Summertime's got you scaping your pennies together? With the approaching summer break, I know a lot of teachers get that huge paycheck, just to find they're barely scraping by, towards the end of summer break. Well, here are a few tricks to help you make your summer a little less financially stressful.
- First thing you should do is plan out your expected monthly budget. Make a list of your monthly bills and don't forget to allocate some for unknowns and also the fun stuff.
- Never put all that money in your checking account. I think by having a large sum of cash in your checking, your mind gives you a permission slip to spend a little more that you can afford and then it comes back to bite you in a few months.
- Consider setting up an online savings account, like Capital One. I have multiple online accounts that I link to my personal checking at no charge. You can then establish a bi-weekly money transfer to move funds, automatically, from the online savings account, into your checking account. Just like you were still working.
- If summertime fun tends to break the bank, then consider opening a "Vacation Fund" with that same online savings account and begin to systematically direct deposit money, every paycheck, so next summer you'll have to set those funds aside, specifically to spend on summer time fun.
These are a few simple little tips to help you get your cash flow organized and managed better. If you take the time to do it, I assure you that you will look forward to a nice summer break without all of the financial stress that doesn't need to come with it. For more tips and strategies, check out one of our upcoming FRS Workshops at www.FRSWorkShop.com.