Summer budgeting

Discussion in 'Teacher Time Out' started by ABC123, May 14, 2016.

  1. ABC123

    ABC123 Companion

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    May 14, 2016

    Thankfully I have money coming in from a few different sources, but it never seems to be enough:oops:

    I am doing summer school for 4 weeks and have a part time job (online) which has been a true blessing in my life. I have already put some of those checks aside and a little retro pay money as well.

    I did it the old fashioned way...I have cash in an envelope that is marked for the summer...every week I add to it so I don't feel the strain in the summer.


    Anyone else feel their money runs out too quickly in the summer months?
     
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  3. jadorelafrance

    jadorelafrance Cohort

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    May 14, 2016

    I don't get paid in the summer, but I have a summer savings plan and a certain amount of money is taken out of each paycheck. It has saved me. I will have enough money saved that equals out to being paid normally over the summer so I plan on "paying myself"at regular intervals. This is the first summer that I feel good about it. The last couple of summers I ran out of money and had to resort to credit cards/long-term savings.

    I do tend to spend more in the summer with traveling and just having more free time to spend, so I just have to be careful.
     
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  4. Ms. I

    Ms. I Maven

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    May 14, 2016

    I seem to always be on a tight budget in the summer because that's when my high rent increases even more for the next 12 mos. I've worked year-round the last couple of yrs, so at least I still earn continuous income.
     
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  5. Caesar753

    Caesar753 Multitudinous

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    Whenever the summer rolls around and I see threads like this, I am always grateful that my district stretches out my pay for the whole year.
     
  6. mathmagic

    mathmagic Enthusiast

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    May 14, 2016

    Ours is this way, too. (Granted I'm not in a similar situation - we are putting away quite a bit each month, percentage-wise. I'm thankful to never have been in a dire situation.)
     
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  7. a2z

    a2z Maven

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    May 14, 2016

    It makes sense that it happens because you aren't working as much. People tend to do more things when they have free time which most often involves spending money.

    A tip for those who have long commutes to school and don't work in the summer is to contact the auto insurer and see if they have a reduced rates for the months you are just using the car for leisure driving and not putting a lot of miles on the car. This doesn't apply to those going on a lot of trips, but if your driving is significantly reduced, some insurances give a reduced rate. Any bit helps.
     
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  8. geoteacher

    geoteacher Habitué

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    May 14, 2016

    We have the option of getting paid year-round. That being said, I always spend more during the summer. I don't have time to shop during the year!
     
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  9. MrsC

    MrsC Multitudinous

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    May 14, 2016

    At the end of June, we get our pay for July and August. I immediately transfer at least half of it to an account that isn't linked to my debit card--I can still access it, but it's a little more challenging. That said, that first pay in September is always very welcome!
     
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  10. GemStone

    GemStone Habitué

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    May 14, 2016

    My husband and I set aside money each month toward our general savings with the understanding that we will use some of the funds during the summer. I work a second job all year around and make quite a bit from that in the summer so the savings are a back up.
     
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  11. 4815162342

    4815162342 Companion

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    May 14, 2016

    I get paid 12 months. I don't think I'd be good at saving for it if I had to. I think I also have more money because I'm not spending gas and toll fees to get to work.
     
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  12. teacherintexas

    teacherintexas Maven

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    We are paid year round but I still put aside some extra money for summer. That way, if I want to drive two hours to meet up with a college friend for a spa day, I don't have to think twice. I just go!
     
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  13. czacza

    czacza Multitudinous

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    My tutoring during the year and a few hours per week during the summer make a huge difference.
     
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  14. mrachelle87

    mrachelle87 Fanatic

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    May 14, 2016

    We get paid year round...but I work three weeks grading NBPT and I also grade state testing for a few weeks. We use my NBPT grading money for vacation and to pay off bills.
     
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  15. ha bui2

    ha bui2 Guest

    May 17, 2016

    For caculating budget i would probably use money lover app, it's preety good
     
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  16. YoungTeacherGuy

    YoungTeacherGuy Phenom

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    May 18, 2016

    I get paid year-round, but summer can be tricky because that's the time I like to travel. We are not going outside of the U.S. this summer, though (Oregon in June and the Carolinas in July). Not really looking forward to going to the Southeast in July (humidity...ugh), but that's where my sister, BIL, and nephews live.
     
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  17. TeacherNY

    TeacherNY Phenom

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    I'm so glad I don't have that problem. I get paid year round or I'd be in trouble! I do spend extra in the summer though but thankfully we get a bonus in June (all teachers get the same) then in August (based on years of service) so that really helps!
     
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  18. jadorelafrance

    jadorelafrance Cohort

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    May 18, 2016

    Bonuses!? How so??
     
