Top 10 Best Simple Tips for Teachers to Manage their Money
There are best simple tips for teachers to manage their money until its last centavo drops. We have seen a lot of teachers having financial problems given the situations they are in. To help them achieve financial freedom, here are some tips or hacks to do it.
Here are the top 10 best simple tips for teachers to manage their money:
1. Don’t apply for loans if you don’t have huge projects to put in into.
If you only applied for loan because your friends is so, then you are making huge mistake as a teacher. Remember you have separate intestines. You should not get tempted to go for a loan for friendships’ sake.
2. Avoid borrowing money from loan sharks with the highest interest rates ever.
You must learn to filter which lending institution is best for you. Remember these loan sharks only wanted your money and nothing else.
3. Weigh the pros and cons of your decision first before you dive into loan availment.
This is one best simple tips for teachers to manage their money. This is very important most of the time.
4. Learn to compute interest rates and compare which banks offer the lowest rate for you.
Teachers at most times only wanted the money they get neglecting the interest rates. You should know how to compute the rates if you want to avail of loans from them.
5. Avoid overlapping loans.
if you have one loan account, don’t apply for another one unless very urgent and emergency. Overlapping loans will create undeductions on your payslip. This is one best simple tip for teachers to manage their money.
6. Do not pawn your ATM cards, you will regret it.
This is an absolute NO NO. Don’t pawn your ATM cards for the day you pawn it, you can never get it back.
7. Avoid the temptation of gadgets and all other unnecessary wants.
If it is not needed, then don’t buy it. Simple as that. Don’t be a show-off. Remember you need to save to survive.
8. Stick on your monthly budget and don’t go beyond your expected expenses.
The amount of your expenses should not exceed to the highest level. Try to save a little foe future use.
9. If you avail of loan, make sure to save half of it and put in on your other bank account for future use.
Say for example you availed 200k of your loan. Make sure to separate 100k and put in in a safe bank account. Don’t use it unless you need it. Only use the other half for your expenses. In this way you have emergency fund.
10. Think ahead and don’t let your guard down on having ample amount in your savings.
These days, having a little savings help much. The price of all commodities rises up so we must make sure we have an emergency funding in case.
I know that most of you will say these are difficult to achieve. Yes, but little by little if you try at least one of the actions above then it will be of help. These are the best simple tips for teachers to manage their money all the time. Good luck teachers! – Alec | Helpline PH