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Spending and Saving: A Guide for Teachers

In: Teachers Can Be Financially Fit

Author

Listed:
  • Tawni Hunt Ferrarini

    (Lindenwood University)

  • M. Scott Niederjohn

    (Lakeland University)

  • Mark C. Schug

    (University of Wisconsin–Milwaukee)

  • William C. Wood

    (James Madison University)

Abstract

Meet Liam. After substitute teaching and doing volunteer work at school, he finally landed a full-time teaching position. Now that he had a stable income, how could he become financially secure? Liam followed some financial advice from an unusual source to begin his journey. To provide an incentive to start saving, he began by writing down two financial dreams. Financial dreams might include everything from paying off debt to starting a family to having financial security in retirement. Now, Liam began to figure out how to accomplish his dreams. He learned that everything starts with a budget. That includes finding out how much money is coming in and deciding where you want it to go. Next, he shifted his attention to increasing his income. It is true that teachers do not earn as much as other professionals. It is largely a supply and demand thing. But, Liam learned how turn small amounts of current income into an impressive future income. (Chap. 3 offers more advice on increasing income.) Other actions included building a rainy-day fund (emergency fund), saving and investing regularly to take advantage of compounding interest, and spending purposely. These steps put Liam on the road to becoming financially fit.

Suggested Citation

  • Tawni Hunt Ferrarini & M. Scott Niederjohn & Mark C. Schug & William C. Wood, 2021. "Spending and Saving: A Guide for Teachers," Springer Books, in: Teachers Can Be Financially Fit, chapter 2, pages 9-21, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-49356-1_2
    DOI: 10.1007/978-3-030-49356-1_2
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