I wish, I wish I had of sort some financial advice or done some self directed financial education before my time remote.
Understanding how to budget your teaching wage (after skimping as a university student) AND how to manage your extra allowances and incentives can be a big learning curve. Suddenly you have more money coming in than you have ever had and it’s easy to ‘live to your wage’ instead of live with a financial goal in mind.
Doing your research and personal financial development NOW is the best time. We highly recommend reading MoneySmart and Barefoot Investor (which isn’t all about investing- it is about smart budgeting and new ways to view money).
We are not financial councillors and you always need to consider advice for your personal financial situation.
We do have a few tips that might help:
- Do your homework- learn more about budgeting, saving and smart money management.
- Think ahead- what financial goals do you have? Setting goals will give you a clearer picture of what you need to save each pay.
- Reflect on what you COULD live on when money was tight as a university student. What budgeting tricks from those days can you still use today (ie. buying bulk, buying on special, meal planning etc). If your placement has free rent, can you still ‘pay rent’ into a savings account?
- Make sure you know all your entitlements in your remote location. There are some small, less well known ones that you might be entitled to and it all adds up. Your Union, fellow teachers in your community and teachers over on Teachers in Remote Communities (Past, Present, Future).
- Download our Budget Planner to give you an idea of how you might save. Or take our Success Course.
As always, if your motivations to go remote are purely financial you will not feel successful or fulfilled in your role. Remote teaching can be hard if you go out with the wrong intentions. You need to be passionate, dedicated and highly skilled. If this is you, then as well as making a huge difference to the lives of your students you may as well make the most of the financial incentives and teaching wage while you are remote. This post is designed to get you thinking about how to best manage your money today… and into the future!
Do you have some other advice? Share with us all in the comments below.