You are ready to hit the door and take off for the summer! Hooray! Well, take a breath and focus for just a few minutes; this will help you enjoy the precious time off.
1. Figure out how much disposable money you have to take a vacation. Be realistic and consider a staycation if funds are limited.
2. Review your earnings for the last school year and know exactly how much you took home. Your net pay is what counts and this is a good time to review how much you have after taxes and household expenses. Then you know how to plan your summers off and how to avoid credit cards, they are evil for teachers.
3. Make sure your checking account is up to date; after all you have been busy managing a class and a life to boot. Your checking account is the best resource for budgeting and controlling expenses. It is a cash management tool, do not give into treating a credit card as a revolving credit line, use your checks, they’re like cash.
4. Review your healthcare, pension and 403(b) accounts. You may see a way to put a little more into your retirement plan next year, especially if you get a raise. Consider re-balancing your portfolio. You should do this quarterly and make adjustments based on your view of the economy. Sadly, this is the first time in months that you have had a breather so review your financial assets. If you use a financial planner this is a good time to see her.
5. Buy at least 3 books for your summer reading, I recommend one financial, one self help and one for fun, what ever your fun is. Most of what you learn over the summer stays with you, so use this time to add to a balance in your life.
If you want to discuss any other areas of finance please go to my Facebook page for contact. Anytime you have a question, there are thousands of teachers who have the same question, guaranteed!
A financial preparation guide for teachers.