5 Budget Tips for Teachers | Cleveland Bradley County Teachers Federal Credit Union

Whether you’re new in teaching of you’ve been doing it for years, being an educator can present unique financial challenges. From ensuring you can afford all the classroom supplies you need to making it through no-pay summers if you’re on a 10-month plan, there are many important money lessons to learn.

To help you get on a better financial footing, we’ve collected some helpful tips that can take some of the stress out of your dollar dealings. They won’t all work for every educator, but hopefully you can find some here that will help in your situation.

1. Stock up on supplies at the start of school. It can be hard to predict what you’ll need for the entire year, but you can save if you get ahead of the game when things are on sale at the beginning of the school year. Alternatively, you can just stock up on supplies when you find them on sale, but buying at the start of classes gives you the chance to take advantage of Tennessee’s annual tax-free weekend if you time it right. The Krazy Coupon Lady also has a great tips for finding bargains on supplies.

2. Consider your pay options carefully. Choosing between getting your pay in 10 months or 12 months can be a challenge for new teachers. There are benefits and drawbacks to both. If you opt for 10 months, the NEA offers tips for surviving the summer pay gap.

3. Take those teacher deductions. Tax time is upon us, so this is the time to ensure you’re getting the deductions you deserve. The IRS allows a deduction up to $250 for educators. This year, there’s opportunity to claim additional deductions for COVID-19 protective items, including masks, hand sanitizer and air purifiers.

4. Consider the side hustle option. This isn’t a viable option for plenty of busy teachers and many others just don’t want to commit themselves to more work when they don’t have to. However, teachers have specialized education, experience and skills that open up a world of extra income possibilities, from tutoring to creating resources for other educators to use.

5. Follow sound financial advice. This one’s generic, but most good money management practices are universal, from avoiding debt to taking life insurance.

The financial experts at CBCTFCU are always ready to help educators create good financial strategies. From saving for retirement to managing your daily expenses, give us a call if we can help you!