If you’re a teacher, you already know the problem. You work all school year, then summer shows up — and your money doesn’t.
If you’re trying to budget for annual expenses on a 9-month income, you’ve come to the right place. So no matter if you’re an educator, gig worker or seasonal employee, you deserve consistency — and security — with your money.
Step 1: Know Your Minimum Need
Before anything else, you need to know what your minimum monthly costs amount to: That’s stuff like housing, insurance, utilities, groceries and your other non-negotiable bills. Then, multiply that number by the number of months you know a paycheck will not be coming. That total is your goal amount for your bridge fund.
Step 2: Play a Zero-Sum Game
Zero-based budgeting is a simple way to plan for paycheck-less months. The basic premise is that you plan where every dollar you make goes before you spend it, making it easy to stick to the budget you want without feeling like you’ve given all the fun stuff up.
Step 3: Plan Big Purchases Early
Need to put a big-ticket item on your credit card? Plan those purchases as much as you can. Your goal is to lower or pay off your debt as much as possible before your paycheck-less period arrives.
If you’re in an emergency situation and need to make a big purchase during your pay lapse, investigate other options before leaning on your credit card. And if all else fails, put your purchase on the card with the lowest interest rate — that could save you more in the long run than you’d imagine.
Step 4: Watch Your Spending
If you’re a teacher, you know classroom supplies are expensive. And often, you’re looking to restock your room at a time where your next paycheck has not yet arrived. Instead of shouldering the burden alone, ask parents to send their child to school with specific supplies, and publish a classroom wishlist publicly. You can also set a calendar reminder to check DonorsChoose or your local foundation for mini-grants.
For other professions, spending feels more like a creep. New gear can feel like an essential, but you may pay dearly for it during periods when you’re out of work. Instead, make purchases based on timing — don’t opt to splurge on any new tools or materials until you’ve started your gig again.
Step 5: Update Your Plan Mid-Year
When you’re six months away from your next break in employment, do yourself a favor and make sure you’re on track to cover it. Use this time to refactor any increases in your minimum monthly expenditures into your savings plan, like an increase in rent or rising grocery costs. By checking in sooner rather than later, you protect yourself from problems during your most financially vulnerable period — and make it easier to enjoy your well-deserved time off.
Take Control of Your Payments
Some problems are harder to solve — like what to do if you’re in a lot of debt and cannot afford minimum payments, even during periods when you’re collecting a paycheck. That’s where Accredited Debt Relief comes in. We can slash your minimum monthly payments by 40% or more for eligible debts, and even help you get debt-free in as little as 24-48 months.