Budgeting/Saving for the summer months

Discussion in 'General Education' started by ECE ABC, May 9, 2015.

  1. ECE ABC

    ECE ABC Comrade

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    May 9, 2015

    Just curious....

    1) When do/did you receive your last check for the school year..or do you get paid year round?

    2) Will you work summer school/tutor in the summer this year?

    3) Do you pick up any extra cash or pay from other non-teaching/child related jobs?

    4) If you are NOT working the summer months at alllllllllll, how do you mange/budget for those 2 months?



    Thanks so much:love::):D:p:rolleyes::lol:
     
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  3. 2ndTimeAround

    2ndTimeAround Phenom

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    I get paid year-round. But I used to only get ten paychecks a year. I'd simply put 17% of each paycheck into a savings account. And then use my savings as needed over the summer.
     
  4. gr3teacher

    gr3teacher Phenom

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    I get 10 paychecks. I budget out enough during the summer so that I have the equivalent of one paycheck saved, and then I teach summer school and tutor which roughly works out to an 11th paycheck.
     
  5. czacza

    czacza Multitudinous

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    I don't get paid year round but make quite a bit of extra cash tutoring during the school year so that's an awesome summer cushion. I also tutor a few hours a week in the summer which is my summer sandal, shore trip, libation money.:p
     
  6. HistoryVA

    HistoryVA Devotee

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    I put aside about 20% for the 10 months. Go about 8 weeks without a paycheck. I'll work a bit grading the PARCC for some spare cash, but I'm pretty set for summer.
     
  7. yellowdaisies

    yellowdaisies Fanatic

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    We have the option of getting paid for 10 months or spreading our pay out for 12 months. They take a little out of each paycheck to make the 2 summer paychecks. That's the option I choose. I don't work in the summer. There is no summer school.
     
  8. Caesar753

    Caesar753 Multitudinous

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    I get paid year-round.
     
  9. swansong1

    swansong1 Virtuoso

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    When I worked in public school, we got paid for the summer, but we were given 4 or 5 paychecks when school got out. Then it would be three months before the next check. I normally paid ahead for all bills that would come in during the summer. That assured me that I wouldn't over spend during the summer and not have enough money to cover bills.

    Now I work in a private school and we don't get paid when we don't work, so I have saved part of each paycheck.
     
  10. Peregrin5

    Peregrin5 Maven

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    I get paid year round, but also do internship gig's in the summer for more money than I get during the year (per month).
     
  11. bella84

    bella84 Aficionado

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    We get paid August through June. Our last check in June includes the money to cover July (so it's three paychecks worth of money). I usually put the extra money in savings and then "pay" myself twice in July by moving it out of savings.

    I don't usually work over the summer. However, since I am moving and changing teaching jobs this summer, I have found a summer job as a way to save up some extra cash.
     
  12. Bunnie

    Bunnie Devotee

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    May 9, 2015

    I get paid year around.

    When I used to work in private school I would get paid for only 11 months then I would save my tax return for the one month I didn't get paid.
     
  13. ECE ABC

    ECE ABC Comrade

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    Saving your tax return---great idea!!!!
     
  14. agdamity

    agdamity Fanatic

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    May 9, 2015

    We get two checks in June--one for June one for July. August starts the new contract year. I guess that would count as year-round pay as I do actually get 12 pay checks that are the same amount.
     
  15. Backroads

    Backroads Aficionado

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    I get paid year-round. I used to work at a summer camp. Last year my family bought passes to an amusement park and played all summer. This year I might pick up a part-time job to spruce up my maternity leave fund.
     
  16. YoungTeacherGuy

    YoungTeacherGuy Phenom

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    Our teachers get paid 11 months. There's no 12 month option.
     
  17. Peregrin5

    Peregrin5 Maven

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    What the heck? That seems very odd. I can understand 9 months, or all year, but why 11 months?
     
  18. geoteacher

    geoteacher Devotee

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    We get paid year-round. I usually do more spending during the summer because I actually have time to shop:)
     
  19. bella84

    bella84 Aficionado

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    In my district, it's due to the fiscal year. It ends on June 30, so they make sure all of the salary is paid out for the year by that date. Since we don't start working again until August, we don't get paid until then. This means no paychecks in July. My district makes is easier on us, as far as budgeting is concerned, by still dividing the checks up into twice-monthly 12 month increments. As I mentioned in my earlier post, we get the money that has been budgeted to cover us for July on the last payday in June. It's win-win. They get the money out of their accounts before the end of the fiscal year, and we don't have to budget for the unpaid month all year long. We just have to be careful not spend it all at once when the end of June comes around.
     
