student loan.  You can lower your monthly payments for Sallie Mae loans, pay online or through automatic deduction to get a possible interest rate reduction, or link your Sallie Mae account to an Upromise account.

Budgeting/Saving

1. Reduce Expenses - Find ways to reduce expenses. Catch public transportation or carpool to work. Shop at discount or wholesales stores.  This will help you to stick to a budget and allow you to have money to pay down debts.
2. Pay Down Debt - Don't ignore overdue bills. Pay more than the minimum monthly payment to pay down debt faster.
3. Create a Budget - A budget will help determine what you owe, what you earn and what you spend.  A budget will also help you to quickly see what areas you need to make adjustments and reduce expenses.
4. Consult a professional – ask questions before opening an account and set financial goals with your financial advisor because you will need at least 70% of your income during your retirement years.

13 Ways to Create Your Financial Roadmap for 2015

Develop commitments for 2015 instead of making New Year’s resolutions. Many times resolutions are forgotten about after January 31^st.  By making commitments you will be more determined to achieve your goals because they will be things you want to achieve and need to achieve in your life such as getting out of debt. These commitments are things you can do throughout the year to improve your financial life. 

You can create one or more commitments you want to achieve for 2015. One thing that helps to stick to commitments is using affirmations.  Write at least one affirmation that you want to achieve in 2015. Create at least five commitments you plan to achieve in 2015. You can meet all of your commitments by creating smaller goals for each commitment. Once you achieve those, develop larger goals and develop a course of action to achieve them. Track your progress. I develop a roadmap each year that is broken down into 6 month increments. I develop goals and a deadline for each goal.  Later I develop a course of action on how to achieve those goals. If I don’t meet a goal I extend the deadline and add it to the next 6 month increment.

Make sure your commitments and goals are positive statements that will improve your life. A commitment should be similar to an affirmation, i.e. I will pay off my Visa bill by April 2015 instead of an uncertain or negative goal such as, and I hope I can pay off my Visa bill by April 2015.

One of the worst habits Americans have is getting into debt year after year especially during the holiday season.  Make 2015 your year to eliminate those bad spending habits and begin your path to financial freedom. Here are 13 Financial Commitments for 2015 that will improve your financial life, reduce stress, end fights regarding finances, and bring peace to your life.

1. Consult a professional.  Contact a financial advisor or financial planner to help you determine your financial goals, where you want to live, the age you want to retire and the lifestyle you would like to have when you retire.
2. Track. Track your spending for at least 14 days up to 30 days. Compare this with how much you earn, spend and owe.  Make adjustments the following month and rate yourself on the improvements you made. Continue to do this until you are able to effectively manage your finances. Pay with cash or your debit card instead of your credit card. Create a budget to help track spending each month.
3. Bundle products.  If you have multiple insurance products with different companies contact each company and get a quote for bundling your products.
4. Ask for discounts or specials. Companies always provide discounts or specials but do not always advertise them.  Every 3-6 months call each service provider and ask if they are offering any specials and what discounts they have available for the services you currently have.  Ask for competitor price matches.
5. Trim Spending. Buy needs more often than wants. Find ways to reduce expenses to help pay down your debts. Reduce your total spending by 30%.
6. Get insured. Make sure you have adequate health, auto, life, disability and long-term care insurance. Review policies and update your beneficiary information yearly.
7. Withholdings. Review your withholding status. Adjust as needed based on life events (death, divorce, birth of a child, adoption, new job, reduced benefits, new business venture, etc.)
8. Say no. Learn how to say no. Stop loaning money if you can’t afford. You cannot save the world. You must save yourself first. Even if you can afford it, the best way to help someone if to show them how to help themselves. Giving money only enables bad behavior.
9. Mindset. When spending money think about how it will affect your financial goals, your future, your family. If you buy a new pair of shoes that costs $200 how will that affect your family budget next week. Do this every time you spend money. This will help you to see how your spending impacts others.
10. Debt. Pay down debt. Get current on any late payments. Negotiate with creditors to setup or settle accounts. Pay more than the minimum monthly payment to pay down debt faster.
11. Risks. Avoid risky financial products such as payday loans, cash advances, advance credit or other risky financial products. These products cause you to owe more money than you originally did and make your financial situation worse.
12. Credit History. Order a copy of your credit report to check for any errors and unknown accounts that you owe. Fix any errors and setup payment plans for past due accounts.
13. Save. Contribute at least 10% towards a savings account each month. Create an emergency savings fund that covers all your monthly bills and expenses for 9-12 months. Contribute at least 10% towards a retirement account.