Schedules. ✓ Lesson Plans. ✓ Notebooks? Not yet – One more run to the store!
Many of us stock up on supplies, new gear, and more to give ourselves and our students a fresh start each school year.
Strategies to support our well-being and self-care should be at the top of your Back-to-School list.
It’s important to include ways to honor our time and pursue a healthy work-life balance. Mindfulness, eating healthy, exercise, and time-off are essential must-haves. But, there is a critical piece missing in many of our self-care conversations these days:
Financial wellness.
With over half of Americans living paycheck to paycheck, it can be hard to make our dollars stretch, especially with the rising costs of inflation.
Undoubtedly, money can get tight for us all. It’s even more challenging that teachers can have a dual dilemma with finances due to student loan debt. According to NEA, nearly half of all educators took out student loans and we owe on average at least $54,300 in student loan debt.
These numbers are alarming because excessive debt can lead to even more stress and anxiety. As a result, many educators may take on extra work just to make ends meet and it can all be exhausting, on top of grading papers, lesson planning, and responding to the various needs of students and families.
Moreover, it can feel overwhelming to understand all of the information and options about insurance, retirement plans, etc. – especially when you’re just starting out. However, what makes our education community particularly powerful is our shared sense of collaboration and innovation.
Educators are known for making the most out of a situation and truly inspiring magical outcomes. However, no need to pull a rabbit out of the hat with personal finance. There are calculated patterns and systems we can follow to achieve our financial goals.
Here are 5 A+ Personal Finance ideas for new and returning staff to put on their back-to-school list this school year :
1. Assess your finances: Give yourself a financial test. Look over your current accounts and strategies. Ask yourself questions, such as:
- How much do I have in my retirement savings? How much will I need for a comfortable nest egg?
- What is my credit score?
- What is my total amount of debt? Total amount of savings?
2. Acquire more information: There are so many resources to learn more about personal finance. No one else will do this for you. Learning about money is really like an independent-type life course. Go at your own pace, but invest in yourself to learn more about how to best manage your financial situation.
- Read books about money. I wrote a short ebook Lifelong Earners: $ Tips for Educators & School Professionals. Here are some of my other favorites which are well worth your time:
- Read personal finance blogs and articles
- Listen or watch podcast episodes
3. Accelerate: It may be time to ramp things up a bit! Depending upon where you are in your career and your respective financial situation, you can explore more rigorous goals with your money.
- Increase your savings contributions
- Increase your retirement contributions
- Invest strategically for short-term or long-term goals with a selected brokerage. Consult with a financial advisor and check out: The Little Book of Common Sense Investing
4. Automate on Autopilot: Just like in the classroom, routines and procedures can save us time and make our lives run more smoothly.
- Enroll in automatic bill pay
- “Pay yourself first”: Save and invest with automated withdrawals. Invest with small amounts if you have to – just get started!
5. Accountability: You are responsible for making sure you achieve your personal finance goals. Mark your calendar for routine financial meetings with yourself and/or partner.
- Complete a savings challenge
- Get organized with a budgeting planner book like this one or the Mint app
- Consider working with a Certified Financial Planner
Educators are also the best collaborators, so make sure to grab a colleague to achieve success together! We have to take action and speak up about financial literacy and wellness as a community of learners and leaders. We got this!