3 Ways Teachers Can Prepare Financially for Summer
The summer should be an opportunity for teachers, and other school employees, to relax! No more grading papers and tests, no more lesson plans to write, and thankfully, no more asking students to turn on their cameras for Zoom class. But as much as you were looking forward to the last day of school, if you aren’t financially prepared for the summer, you’ll just as quickly start counting down days until the first day of school! So if you’re a teacher, what can you do financially to prepare for the summer to make sure you get the break you deserve?
Start by checking in with your HR department and see if year round pay is available in your district. Many school districts offer to spread out your annual salary over twelve months instead of only paying you while class is in session. Sure, this does mean that your paychecks during the school year will be slightly lower, but it eases the burden of planning for secondary income or summer savings, which is a huge win. Even if your school district does offer this pay schedule, you’ll likely have to opt in at the beginning of the year meaning you still have some planning to do for this summer.
Next, start a separate summer savings account! Preferably a high yield savings account. To figure out how much you need over the summer, add up all of your monthly expenses (think rent, groceries, personal care, subscriptions, the works!) to understand how much each month costs you. Don’t forget to include line items for any fun summer activities you plan to partake in, like trips to the shore or your annual back-to-school shopping spree! Once you have your total summer budget work backwards to see how much you have to save each month before pomp and circumstance rolls around. Then save that amount to your new savings account!
The earlier you start this process in the school year, the less you have to save each month. So get planning ASAP! But if summer is nearing and you don’t think you’ll be able to hit your full savings goal, it’s time to start thinking about side hustles. Because you calculated your total summer budget and have an idea of how much you can save between now and the start of summer, you should have an idea of how much you need to make through a side hustle to pay your bills. This is super helpful when trying to pick what income stream will be best for you!
When picking your summer side hustle, don’t be afraid to get creative! You may find you want to stick to a gig within education, or venture outside of education, and I’ve got some ideas for both:
TeachersPayTeachers - If you make beautiful resources or have great lesson plans, consider putting them up on TeachersPayTeachers.com. This is something you can do all school year long (remember to stash your cash in your summer savings account) and the best part is it can be a fairly passive stream of income, since you were already making rocking materials for your own students.
VIPKid or similar programs that teach English online - If you love teaching, and miss interacting with your students over the summer, this one’s for you! Additionally, with the flexible, but early, hours for most US based educators, you’ll love the autonomy that comes with this gig.
Tutoring or summer enrichment courses (in-person or online) - Is there a subject area you are particularly interested in? Are you an expert in college admissions or SAT-prep? Hop on NextDoor, Fiverr, Facebook groups, and other online bulletins to advertise your class!
And if you just don’t want to think about school during your summertime, you can consider options like Wag! Dog Walking, driving for DoorDash or Lyft, or a local part-time job.
So here’s your summertime homework assignment! Ask your HR department about year round payments, start a high yield savings account to set aside savings for summer, and plan ahead to find your perfect side hustle. And lastly, remember that you’ve got this!