Article by Julia Mitchell
How Teachers Can Maintain Their Financial Health to Limit Stress
Little else causes us as much stress and anxiety as the fear of running out of money. Teachers have it harder than most – teaching isn’t exactly the highest-paying job in the world. It’s one of the reasons why teachers are twice as stressed as everyone else, and why so many are in search of greener pastures.
Having a handle on your finances is the key to limiting stress. If you’re a teacher transitioning out of a teaching role, J. Stauffer Consulting LLC offers some suggestions on how you could maintain your financial well-being:
Make a financial plan
A financial plan consists of short-term, medium-term, and long-term financial goals. It includes the nitty-gritty of money management – budgeting, debt, investments, retirement planning, estate planning, and more. By creating a financial plan, you’ll know what to do now (and in the future) to achieve a stronger financial position (such as an income level to achieve or where to invest). Also, having a plan can help you feel more secure about your prospects. Oberlo offers expert advice on creating a financial plan.
Talk things out with a financial advisor
Financial advisors are professionals who can help you manage your money (or help you come up with a plan). It’s almost always worth it to talk to one. They can give you clarity on your current situation, come up with reliable debt reduction strategies, and finally help you chart a course toward a stronger financial situation. Having a good advisor to rely on can go a long way toward reducing your stress levels. Make sure your advisor is good though.
Live below your means
You’ve probably heard about living within your means – spending only what you can afford. But what about living below your means or spending less than you can afford? Typically, financial experts ask you to follow the 50/30/20 rule of budgeting, which is using 50 percent of your after-tax income on needs, 30 percent on wants, and 20 for savings. Scripbox explains this in detail. If you take it a step further, you live below your means. For instance, you could spend only 10 percent on wants for a whole year, and invest the rest (for 40 percent total savings). At the end of 12 months, you would have saved a significant sum of money. This strategy can help you claw your way out of a financial rut.
Start a side business or side hustle
Having an extra income stream, in addition to your primary one, can go a long way toward reducing your financial burdens and, by extension, your stress levels. If you can make it a passive income, all the better. To get started, you need some working capital and a solid idea. Forming an LLC for your new business can be worthwhile. It offers advantages like tax benefits, limited liability, flexibility, and less paperwork. States have their own regulations around LLCs, so check the local rules before moving ahead.
Start a new career path
Teaching is inherently incredibly stressful. Starting on a new career path may lead you into a more relaxing job, not to mention a healthier financial position. You may need educational qualifications to start a new career. Fortunately, you can pursue online degree programs to earn a career-relevant degree while still working full-time or tending to family obligations. They’re also more affordable than in-person education, typically, and offer huge time savings besides. When looking for an online school, make sure it’s accredited and offers competitive tuition rates. A Master’s in Business Administration, for example, can equip you with solid skills in administration, business, planning, and logistics, and can help you land a high-paying management position.
Buying a home? Focus on saving money
Buying a home is one of the biggest financial commitments you can have. If this is your first time, shop around for cheaper mortgage options, negotiate with the seller, and consider picking a starter home (and upgrading later). As a first-time home buyer, you’ll have to get organized in other ways too: check your credit score, have your paperwork in order for the lender, find a real estate agent, and determine how much you can realistically afford to spend on a new house. You may be eligible for assistance programs for home purchases or help with modifications, so be sure to check.
Pursue self-care activities to alleviate stress
Being in better financial health can only do so much for your stress levels – you also need to actively stress bust and look after your health in other ways. Consider following a self-care routine that includes stress-busting activities. Some effective stress-reducing activities are meditation, gardening, going out in nature, art therapy, yoga, and cycling.
Get help with finding a job
If you’re looking to start a new career, you don’t have to do it alone. You can team up with Jacquelyn of J. Stauffer Consulting to find something that aligns well with your skills, interests, and past experiences. We offer everything from initial career advice to finding hidden job opportunities to help acing your interview!
Conclusion
When you’re happy and secure about your financial situation, most of your stress and anxiety will fall away. The key to financial health is living within your means, having multiple income streams (if you can swing it), and planning for the future. You can round everything off with a self-care plan that addresses your mental, emotional, and physical needs.
* Disclaimer: J. Stauffer Consulting does not receive nor endorse any article feature within this written piece. It is always recommended that you research any company of interest or product of interest to ensure that it is the right fit for you. J. Stauffer Consulting LLC is not a job placement service, nor does it guarantee employment due to factors beyond our control. All content here in is for informational purposes only.
