Budgets, Debt Management and Financial Planning for Women

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  • Are You a Teacher? How do You Save for Summer?

    Dear Piggy Bank,

    I’m an elementary school teacher and as June draws to a close I battle with two feelings. I can’t wait for the break after another busy year but I also feel guilty that I haven’t set aside the money. I know that I’ll have a big credit card bill by September. I don’t spend extravagantly but day to day life catches up after two months of no pay cheque. I’m paid over ten months of the year – September to June and still can’t get it together to be prepared for the summer pay cheque drought!

    Trying to Graduate to the Next Grade in $

    Dear Trying to Graduate to the Next Grade in $,

    You’re not alone in the challenge of budgeting over the full year when you’re paid a full salary over ten months. There are two parts to this problem:

    1. Basic Budgeting: Know the total amount of your monthly expenses (rent, food, transportation, entertainment, insurance, debt repayment and savings)
    2. Cash Flow:
    a) Convert your ten month net income to annual net income (take a typical month, multiple by 10 and divide by 12)
    b) Ask your school if they have a payroll program to smooth your ten month income over twelve
    c) If they don’t…set up a ten month forced savings (talk to your bank) so you have the money for July and August

    It’s not as big of a problem as you imagine! Take control of your money and you can finish the summer with a smile.

    Dear Piggy Bank

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