For some teachers, summer is a time of rest and relaxation. For others, it’s time to cram in all of the things you don’t have time for during the school year (and hopefully get some rest and relaxation when you can!). I know it can be difficult to make your finances a priority but summer is a good time to do it. While you’re getting in those doctor and dentist appointments, be sure to schedule time with your financial planner, too. Here are three summer financial planning tips for teachers.


3 Financial Planning Tips for Teachers


Create a summer spending plan

You are busy all school year long with lesson planning and grading papers not to mention family commitments. Summer is a great time to focus on you and your family and enjoy yourself. Just make sure that you are doing it within reason when it comes to spending. Start the summer with a spending plan and stick to it so you’re not starting the new school year with the added stress of debt.

Better yet, start thinking about how you would like to spend next summer so that way you have a whole year to put money away. Do you wish you had saved more for vacation? Start now so you don’t feel the same way next year.

Review your financial plan

Since you do have a little extra time in the summer, it is the perfect time to revisit (or create, if you don’t already have) your financial plan. To create a financial plan, start with your goals. Are you saving for retirement? Are you planning to help your children with their college education? Get specific when it comes to your goals.

Once you have clearly identified your goals, clarify where you are at today. Determine what your current income and expenses are. Identify all of your assets (i.e. bank accounts, retirement accounts, property, etc.) and all of your liabilities (i.e. credit card debt, student loans, etc.).

When you have defined your starting point, create a plan that will get you from point A to point B. It might include paying down debt or putting a certain amount of money in your savings and investment accounts each month. It should also include assumptions regarding interest rates and investment returns. Remember to give yourself concrete deadlines for each goal so you can plan accordingly. As Napolean Hill wrote, “A goal is a dream with a deadline.”

As things change in your life, it’s common for your financial plan to change, too. Continue to review it regularly and adjust it as needed.

teacher meeting with financial planner

Adjust your investments

When was the last time you reviewed your investment accounts? What is your investment objective? If you don’t have someone who is managing your investments for you, make sure you are reviewing them and making adjustments at least once per year. A lot can happen in a year. Interest rates have gone up and the stock market has bounced around.

If you do have someone who is managing your investments, summer is a good time to meet with them. Discuss any changes in your life that could have an impact on your investment objectives. Are you investing for growth or are you more focused on generating income? Whatever your investment objective is, summer is a good time to make sure your allocation is still inline.


Let us help

Part of taking care of yourself this summer is taking care of your finances. You work hard for our kids. Make sure your money is working hard for you with these financial planning tips for teachers.  If you need assistance with strategic financial planning so you can reach all of your financial goals, let us help. While I am based in Ohio, I maintain an active online presence and meet with clients virtually throughout the country. Schedule your free consultation today and learn how we can help you manage your money better.

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