“Money talks.”
“Money can’t buy happiness.”
“Money doesn’t grow on trees.”
These well-known quotes remind us about money’s impact on our lives. And, with Tax Day barely behind us, now seems like the right time to talk about this sometimes touchy topic: educators and money.
We can’t make the claim we are financial professionals (please seek advice from the pros!), but the information we’ve provided gives guidance about money and ways to teach students the crucial life skill of managing it:
1. See Where You Rank
How does your teacher’s salary compare with teaching salaries in other states? “Educator Pay and Student Spending: How Does Your State Rank,” includes an interactive map with average teacher salaries across the nation. Knowing what other educators earn can be used to advocate for fair pay.
2. Pay Yourself First
Most of us have heard the advice, pay yourself first! But how? The article, “Pay Yourself First,” from Investopedia lists two main ways:
Save. One efficient way to do this is to go into your online bank account and, with just a few clicks, set up money to be directly transferred into allocated savings accounts like “Travel Savings,” “Home Improvement,” etc.
Plan. Most U.S. school districts offer 403b and/or 457b retirement savings plans. The money that goes into these plans is *tax-deferred (*RMDs come later in life). Learn more using the links below:
- “Saving and Investing for Teachers,” from the Securities and Exchange Commission
- “Retirement Investing Through 403b and 457b Investment Plans,” from Investor.gov
- “Understanding 457b vs. 403b Retirement Plans,” from Charles Schwab
3. Teach Money Management
As the saying goes, if you want to learn something, teach it. And because you are educators, you are teaching pros! There are plenty of games and lessons teachers can rely on to educate students about the lucrative life skill of money management:
- “Games that Teach Students about Budgets” from Money Fit
- “Financial Literacy Games for Kids” from the National Financial Educators Council
- “Money Lesson Plans” from Take Charge America
- “Financial Literacy for Kids Lesson Plans,” from Incharge Debt Solutions
- Junior Achievement – Financial Literacy – Junior Achievement USA
4. Learn About the Stock Market
If commentary about the NASDAQ (“NAZ-dack”) or the S&P 500 feels foreign to you, the articles below from Investopedia provide simple, straightforward explanations about what they are, what they mean, and why they are referenced:
- “What NASDAQ Is: History and Financial Performance,” by Adam Hayes
- “S&P 500: What It’s For and Why It’s Important in Investing,” by Will Kenton
5. Listen to Podcasts About Money
Want to learn more about money but are short on time or prefer privacy? From Frugal Friends to finance pros Suze Orman and Dave Ramsey, check out the 25 Best Financial Podcasts. Run, relax, rollerblade… all while figuring out finances! Our favorite podcast title from the list? “Stacking Benjamins!”
Money plays a significant role in all of our lives, yet there are variables that are unique to educators. We hope you find the resources we have provided useful and informative as you navigate your financial future.
Ready to build your own financial confidence?
If you’re looking for practical strategies to strengthen your financial health, check out Financial Fitness for Educators. This continuing education course is designed specifically for educators, offering step-by-step guidance on saving, planning, and investing with purpose. Whether you’re just starting your career or planning for retirement, you’ll walk away with tools you can use to achieve your financial goals—and inspire others to do the same.
About the Author
Susanne Leslie is a Professional Learning Specialist at Teaching Channel. She holds a B.A. in Sociology and a Master’s in Education. As a former parent educator, Susanne’s specialty is Culture, Wellness, and Early Childhood instruction. In her current role, she writes courses and content, and is an enthusiastic advocate for play and time outdoors as the best teaching tools.
Fun Fact: Susanne has jumped out of two (perfectly good) airplanes!
