Couple Money

How to Budget on a Teacher’s Salary

In order to produce the podcast and keep content up free for you, I work with partners so this post may contain affiliate links. Please read my full disclosure for more info.

Teaching is a noble profession. Besides my mom, I have several relatives working education, ready and willing to help their student succeed.

As necessary and crucial as they are, sometimes teacher salaries are limited. It took some sacrifices but my mom was able to raise three kids with her income.

Living on a Teacher's Salary

If you are a teacher, you're familiar with many of the financial challenges that can pop up. With some planning and a system, it's possible to not survive but thrive.

Creating a Doable Budget

Let's see how we can use an average teacher's salary to create a doable budget.

I'm using the local county's pay scale for a teacher with a Bachelor's Degree, certification, and 5 years of experience. That gives us an annual salary of $41,404.20.

Payscale has a list of the average teacher's salary by state if you're curious for the full list.

I'm made the following assumptions for the net paycheck calculator:

Here's how the calculator broke down the gross and net pay:

Monthly Net Income: $2,737.68

Monthly Expenses

My goal was trying to get a zero-based budget. I'm also trying to keep the imaginary couple expenses within the teacher's budget as I believe that learning to live on one income can be a big advantage.

The second income can be used to knock out your debt, boost your savings, and contribute more towards retirement.

My basic tool of choice to get a budget framework? Dave Ramsey's Gazelle Lite calculator. You can easily tweak it to fit your needs.

Total Monthly Expenses: $2,700

As you can see, it's an extremely tight budget, but the upside is if your spouse works you two can make some head way on paying down debt and savings.

To get there though, you have to be systematic with your approach.

5 Ways to Stay on Budget

In addition to watching your spending, there are a few thing you need to keep in mind,

If you're looking for more guidelines to help you stay on top of finances, please check out 7 Millennial Money Mistakes.

Thoughts on Living on a Teacher's Salary

I'd love to get feedback from you. How do you keep an eye on your budget? What tips have helped you?

Exit mobile version