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If you’re in the education field, chances are, you’re committed to shaping the future.

It’s common for teachers to take very little notice of their financial health, being so busy with their students. Tuning into your money to ensure you reach those financial goals you have is important for teachers—just as much as anybody else. Here are some quick tips to help you navigate your way to financial success!

1. Build your emergency fund: This is essential for financial well-being because it is the biggest form of protection from any financial emergencies. Make sure you have/build your readily available cash that can cover 3 to 6 months of your living expenses.

2. Get rid of debt: Credit card and student debts can hinder your path to reaching your financial goals. Not many realize how costly it can end up being to credit card debt—look for the one with the highest interest rates and start by paying those down first. Student debt is also something you should make every effort to reduce. For some, loan forgiveness may be a viable option so do a little research to get started with shrinking down the debts you carry!

3. Build your retirement savings: If your workplace offers 403(b) plans (or Tax Sheltered Annuity plans), take advantage of it and contribute to save for your retirement. IRAs are also great retirement saving vehicles that also provide tax benefits. Identify the areas where you can maximize your “leftover” savings and use it to fund your retirement.

4. Consider your potential: Many education institutions offer more compensation for advanced degrees. Maybe that degree you’ve been thinking about can provide more opportunities than you expect… you can build and deepen your knowledge while encouraging more rewarding salaries. 

5. Set some time aside for your money: Set a day where you can sit down and go through that pile of statements and files. Decide which documents are still relevant or important, and organize them so you can access it later on, without a headache. Once you organize, review them and identify any problems or areas of potential opportunities. If you need guidance with sorting out your finances and implementing a strategy for achieving your financial goals, don’t hesitate to contact us! 

*This material is for general information only and is not intended to provide specific advice or recommendations for any individual.

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