7 Ways Teachers Can Make and Save Money
Teachers are underpaid — a fact that many of them face when they set out into this career. The lack of funding and value placed on their profession are the glaring reasons why educators continue to grapple with the measly pay they get every year.
But even if they are not properly compensated for the work that they do, many teachers still choose to stay in their field simply because they love teaching. This passion and dedication are also what drive them to be creative to make more money and save it for a rainy day.
If you’re a teacher who wants to alleviate the financial burden that comes with this profession, consider these seven ways to do just that.
Online or In-person Tutoring
The simplest way for teachers to make extra money is to tutor. It would be easy for educators to venture into one-on-one tutoring since it involves the same skill set you use for classroom teaching. The only difference is that tutoring focuses on one student and doesn’t follow a strict curriculum.
Tutoring is also less demanding since you only have to meet an hourly minimum and allows you to work whenever you can, especially when it comes to online teaching jobs. What’s more, this side job can help you improve your teaching skills based on the experiences and interactions that you will encounter.
Write a Reference Material Online
Want to share your knowledge about a subject you’re teaching with other educators or students? Write a book about it! Specifically, an eBook or a publication made in digital form.
This sideline allows you to hit two birds with one stone: helping other people learn while increasing your income. The greatest advantage of writing an education or reference material in eBook form is that you don’t have to worry about finding a publicist for it.
There are a variety of online platforms that allow you to upload and sell your work on your own and at the price you want, with some deductions going to the platform.
The difficult part of this venture is the writing process, which could take weeks or months to finish, and the marketing phase. Still, releasing reference material online is a good way to make passive income since the reference eBook will likely sell itself once more people come across it.
Be A Freelancer
Like tutoring, freelancing also offers the benefit of having a second source of income and allowing you to work whenever you can. The difference is that being a freelancer lets you do other things aside from teaching.
If you’re good at writing, then you can take up the side hustle of producing articles and blogs. Your video and photo editing abilities could also come in handy in this field since a lot of companies and individuals are looking for creatives that have these skills.
Turning your creative hobbies into side jobs allows you to improve your non-teaching craft while also helping you generate additional income.
Teach Summer School
If you don’t have any summer plans lined up and want to pull in some extra revenue, consider signing up to teach in summer school. The pay depends on your location; some might pay more than the normal rate, while others might give just the same as a normal school day.
The great thing about teaching in summer school is that it only lasts for a few hours and the classes are usually smaller. It also presents the opportunity for creative teaching, wherein educators can diverge away from the curriculum and teach the material however they see fit.
Use Teacher Discounts
Take advantage of discounts given to teachers during the back-to-school season and the World Teachers’ Day celebration. Retailers usually offer markdowns during these times, especially for school supplies.
Some shops even give year-round discounts for educators. Search for these markdown sales online and cross-reference them with their original prices and other stores to make sure you’re getting the best deals.
Organize School Fundraisers or Donation Drives
Fundraisers and donation drives can supplement the school’s budget for extracurricular programs, supplies, and even facility upgrades. With this financial addendum, you won’t have to use a significant amount of your earnings for school-related expenses, resulting in your ability to save money for yourself.
While it seems difficult, teachers meet a lot of people through their profession, thereby connecting them to potential supporters within their communities. These people — students, parents, and other teachers — will be more than willing to help out when you reach out to them through a fundraising or donation drive.
Track Your Expenses
Another practical way to save money is to stay on top of your expenses. Doing so will help you review your spending habits and determine where you can cut back. Keeping track of your expenses also makes it easy to apply for reimbursement or tax deductions wherever they are applicable. You can use this free tax calculator to get a better idea on how certain deductions will impact your overall tax return.
Final Thoughts
The fulfillment that comes with teaching isn’t always enough to supplement the low pay that educators receive every year. That’s why many teachers turn to part-time jobs to compensate for that insufficient income. With that said, consider the opportunities listed above to make extra money for their personal and teaching needs.
