4 Ways to Survive on Your Teacher Salary
Tips to Help You Take Control of Your Finances
Have you ever looked at the other jobs out there and been frustrated with your current salary? Well, for most teachers, and people who make a teacher's salary, this may be a common occurrence. I sincerely believe that it is possible to take this salary and budget well, so that you can genuinely have financial peace.
1. Live Within Your Means
It is extremely easy to get caught up in materialism. When you do that, however, you have a sincere risk of creating financial stress that is simply put, not worth it! Let's say your take home teaching pay is around 2300 a month, your mindset should be,"How do I take this 2300 per month and make it last as long as possible?" Having financial peace is more important than acquiring assets, but with the right mindset and budget, you can afford to splurge on things you want.
2. Don't Buy Brand Name
Okay, so this could be something that you splurge on every now and then, but for the most part avoid buying brand names. This goes for everything from clothing to groceries to even furniture. There is no harm, or shame, in buying generic brand items. Now, splurging on a few nice clothes from time-to-time won't hurt much, but don't find yourself at the mall every single weekend. It will add up more than you think and it will impact your budget.
3. Invest a Percentage of Your Salary
This one can be a bit tricky, seeing as investing seems like a big risk to a lot of people. While there is always a risk associated with it, there are less risky options that can really allow your money to grow. Whether you do it on your own through trial and error, or you speak with a trusted Financial Advisor, it is important to simply start the process.
To get started, check out a site like Vanguard or Fidelity. (links below)
4. Actually Create a Budget.
It is time consuming. It can be intimidating, but seeing how much of your income is spent, and seeing what it is spent on, can be one of the healthiest things you can do for your finances. Not only does it make you aware of how much you are spending, it also can help you to achieve your financial goals in a much more beneficial way. Once you go through the hassle of setting it up, maintaining it is simple!
The app/website I use is called EveryDollar. This app allows you to create a line-by-line budget and place your expenses in different categories. It is completely free and also all online! (link below)
Online/apps not your thing? Just purchase a spiral notebook from WalMart and keep track of it using pencil and paper. Just do SOMETHING to ensure that you know where your finances are going.
Want more tips? Continue to check back for more articles and advice! Check out my LinkedIn and feel free to message me anytime!
© 2019 Timothy Benson