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  19. ABC123

    ABC123 Companion

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    May 21, 2016

    Thanks for all the replies, its nice to know that others (not many though) do have to or need a little extra coming in for the summer..even if its just for fun activities and/or summer travel :)

    I am always so grateful for summer school, even though they cut back this year, its still 4 extra paychecks. And my part time job (which I can do sitting out on my deck from home) is really what has made the difference because I do that year round now.
     
    Last edited: May 21, 2016
  20. smalltowngal

    smalltowngal Multitudinous

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    May 24, 2016

    I am very thankful that I have never had to budget for the summer because I've always been paid year round. The last few years I've been paid extra due to working one additional week so that helps with any extras I incur during the summer months.
     
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  21. TeacherNY

    TeacherNY Phenom

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    I work in a year round school and we don't get paid extra for summer school so instead we get a "bonus "halfway through summer school depending on how long we've worked there. I will get a higher bonus in my 5th summer!
     
  22. SCTeacher23

    SCTeacher23 Comrade

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    May 27, 2016

    I take my take home pay for the 10 months and divide it by 12. I calculate how much I need to take out of each paycheck and put it aside, and "pay" myself with that in July and August so there is no difference at all.
     
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  23. ABC123

    ABC123 Companion

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    May 30, 2016

    Found out I will be working in a different program this summer, so my paychecks will be bigger!! I will work 5 hours a day, Mon-Thurs until 1 o'clock for 4 weeks so I am really pleased.....it makes a huge difference:D

    I am also going to keep getting paid (2 extra paychecks) even after school lets out June 15th, which I am really grateful for. Thank God for our new union, it was their request to have our pay stretched out until July when summer school begins.

    This will be the first year we are doing this.
     
  24. czacza

    czacza Multitudinous

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    I put a gob of money n my home safe last week. It took years to get here but we can make it thru the summer very comfortably.
     
    Last edited: May 30, 2016
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  25. otterpop

    otterpop Aficionado

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    May 30, 2016

    It astounds me that not all districts split salaries into 12 monthly payments! Do you get one big, summer payment in June, or just 10 bigger paychecks? (I do know of one district that gives a big June paycheck and then doesn't pay in July or August.)

    We get 12 monthly payments. The only thing I'm not sure about is when that pay would end, were I to leave to take a new job at another school.
     
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  26. jadorelafrance

    jadorelafrance Cohort

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    May 30, 2016

    20 bigger paychecks. I have a summer savings plan through my district so I don't have an issue with money over the summer.

    I one summer didn't get paid for over a month because my previous district's paycheck was August 15th and my first paycheck for my new district was September 30th (and I was used to being paid every 2 weeks). That was rough. I did have a much longer summer though (over 3 months)
     
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  27. Rabbitt

    Rabbitt Connoisseur

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    May 30, 2016

    20 payments or every 2 weeks.
    The idea is that you get paid when you work.
    There are folk who believe that when teachers get paid in the summer that it's vacation pay.
    When each of my 20 checks are deposited, I automatically have withdraw into a summer savings.
    It seems tight all year.
     
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  28. czacza

    czacza Multitudinous

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    im thankful to have built up a cushion for summer. There have been Summer's when the AC or a car broke down. Eek
     
    Last edited: May 31, 2016
  29. desert flower

    desert flower Rookie

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    Thankfully, mine does too.
     
  30. ABC123

    ABC123 Companion

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    Jun 1, 2016

    When I got paid 2x a month I was working year round, I was a Director and had a different situation since I was running a program!!!! Now as a Para, I get paid every single week...the entire school year, 44 paychecks starting from the first Friday in September until the last Friday in June, regardless of when school ends...this year we end early so I will get 2 more paychecks after we leave on June 15th which is really nice.

    Then I will get the 4 additional checks for summer school, which will be larger checks than I get for the school year...which is really a good thing...my last check for the summer will be August 5th :)
     
  31. Missy

    Missy Aficionado

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    Jun 4, 2016

    Our pay is every two weeks, year round. Love it!
     
  32. ABC123

    ABC123 Companion

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    Our union gave the Paras that option, to be paid in the summer as well, year round, to divide our salary for 12 months instead of 10 but I couldn't live on it. I am just now, this year making a decent salary..they stretched our pay enough that we get paid for all 3 of our breaks/vacations not to mention getting a paycheck the first week school starts in September up until the last Friday in June.

    And that was about all I could handle..lol..maybe in a few more years..so for now, I need those additional paychecks from summer school :)
     
  33. JeniD

    JeniD Rookie

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    Jun 14, 2016

    We have the option to be paid throughout the entire year or just the school year. I always liked the 24 paycheck option as I saw some teachers go through the summer struggle with their budgets. I'm glad this was an option in my district and always picked the 24 checks over just 20 checks a year.
     

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