Teachers, Get Smart w/ Your Long Term Savings (Episode 30)

        Today, we�re gonna talk about how your bank can help you save money for those long-term teacher goals. Watch the YouTube video here >>> https://www.youtube.com/watch?v=GoEpbhXb-DI
         Here�s the problem we had: we�d save money in our bank, but it was all going into a giant fund and we didn�t know which money was for what goal. Then we found a bank that had what we wanted, separate savings accounts. We needed a bank that would let us open mini accounts within our main account. SchoolsFirst was the bank that worked for us, but you just need to find one that has this ability.
         So here�s what we do now. We thought up all the long-term items we wanted to save money for. Basically, anything that we�d get hit by those $500+ bombs that always make us feel like we don�t have money for them.

• New/Used Car
• Auto Maintenance
• Tires
• Travel
• TV
• Refrigerator
• Washer/Dryer
• Mattress
• Computers
• Computer Software/Virus Protection
• Phones
• Cameras
• Kids' College
• Down Payment on a House

         Then we made a mini-account for each one. SchoolsFirst calls them �shares.� We planned how much we needed to save each month so we�d have enough saved when we needed to purchase each goal. Then each month when we get paid, we would immediately transfer that amount into each mini-account.
         And here�s the key � you can�t spend these savings accounts. Do it each month and the money will be there for you when these �surprises� come. But let�s just be honest � they aren�t surprises. We know these expenses are coming � we just need to plan for them.
         So our success story with this. A few months ago we wanted a new mattress. We�d spent the last 24 months saving up for it, and we went and bought it. Had all the money we needed. This month we move and needed a fridge and had more than half the amount we needed. We didn�t have all, but we hadn�t been saving long enough to have the whole amount, so we were fine with that. Then guess what, this month, we start saving for our next fridge.
         We hope this lead you toward some skills to help you make it through the year and those summer months without paychecks. We welcome your ideas too because we�re a community, and we�ve got lots to learn from each other.
        Conversation of the Day: What tips/tricks/strategies do you have to save for your long-term goals?
          Hop on over to watch the video and share your thoughts in the conversation.

Don't Run Out of Money During Summer (Episode 27)

        Today, we�re going to talk about how to survive those summer months without a teaching paycheck. Watch the YouTube video here >>> https://youtu.be/dzEyBHzIPuo
        Vacations, house upgrades, lots of margaritas with friends � then August rolls around and you�re at Target trying to buy 3 shopping carts full of supplies and you�re worried if you have enough left in the accounts to survive the rest of summer.
        Because many of you have that 1 or even 2 months where you don�t get a paycheck in the summer.

        We wanted to talk about some strategies to get you through those dry summer months with no paycheck.
        At my first teaching job, I got paid for 10 months of work. At my last teaching job, they paid us 11 months a year. Maybe you�re like me in those two situations or maybe you�re one of the lucky ones who gets 12 paychecks a year. Whatever the case, we want to talk strategies for saving in all of these situations.
        10 and 11 months � If we�re not careful, we hit those empty months and the bank account dries up and those 2-3 weeks after school starts till that first paycheck are really tough. Here�s the strategy: Take your total annual paycheck, which in North Carolina is $47,783, a whopping $10,000 less than the national average. 42nd in the nation, only 8 states get paid less, so we�ve gotta really make this work. So dig out your last pay stub and see how much you take home each month.
        This is where we gotta do math. Stay with us.

• 10 months monthly takehome = $3,600 x 10 / 12 = $3,000 � this means you�ve gotta save $600 a month away in a fund and don�t touch it so you can survive summer.
• 11 months monthly takehome = $3,272 x 11 / 12 = $3,000 � this means you�ve gotta save $272 a month away in a fund and don�t touch it so you can survive summer.
• 12 months monthly takehome = $3,000 � so just don�t overspend and you should be good for summer

        Unless you�re like us and want to travel! So if you want to take a $6,000 trip to Europe over summer � what do you need to do?

• 10 months = $6,000 / 10 = $600 a month, which means you need to live on $2,400 a month � remember the money you�re saving to survive summer?
• 11 months = $6,000 / 11 = $545 a month

        Why does this have to be so hard!?! Because it is. Sure, we�d love the districts to give us 12 paychecks, but that�s not our reality. Luckily, we�re big boys and girls, and we can do this.
        We hope this helps get your mind thinking about how you can take charge of your money a little better. We welcome your ideas too because we�re a community, and we�ve got lots to learn from each other.
        Conversation of the Day: What tips/tricks/strategies do you have to make your money last through the summer months?
          Hop on over to watch the video and share your thoughts in the conversation.

Sales Analytics & Social Media

We've heard people talking about patterns and asking questions, so we thought we'd post a graph of the patterns from October and April. The patterns are mostly the same. Monday and Tuesday are frequently the highest days of the week. Saturday is always the lowest.

 

         I don't know how helpful this is to you, but it's been helpful for us to combine this with our knowledge of when people most frequently use social media.

 

         We're still figuring out and tinkering what to do with this information, and we're totally open to your ideas. It's just part of our journey to better understand how to meet readers and teachers where they are and develop deeper relationships. After all, it's really hard to get to know someone when you aren't in the same place at the same time.

         Your thoughts?

Surviving the Paycheck Desert: How to Save for Summer

       The end of June has arrived, and you are gaping at your bank account balance, trying to figure out how you're going to survive July, and maybe August too. You're considering whether those Starbucks barista position or Pizza Hut delivery jobs are worth your time. But the money has to come from somewhere...

       Perhaps you know the feeling?

       For half my teaching career, I have had two months of unpaid summer. For the other half, one month. So I know the struggle.  I thought I would share my solution, which on the surface might seem like a simple solution, but all the years we have done it, we survived the year and the summer.

       First, we build a budget. We spend every dollar on paper before the month begins. We give every dollar a name. This $51 dollars goes to home internet. This $550, groceries and living expenses. We've been using the truly amazing Good Budget app for 4 years now, and we absolutely love it (they didn't even pay us to say that!). On the iPhone and Android, we've been on budget the whole time, which has helped us get out of debt and save for those bone dry summer paycheck months.
       To make sure we save the right amount, we figure how much we need to survive a month. Then we divide by 11 months ... not 12, since we don't get that extra paycheck. Then, as simple as this sounds, we save that much each month and by the time that no-paycheck month arrives, we have a whole month of $$$ saved up!
       And if your school district doesn't pay you for 2 months, you've gotta divide by 10 and save accordingly.
       You're welcome to get a job over the summer too to get a little extra spending money, but we always made sure to save enough, in case we couldn't get or didn't want to get an extra summer job.

       A follow-up topic is "How to save for summer traveling too!" And the strategy ain't that much different. In addition to your summer dry-bones month, you've gotta sock away money each month for your summer traveling plans. It's hard, but you can do it without throwing it all on the plastic cursed credit cards. Slow and steady wins a vacation.

Photo Copyright by Moyan Brenn (used with permission)