Do teachers struggle financially?

There are multiple financial challenges that teachers are facing today . These challenges, like low income and classroom expenses, may be difficult to eliminate, but none are impossible to alleviate.

Are teachers digging even deeper to afford classroom necessities?

More than 90% of teachers spend their own money on school supplies and other necessities for their students every year , according to the National Education Association, the largest teachers union in the country — and the amount they spend has steadily been creeping higher.

How do teachers survive financially?

How to survive financially as a teacher. Use teacher discounts, apply for housing aid, budget smart, buy instead of leasing a car and more . It's gratifying when neighbors and politicians acknowledge that teachers are underpaid. But practical advice can be hard to come by.

How much debt do most teachers have?

While nearly 40 per- cent of the experienced educator group with unpaid loans has a balance of less than $25,000, 29 percent report having at least $65,000 remaining to pay off (Figure 11). Fourteen percent have at least $105,000 left, and the average current debt within this group is $56,500 .

Are teachers considered lower class?

The lower middle class is often made up of less educated people with lower incomes, such as managers, small business owners, teachers, and secretaries . The upper middle class is often made up of highly educated business and professional people with high incomes, such as doctors, lawyers, stockbrokers, and CEOs.

Do teachers care about students or money?

Once you become a teacher, you care, not just about education, but about your students' education. Great teachers care about their students . They want them to succeed and are committed to helping them achieve their goals. Moreover, teachers care about their students' happiness, well-being and life beyond the classroom.

What grade needs the most teachers?

English, math, and science teacher shortages are concentrated at the middle school level, while special education teachers are needed across all grade levels and specializations.

Is being a teacher worth it financially?

The California School Board Association states that California teachers make more than the national average, but less than the living rate . The average starting salary for a teacher in California is $51,600. That number is less than California's minimum living wage of $54,070.

What are the financial struggles of teachers?

71% of teachers with student loan debt are considering quitting due to financial stress , according to survey. Schools across the nation may be facing a growing teacher shortage crisis as more and more teachers are considering a career change following the resumption of federal student loan repayments in October 2023.

Is teaching a good career financially?

Some people want to buy homes and start families. While teaching isn't the most lucrative career to pursue, especially in the first years, teachers receive regular raises and can earn a six-figure salary over time .

Can you make decent money as a teacher?

The Bureau of Labor Statistics finds that, as of May 2021, the annual mean wage for elementary and high school teachers tops out at roughly $87,000 and $94,000, respectively . Salaries typically increase for academic specializations.

This 22 Year Old Public School Teacher Inspired Us To Be Debt Free! - Rachel Scott

I am a 22-year-old young professional who is proud to be a public school English teacher. I’m passionate about personal finance, minimalism, education, food, and travel. I’m obsessed with self-improvement and lifelong learning, and my greatest hope is to instill some of this motivation into my students and readers. I blog at Wrachel Writes

If you’re looking for a guest post, ghostwriter, or freelance content, email me at [emailprotected].

If you have not downloaded our free budgeting E-Book do so now to get started on your debt-free life.

What do you do for a living?

I’m a high school English teacher in Maryland. This summer, while I’m off from my normal job, I’ll be working as a Teaching Assistant for an English 101 course at the University of Maryland, College Park.

Do you have a degree and are you currently using your degree?

I have a Bachelor’s degree from the University of Maryland, College Park in English Language & Literature and Secondary Education.

This degree directly relates to my career field, and I’m hoping to start working towards my Master’s in Education starting this fall.

How long have you worked in your field and what is your current salary range? Only if you want to, however, it is better to give our readers some perspective. If they are low-income earner vs high-income earner, the strategies might differ.

This is my first year teaching (and working full time at all) and I make $49,000 per year gross income. If I work during the summer, my income totals $52,000.

I am certainly not a high-income earner by most measures, but I’m blessed to earn a relatively high starting salary for a teacher.

One of my purpose in blogging from a teacher’s perspective is to show that educators, and even other low-income earners, can still pay off debt and build wealth. That being said, I’m always trying to make more money.

This next year, I’m trying to take on some stipend roles around the building in order to give myself a raise.

I’m also aiming to get my Master’s degree in the next 2-3 years to increase my pay.

What major debt have you paid off that you feel is a hurrah moment for you?

Every step of the way on my debt free journey has felt like a “hurrah” moment.

All of my loans were student loans, totaling $11,500. I shared my story with my students along the way, updating those who asked on how paying off my debt was going.

They loved hearing about it and thought that it was pretty amazing since some of them have parents who are still getting out of their student loan debt.

We have an awesome article on how student loan is bondage and how to set yoursef free.

One special moment I remember is when a student asked how my debt progress was coming during class, and so I announced to everyone that I had paid off my final student loan a few days before.

The whole class erupted in applause– something that shocked me and made me feel incredibly blessed.

It made me realize that my acting as their cheerleader and encouraging them every day is not a one-way street; they were just as proud of me as I am of them when they succeed.

Describe to us in detail, the strategies you used to pay off that/those debt(s)

Budgeting was the most important piece of paying off my debt. Period. That being said, you can’t budget without first setting out your true values and priorities, which I think is really the core of finding your stride financially.

Do you have any other debt left? What kind of debt? What are your goals to pay off this debt?

I have no more debt and am not planning on having any ever again, except for a mortgage someday.

I do use a credit card to keep a score, but I pay it off every month without exception.

Which method do you use for budgeting?

I use the EveryDollar App, but I’ve recently started copying everything down onto a one-page spreadsheet in order to be able to compare month-to-month more easily, without having to go to a new page.

I’m trying to think in terms of yearly budgets rather than just monthly ones.

For now, I do both, though I may switch over to my spreadsheet entirely once I get it to be perfectly functional for my personal needs.

What percentage of your monthly income do you save?

Before getting out of debt, I was only able to save 11% of my income. I was throwing every penny at my loans.

It’s difficult to say what my “normal” savings rate will be, but for April (my first full month out of debt), the rate is 34%, probably due to a trip I’m cash flowing this month.

My May savings rate will be exactly 50%.

Do you have any passive income sources?

Adebayo

Website

I am a pulmonary and critical care doctor by day and personal finance blogger/debt slaying ninja by night.

After paying off close to $300,000 in student loan debt in less than 6 months into my real job, I started on a mission to help others achieve the same. There is no magic to this than to strap up and get it done. Some of the ways we achieved this include side hustle, budgeting, great negotiation skills, and geographical arbitrage.

When I was growing up, common knowledge in Nigeria is that there is one thing you cannot trust anyone else with, and you guessed it – your money.

Being frugal came easily to me based on my background. However, the concept of building wealth did not solidify in my mind until when I finished medical school. I wish I knew what I know now when I was 14. Still, I don’t know enough and I am constantly learning to improve my knowledge.

My goal is to reduce financial illiteracy among young professionals. I am catering to the beginners – babies and toddlers in financial literacy.

This 22 Year Old Public School Teacher Inspired Us To Be Debt Free! - Rachel Scott | Dr. Breathe Easy Finance (2024)

What do you do for a living?

Do you have a degree and are you currently using your degree?

How long have you worked in your field and what is your current salary range? Only if you want to, however, it is better to give our readers some perspective. If they are low-income earner vs high-income earner, the strategies might differ.

What major debt have you paid off that you feel is a hurrah moment for you?

Describe to us in detail, the strategies you used to pay off that/those debt(s)

Relevant budget related posts

Do you have any other debt left? What kind of debt? What are your goals to pay off this debt?

Which method do you use for budgeting?

Adebayo

FAQs

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