As if teachers didn’t have enough on their plates, for many of them, the end of school means the end of a paycheck until school starts back up. A 10-month salary is a reality they face each year. Especially for young professional teachers, this is a tough reality. Most do the best they can, and often are forced to pick up part-time summer jobs to supplement their financial shortfalls. It doesn’t have to be this way and can easily be fixed.

First, if at all possible, choose to receive your 10-month salary paid over 12 months. Your month-to-month paycheck will be a bit smaller than it would be on a 10 month salary, but come summer when you’re not teaching, you’ll still be getting a paycheck. The summer months will be a lot easier on you. Having the predictability of the paychecks will allow you to worry less. But assuming you don’t have that option or you choose the 10-month salary plan, here are some tips to help you survive the summer.

A simple math problem is all it’ll take to help you be better with your finances. Take your annual salary (10-month basis) and divide it by 12. That is how much you should allow yourself to spend in order to make it through the year. Then take your annual salary and divide it by 10. This is how much you are making each month. Take the difference between the two and that is how much you’ll have to save each month in order to make it in the two months that you don’t get paid. Here’s an example: A $30k salary paid for 10 months amounts to a $3k paycheck for each of the 10 months, which results in $2.5k per month spread over 12 months. By saving $500 each month, you’ll be able to continue living on a consistent budget each year.

Easier said than done? Sure, setting $500 aside each month is no easy task. But honestly I don’t know if there is a better alternative. You don’t want to eat ramen noodles each night during the last month before the paychecks stop or be forced to slave away all summer selling ice cream or waiting tables.

Here’s how to do it. At your bank, set up an automatic transfer for the day after you get your paycheck each month to take out $500 and set it aside in a separate savings account. Even better would be to have it go to another bank. Either way, you’ll be less likely to touch that money. The money you have left over after this transfer is all yours, so spend away.

Let’s take a pause here. Ben, that was too simple, of course by saving xx dollars each month I’ll have enough left over. True. However, this is the fundamental fact that will make or break your summer. You have to commit to this. This summer when you are struggling for cash, remember that you’ve got a plan for next year to make it better. It’s all about attitude: By promising yourself that you’ll make this change and having the self control not to dip into the special account, you’ll be able to live comfortably (at least as comfortably as teachers can on their salary) throughout the year.

Choose to live better and stick to your plan!  

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