Most teachers are very proud and passionate about what they do, while also accepting the fact that their jobs usually come with a relatively lower salary in comparison to other careers.
While making wise financial decisions to maximize savings and minimize spending is something you should be doing regardless of what career you are in, as a teacher it’s especially important since your income is a little lower than other professions.
Here are the top five financial tips for teachers:
Perhaps the simplest thing you can do to save money is to just claim your educator tax deductions when you file your taxes. You can deduct classroom supplies and even tuition if you are continuing your education. Numerous teachers make the error of not claiming these deductions, and you will not want to make the same mistake.
Investing in stocks, if done right, can provide you with the biggest financial reward you will ever receive. Once you discover stocks and the monetary power they have, you’ll never look back. Nonetheless, investing in stocks is not something you want to do without thinking twice about it. Carefully research the various companies that you are considering investing in and seek professional help.
An emergency fund serves as a type of financial security that you can fall back on in the event of emergencies. Make it a habit to contribute just a little bit of your salary into one at the end of each month, whether it be just fifty dollars or a hundred dollars. Your fund will grow slowly but steadily over time as a result.
At the beginning of each year, send a checklist of required classroom supplies out to parents. This way students will bring much of the supplies they need with them on the first day of school instead of you having to pay for and provide the supplies yourself out of your own pocket. While there are certainly some supplies that you will have to buy yourself, students can still bring basic items such as paper, scissors, and writing utensils.
Finally, practice caution in regards to the numerous credit card deals that are out there. When the time comes to get a new credit card, pay special attention to the offered interest rate. Avoid variable rates and go with a fixed rate instead. Even though variable rates may be a little less up front, they are also less stable over the long term.
While there are many more financial tips out there you can follow as a teacher, these five will be the most crucial ones for you to follow right now. By following these tips you will help ensure that you build and maintain a strong financial position over the long term.