  20. HistoryVA

    HistoryVA Devotee

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    May 10, 2015

    Ours is 10 months. Mid Aug to mid June.
     
  21. MrsC

    MrsC Multitudinous

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    Our last pay of June includes pay for July and August, so I always feel rich for a bit! I put some into an account that I don't have easy access to (it isn't linked to my debit card), and draw on that if things get tight towards the end of the summer.
     
  22. MissScrimmage

    MissScrimmage Aficionado

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    I get three cheques on the last day of June - one for the final 2 weeks of June and then my salary for July & August. The first thing I do is move August & September's rent to a savings account. Then I just watch myself carefully. I don't work during the summer. I have lots in savings if necessary, but it's never been an issue. I am a little nervous this year, there have just been lots of unexpected expenses popping up. So I'm trying to be super frugal in May & June to build up a bit more of a cushion.
     
  23. yellowdaisies

    yellowdaisies Fanatic

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    Reading this thread, I would love to show this to some of those "Teachers get paid for full time work and don't even work 3 months of the year!" people...

    When will people understand that we really do only get paid for when we work?
     
  24. Sarge

    Sarge Enthusiast

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    The problem with that argument is that teacher salaries are usually compared to other salaries in terms of annual pay.

    Take your per-diem rate and multiply it by 240 and see what you get.

    With that number, you can look at it two ways -- "Gee, that really stinks because if they only let me work full time at my daily rate I'd have more than enough money" or "Wow, I'm actually quite lucky based what I get for the time I put in."

    I put in about 20 days during the summer and probably about 5 to 10 weekend days during the school year.

    But 210 days is still a lot less than 240.
     
  25. kpa1b2

    kpa1b2 Aficionado

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    May 10, 2015

    I get paid year round. Depending on how I feel I may or may not work summer school. This is there is no option, there's no summer school. I will tutor during the school year though. I'm leaning toward not doing that next year, that extra hour or 2 after school, 2 days a week is draining.
     
  26. sveta4

    sveta4 Rookie

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    May 10, 2015

    1. June
    2. Yes, for extra money.
    3. No
     
  27. GemStone

    GemStone Habitué

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    May 10, 2015

    I work part-time in the summer at tutoring. We also take the money from my husband's check that would have gone into savings during the school year and use it to make up some of my pay during the summer.
     
  28. mathmagic

    mathmagic Enthusiast

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    May 10, 2015

    1) When do/did you receive your last check for the school year..or do you get paid year round?
    Paid year round (I'm pretty sure!)

    2) Will you work summer school/tutor in the summer this year?
    3) Do you pick up any extra cash or pay from other non-teaching/child related jobs?
    When I subbed during the year, I did - in fact, I worked retail year round and then as full time as possible in the summer. I don't plan on working in the summer though for the first few years - at least not "for pay". My plan this summer will be to spend several full 40+ hour weeks reworking my classroom / long-range planning next year, etc..., and then spend a bunch of missed quality time with my wife! We're hoping to have kids within the next year or two, so I know then I won't want to work over the summer either. Eventually I'd consider a mix of tutoring / summer school, but probably not for a few years.

    4) If you are NOT working the summer months at alllllllllll, how do you mange/budget for those 2 months?
    My wife and I save plenty throughout the year (we don't spend much outside of necessities), so even if she wasn't working, or I received pay 10 months instead of 12 months of the year, we'd have plenty over the summer.
     
  29. Bunnie

    Bunnie Devotee

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    I'm just curious for those teachers who get a "lump sum" payment at the end of the school year for summer pay, why are you worried about spending that money?

    I ask because in my head even if I got my summer pay early I wouldn't be spending that money like its extra or anything. It be nice to have it in my bank account but I'd still budget to pay my bills and spend money on regular monthly purchases as if my pay was spread out.
     
  30. GeetGeet

    GeetGeet Companion

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    May 10, 2015

    I use what used to be called the Orange Savings account--with ING. I get a certain amount of each paycheck taken out and it goes into that account. In June, I transfer that money to my regular bank and use it. It usually doesn't cover the whole summer, but it's close. I also use a cafeteria plan and cash in during the summer.
     
