5 Best Money-Saving Tips for Teachers
Calling all educators!
National Educational Services is here to make your life as easy as possible when it comes to managing your finances and saving money. Take a look at the list below to find the top 5 money-saving tips we have for teachers all across the country.
1. Take Advantage of Educator Tax Deductions
Educator tax deductions are one of the many perks available to educators across America. Each year when you file your taxes, as an educator you are eligible for a $250 above the line deduction that can be used to cover the cost of your classroom supplies, tuition, and professional development programs.
While this deduction may not seem like a very large amount, it still makes a major difference when it comes to saving money at tax time. Read more about Teacher Tax Deductions on our blog HERE.
2. Keep Track of Expenses in Order to Reduce Monthly Bills
While it may seem simple or even pointless to some, tracking all your expenses is a great way to manage your spending and reduce your bills each month. Getting your finances and money under control really makes a difference and can change your overall financial well-being.
A simple way to track your expenses is to create a spreadsheet and write down each purchase you make. This will give you an overall view of how much you are spending and exactly where you are spending the money so you can determine the areas you need to work on spending-wise and where you are doing well.
3. Create and Grow an Emergency Fund
An emergency fund is one of the most essential and best ways to grow your savings account. You never know when a disaster may occur, or any important aspect of your life may need repairing or replacing. Having an emergency fund will relieve some of your stress in times like these.
Additionally, if you are in need of instant funds for an emergency, having this fund available at your disposable will allow you to avoid facing hefty penalties that come with withdrawing from your retirement accounts early.
4. Open an Annuity to Save for Retirement
A tax-sheltered annuity plan such as a 403(b) or 457(b) are both great options for individuals looking to grow their retirement savings. Read more about these specific types of plans on our blog, or contact a National Educational Services advisor to learn more.
5. Pick Your Credit Cards Wisely
Today, there are hundreds of different options when it comes to deciding which credit card to sign up for. When you are researching credit cards and their rewards, one topic you should not skip over is the interest rates. Listed below are some tips you should use when researching and opening a new credit card:
- Determine whether the card has a fixed interest rate of a variable interest rate,
- Fixed interest rate cards tend to be the more financially stable card in the long run,
- Variable interest rate cards can be enticing in the beginning due to the low starting rates, but the interest rates on these cards build up fast,
- Determine which card rewards you will actually use.
For additional information on how to plan your financial life and manage your money, contact an advisor at National Educational Services today.
Speak with an Advisor from National Educational Services to Learn More
Do not hesitate before contacting an advisor at National Educational Services. We are here to help you find a financial plan that will fit for your individual needs. Fill out the form below and we will be in touch with you soon!
