Summer Saving from 3 Money Minds: Teachers in Chicago
Everyone approaches money differently. I like to spend my money, but I am also meticulous about tracking my spending and planning my savings. I log into my Mint account several times a day!
Maybe that’s not healthy.
I recently had a conversation with my coworkers, about financial planning for something that will happen much sooner than retirement… the summer.
We are teachers! Teachers in Chicago Public Schools, no less, and we do not get paid over the summer. Here are three strategies:
Profile 1: the gym teacher
“Last year, I didn’t save anything. I literally lived off my credit card. I lived like a millionaire, and I’m still paying it off! This year, I’m trying to have something saved.”
Profile 2: the art teacher
“Uhm, I also lived like a millionaire, but I had saved for it. I saved like $7,000 and I thought I would have enough left over to put into my retirement account or something. Nope. Two trips to Europe cleaned out my savings. Get a job. Seriously, get a job, I’m already driving for Lyft.”
Profile 3: the music teacher
“This is my first year, and I made this very careful plan to have $10,000 saved, in case we move or an emergency happens. I was behind my goal, and was planning to throw in my $3,000 tax return in its entirety along with every other pay check. Last week my cat had a medical emergency that cost over $2,000, so… I guess I’ll get a job. And start driving with Lyft.”
If CPS didn’t run through the end of June I would totally apply at a National Park somewhere, or a museum downtown! The other problem is that CPS may end school early… meaning that we would lose several paychecks that we are currently anticipating. Sadly, that means many teachers are working double duty and looking for jobs to get us through the summer.