  31. YoungTeacherGuy

    YoungTeacherGuy Phenom

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    I dunno. Most teachers here in the Central Valley get paid for 11 months, though.
     
  32. yellowdaisies

    yellowdaisies Fanatic

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    I get that. But I've actually worked out my hourly rate before - based both on my contracted hours and the hours I actually work...With the hours I actually work, let's just say it's ok, but I definitely don't consider myself lucky. I agree that we make less because we work less days, but people don't get that.

    That's interesting! All the places in southern and northern CA I know of have a 12 month option.
     
  33. bella84

    bella84 Aficionado

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    I don't really worry about it. I actually do exactly as you suggest in your second paragraph. My point was just that it could be tempting to want to go spend it all at once, since the paycheck is three times as large as usual. I put it straight into savings and then pay myself by moving the money to my checking account on the same two days that would be paydays all of the other months of the year.
     
  34. Ima Teacher

    Ima Teacher Virtuoso

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    I get my June, July, and August paychecks at the same time.

    It is direct deposit, but I don't add it to my checkbook until regular payday. Helps me remember that I can't spend it all.
     
  35. Bunnie

    Bunnie Devotee

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    Ahhh makes sense.

    See I knew people when I was younger who would spend their whole paycheck the day they got it and would live broke until the next one. I never had that mentality, so that's what it reminded me of. And in this case not getting paid for months that scenario wouldn't fly.
     
  36. ECE ABC

    ECE ABC Comrade

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    May 16, 2015

    Our union is in negotiations with the BOE about spreading out our paychecks. As a para that's good and bad.

    They want us to get a check the first week we go back (instead of waiting until late September) and continue to receive them until the end of June..regardless of when the last day is, its basically until Summer School starts which is wonderful!!

    I would have to learn to adjust to a smaller paycheck.


    It would be nice to get those extra checks (even if they are smaller) and consistently get paid all the way until July.

    I see the need for people to spread out there pay though. I rely so much on Summer Programs to keep me going. Those 5 extra paychecks are such a life saver.
     
  37. AdamnJakesMommy

    AdamnJakesMommy Habitué

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    I did the 10-month option, wish I hadn't because my butt is in trouble!!! I will help my mom with her landscaping business on Sundays which will give me about 100-150 per Sunday. I've already started helping her and have saved $500, so I will most likely make it through summer---by the skin of my teeth, with probably a couple of late payments in August until I get my first paycheck. I had an unforeseen medical expense come up which wiped me clean! Oh well, live and learn. Next year I will be on the 12 month option so this never happens again!
     
  38. ECE ABC

    ECE ABC Comrade

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    I am sorry to hear about your medical issues, glad you are ok now.

    And yes, when I was a Teacher/Director I always got 12 month paychecks, currently in my position I find that they are trying to give us something close to that, its probably the best they could offer a Para or TA!

    I will still need to work Summer School but I am ok with that!! At least I will now have money coming in year round.!!!

    I just need to get into the mind set of a smaller paycheck, but getting them more often..i know I can do that..i just need to see the numbers first and prepare myself..LOL:lol:
     
  39. Rox

    Rox Cohort

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    May 17, 2015

    Mine is 11 months, this drives me nuts. I know of some teachers that will purchase a food gift card for $100 each month through the year, then spend them during the summer. I haven't been able to get myself to do that though.
     
  40. lucybelle

    lucybelle Connoisseur

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    Last paycheck is in June. I am currently working a position that will last until July. But even when I didn't work in the summers I've always been just fine on a 10 month salary. I don't have a family, a house or an expensive lifestyle.
     
  41. mkbren88

    mkbren88 Cohort

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    May 17, 2015

    We get a choice of 22 or 26 pays. If you choose the 22, you get a little more each month then must budget from that to save for the summer months. I always choose the 26 pays so I get a larger check at the end of May that will last over the summer. I put it into
    Savings then pull what I would need out every 2 weeks. I won't end up spending nearly as much in the summer as I do during the school year since I'll be saving on childcare and gas costs. This year I'm switching districts and I won't get paid my first check until the middle of August, where I would usually get paid mid July. I'm hoping my 301 payment will help to cover that month
     

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