Budgeting

Starting a family is a significant financial milestone that requires careful planning and preparation. By addressing these key areas, you can create a stable financial future for your growing family.

Understanding our financial intentions is crucial because it allows us to set goals that truly matter to us. When our goals align with our deeper intentions, we are more likely to stay motivated and achieve them.

Common New Year’s resolutions include verbs like improving, losing, stopping and learning. With finances in mind, explore steps to start the new year right!

Explore the pros and cons of managing your year-end bonus. Learn how to use your bonus wisely for tax planning, debt repayment, emergency funds, and long-term financial goals.

Despite the anticipated generosity, many shoppers feel the pressure. Over 55% of shoppers report stress about holiday costs, and some are considering dipping into emergency savings or even delaying bill payments to afford holiday expenses. Credit card debt remains a concern, with many still carrying balances from prior holiday seasons.

Becoming debt-free might sound sexy, but don’t confuse it with financial freedom. True freedom comes from knowing what you want to do after the debt is gone. Without a clear vision and a solid financial plan, you might be trading one burden for another.

In this trend, people share online their journey to becoming debt-free, whether through working a second job or spending less and saving more, with the ultimate goal of being part of the “FIRE” movement. Participants in the FIRE movement, or the “Financial Independence, Retire Early” strategy often try to account for every penny of earned income.

But while you and your fellow teachers are busy educating the leaders of tomorrow, you may need help securing your own financial future. Teachers may face specific financial challenges, such as irregular income streams (especially during summer breaks) and limited retirement benefits.

One of the quickest ways to gauge an appropriate budget number is to see where your money went last year. To set your summer budget and fund this year’s fun, review your May through September bank statements and credit card spending summaries.

Schedule these financial check-ins on a consistent basis to reassess goals, address concerns and adjust plans as needed. Review your budget and your personal balance sheet monthly together so you understand your combined financial situation.