Saving Money as a Teacher: 7 Essential Tips
As a teacher, you’re no stranger to sacrificing your own financial well-being for the benefit of your students. But what if you could save money without sacrificing your dedication to your students? We’ve got 7 essential tips to help you do just that.
1. Prepare Ahead
“The best way to save money on supplies is preparation,” says Shaun Morgan, a full-time teacher and personal finance blogger at Capway.com. “If you know what you’re going to need, you can look for the best deals.” For example, Morgan found pens for just a penny each by being prepared.
 Pens for a penny each? Yes, please!
2. Take Advantage of the Year-End Locker Clean Out
Every year, students are told to bring reams of paper to school, hundreds of pencils, and so much more. Many of them will put it in their locker and never open it again. Morgan ended up with a cupboard full of unopened paper and a drawer full of pencils by just asking students that were about to throw them away to give them to him instead.
 Don’t let these supplies go to waste!
3. Buy From a Business Supplier
Before the summer break, Morgan would visit a business supplier to purchase essentials in bulk, such as pens, paper, and USB sticks. This way, he could claim for supplies more easily.
 Stock up on essentials in bulk!
4. Track Expenses for Possible Tax Credits
Make sure you’re keeping your receipts, so that at tax time, your financial advisor can let you know if you’re able to receive a credit for those items. Credits are great as they can increase your chance of receiving a refund and lowering your taxable income.
 Keep those receipts!
5. Use Store and Rewards Credit Cards
If you shop for school supplies at a place like Walmart or Target, it might be best to get their retail credit card because they’ll save you the most money at those particular stores. If you shop at a number of locations, you may want to consider an all-around cash-back card.
 Choose the right credit card for you!
6. Reach Out to Your Community
As a teacher, you have a village of supporters, from students to parents, to other teachers and faculty. Reach out and see if parents are willing to donate items for your classroom, such as paper and pens, so you aren’t using your personal income to fund these needs.
 Your community can help!
7. Take Advantage of Teacher Discounts
Some retailers, such as Discount School Supply and Michaels, offer discounts during the back-to-school season and year-round for teachers that show a valid school ID.
 Don’t miss out on these discounts!
By following these 7 essential tips, you can save money without sacrificing your dedication to your students. Happy saving!
Retiring Early: A Couple’s Journey
Meet Steve and Courtney, a couple who retired early with $870,000 and created a unique method to help them grow their net worth to over $1.2 million.
Their Story
Steve, a former IT consultant, and Courtney, a systems engineer, decided they wanted to retire extremely early. They created a plan that included a crucial choice to commit to a relatively minimalist lifestyle, along with saving anywhere from $800,000 to $900,000.
 Their journey to early retirement
Their Strategy
They managed to max out both of their retirement accounts, along with saving more money than expected, at a total of 70% of both of their incomes before stopping work entirely. They used 401(k)s, Roth IRAs, and standard brokerage and savings accounts to gather the funds, and use a relatively well-known 4% withdrawal rule from the investments to not run out of cash.
 Their strategy for early retirement
Pension Benefits and Entitlements
With record numbers of pensioners struggling to make ends meet, it’s crucial that older Brits don’t miss out on any of the financial support available. Here’s a rundown of the benefits and other help you could claim.
Pension Credit
Pension Credit is made up of two parts, namely Guarantee Pension Credit and Savings Credit.
- Guarantee Pension Credit tops up low incomes, bringing them up to a minimum of £218.15 for single people and £332.95 for a couple.
- Savings Credit is an additional payment for people who saved some money towards their retirement, such as a workplace pension.
 Don’t miss out on Pension Credit!
Council Tax Reduction
You could get a helping hand with your Council Tax through the Council Tax Reduction scheme. In fact, your bill could be reduced by up to 100%.
 Get help with your Council Tax!
Free Prescriptions
It costs £9.65 per item to fill an NHS prescription, but if you’re aged 60 or over and living in England, you won’t have to pay anything.
 Free prescriptions for over 60s!
Help with Heating
The Government has a few long-standing initiatives to help cover heating costs in the bitter winter months.
- Winter Fuel Payment: The amount you get depends on your age and who lives in your house, with payments ranging from £250 to £600 a year.
- Cold Weather Payment: You’ll receive a £25 payment when your local temperature is either recorded as, or forecast to be, an average of zero degrees Celsius or below over seven consecutive days between 1 November and 31 March each year.
- Warm Homes Discount: You can get £150 off your electricity bill through the Warm Homes Discount scheme.
 Get help with heating costs!
By following these tips and taking advantage of the benefits and entitlements available, you can save money and live a more financially secure life.
