10 Ways to Stretch a Teacher’s Salary

By Jill Hare

Living on a teacher’s salary can be challenging- especially if you’re the bread winner in the family or live in an expensive city. The present state of the economy and price of gas isn’t helping matters. However, these ten ideas are just a few suggestions on how to make your salary as a teacher work for you. You may already be aware of a few of them, so here’s a friendly reminder to help inspire you to stretch your dollar further.

1. The Cable Guy

During the school year, subscribe to basic cable only (or cut out cable cold turkey). You’re probably so busy you barely have time to watch television anyway. Pick up those premium channels in the summer months when you’re not teaching and planning as much. Record extra movies during this time to watch throughout the year. Instead of paying $50 for cable, why not subscribe to a service like Netflix? For around $10 you can get movies or a TV series delivered to your door based on what you order online. My favorite thing about Netflix is that I never have to go to the store or put postage on the returns. Everything is included.

2. Use Bill Pay

The price of postage just went up again- and every penny counts. Most banks these days offer online bill pay. While it may take you around 30 minutes to set the service up online, it’ll only take you several minutes to pay bills throughout the month. The best part? No postage required. Less trips to the Post Office and less money spent on postage. You can even set up the service to send money to people in your family.

3. Buy in Bulk

When Saturday comes, my husband is dying to go to Costco- one of the big warehouse bulk stores. Some other stores like this in your area may be Sam’s Club and BJ’s. If you buy in bulk, you have less trips to the store- which saves you gas, money and time- needless to say that buying items in bulk is cheaper. If you don’t have the room to store a lot of bulk items, go in with another teacher or friend and split up some of the bulk.

4. Eat In

This is one of the hardest money-saving tips for anyone to follow through with. Eating out can not only add up if you do it more than once weekly, it might also not be the healthiest option for you or your family. Cooking simple meals at home isn’t that hard, and the ingredients at the store are cheaper than eating out- especially with the spike in the price of food. I stick to the “3” rule. With every dinner, I make (well…usually my husband cooks) three things: a meat, a veggie, and a starch. For week night dinners, this takes only 30 minutes to prepare and about $6. If you want to save time, cook extra and eat leftovers the next night.

5. Be a Smart Clothes Shopper

Shopping for clothes can be a big weakness- I know it’s one of mine. When shopping for professional clothes, buy items in the same color family or complementary colors so you have more outfits to mix and match to wear to school. Many stores have teacher discounts. One of my favorites is Ann Taylor Loft. (Sorry men, this is just for the ladies.) They have a program called Loft Loves Teachers that offers discounts throughout the year.

Instead of going on a crazy shopping spree in the summer with all that free time, clean out your closet and evaluate what you wore this year. Donate what you didn’t wear to Salvation Army or Goodwill for a tax deduction. Add a few pieces to your wardrobe that can freshen up your look- but don’t buy a whole closet full.

Summer is also a great time to visit garage sales to find clothes and more. Hit those pricey neighborhoods where garage sale items may be designer treasures at a bargain price.

6. Keep the Change, Literally

Many banks have programs that “save the change” from purchases that don’t end up on an even dollar amount. If you’re bank doesn’t offer that, save your change at home. You’ll be surprised how much change you’ll accumulate. My husband and I designate the change jar for a specific purpose each year- one year it was to buy a computer, then next to pay for a weekend getaway.

7. Bring Your Own Coffee & Lunch

There are few teachers I’ve met who don’t have an early morning addiction to coffee. However, the worst addiction is to Starbucks coffee. If you find yourself in the drive-thru lane of a coffee shop every morning- stop the madness! Brew your own coffee at home and take it to school with you in a to-go cup. You can invest in a coffee pot and to-go cup that will pay for itself in the amount of time you would have bought coffee at Starbucks for two weeks. Splurge every once in a while to get your fix, and tell your students (hint! hint!) that you love Starbucks come holiday or teacher appreciation time.

I haven’t ever heard a teacher rave about the school cafeteria food. Avoid this sometimes-unhealthy food and bring your own lunch to school. Not only will you save a few bucks throughout the week, you’ll also be eating healthier if you make a sandwich.

8. Save Your Receipts

Saving your receipts throughout the year on items that you purchase for school can really add up. Come tax time next year, you might find that you’ve spent several hundred dollars on things you’ve used in your classroom. The deduction can save you- but you need receipts to prove it.

9. Bump Your Salary Level

Since all teachers have to take courses to keep certification current, try to take courses that count towards a higher pay level. Check with your district to see the hour requirements for salary pay levels. The summer is a great time to scope out courses and carve out time for professional development. Always check with your principal to see if there is any money left in the budget to help you pay for your course at the end of the school year. Let your principal know that the class will not only benefit you, but the school as well. There are also many programs with online degrees that offer courses that may count toward your certification that you can take at home- saving gas.

With your coursework completed, your district will bump you up to the next salary level. My advice? Pretend the extra salary isn’t coming in and put the difference directly into your savings or retirement account.

10. Resist the Urge to Splurge

Be deliberate about spending money. Take 24 hours to think about buying any items you haven’t been saving and budgeting for. Impulse purchases can take away your savings cushion and leave you regretful later. Live within your means. Try not to focus on material possessions that aren’t vital to your life. You’re a teacher- which means you’re a giver. A simple life can leave time to focus on what’s important- family and friends.

The best advice I can give you after living on a teacher’s salary for eight years is this: don’t spend what you don’t have. Don’t use credit if you have money in your bank account. If you don’t have money in your bank account to pay for your purchases, walk away. Use your credit card for emergencies only. And no, those new shoes you want do not qualify as an emergency.

Jill Hare is editor of TheApple.com.