Being a teacher is never easy. It’s your duty to ensure that the next generation is literate, and more than that, you are responsible for nurturing kid’s abilities. You are the uncelebrated heroes who work to make sure the emotional, physical, and mental wellbeing of students is in check.
As you take care of the rest, who takes care of you? It’s no wonder teachers have one of the highest levels of mental concerns.1 Don’t get so engrossed in your work life that you begin to neglect your own needs, especially when it comes to financial planning.
A CalPATH home loan advisor may also be able to provide some helpful tips (or) recommendations to maximize savings with your mortgage.
Here are the basic things you need to do to get your finances in order:
1 – Perform a Self-Audit
The first and most essential step is to examine your finances. You can’t experience financial progression if you don’t know where you stand. This step is also the most difficult as you may not like what the audit reveals.
Don’t panic if you’re in debt because once you know what your financial position is, you can easily find ways to improve it.
2 – Be Keen With Budgeting
To get your finances in order, you have to be accountable for every cent that you spend. You already know how much you owe, your pension, and even your savings. The next step is to find out why your finances are that way.
Scrutinize your statements, incomes, and expenses and find out how much is coming in and how much money is going out. You can then assess the areas in which you can cut down on expenses.
3 – Pay off Debts
The only way to get rid of debts is by paying them! Start by paying off the loans with high-interest rates, move on the high-value loans, and finish off with the minor loans. Eliminates the debts one by one until you are debt-free.
Look into the CalPATH home loan program and find out how you can save money by using your home equity to consolidate high-interest credit card and installment expenses.
Engage the services of a financial advisor on a debt repayment plan.
4 – Supplement your income
If you cannot reduce your expenses, then focus on supplementing your income. As a teacher, there are so many ways you can earn more money, all within your profession. You could start by offering private tuition, coaching, summer school, etc.
5 – Have a Personal Savings Plan
Most teaching jobs come with pension programs, but you should also have an individual savings plan. Start by creating an emergency fund in place, and once you have about 6 months’ worth of expenses set aside, start saving for retirement or investments.
Every great fortune was built one dollar at a time, so start saving the little that you can.
Use These Financial Planning Tips to Maximize Your Economic Potential
Your job is important, but so are your financial needs. Think about life after retirement; will you have secured your finances, or will you only be dependent on your retirement benefits? It’s not too late to get your finances in order. You only have to start.
About Mountain West Financial and the CalPATH Home Loan Program
Mountain West Financial is the exclusive lender offering CalPATH, the #1 home loan program for Teachers, Police Officers, Firefighters, and other public employees who serve our local California communities.
You may contact our CalPATH Hotline @ 800-310-7577, seven days a week from (8:30 am to 8:00 pm). A CalPATH advisor will be standing by to answer (any & all) questions you may have about the home buying or refinance process.
We look forward to working with you soon!
Joe Moore – Branch Manager
Links to sources used:
- One in 20 teachers have ‘mental health problem lasting more than a year – https://www.theguardian.com/education/2020/jan/28/one-in-20-teachers-have-mental-health-problem-lasting-more-than-a-year