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Budgeting Overview
Budgeting Overview
As you prepare to embark on your career as a teacher, once you secure a position, you can look forward to a competitive salary and excellent benefits. However, making the transition from college or your current career, through Pre-Service Training and into the classroom requires careful and proactive financial planning for many candidates. Additionally, after being hired by a school, many teachers do not receive their first paycheck until several weeks after the start of the school year. Proactive planning includes being prepared to go up to at least three months without income.
This resource is meant to serve as a guide as you begin to financially plan for this transition. Please use the ideas and suggestions in this packet as a starting point along with your own research and efforts to best plan for your financial transition into teaching.
Planning Worksheet
Feel free to use the planning worksheet below to begin planning your financial transition into the classroom.
Budgeting Strategies
Budgeting Strategies
Understand Your Expenses
Make a list of all of your anticipated expenses during the transition, including general living costs, insurance, transportation, loan payments, test fees, etc. At a minimum, be sure to account for these expenses:
The costs for Pre-Service Training include:
Purchasing and (if necessary) servicing a laptop during training
Daily meals, including lunch, during training
Housing and other living expenses. There is public transportation in Indianapolis, though we strongly encourage you to look for a colleague in the cohort to carpool with given the long days during training.
CPR class (~$65)
Any supplies you envision needing for your summer school classroom.
Licensing costs include testing (~$250), a background check (~$30), suicide prevention training (~$10), T2T permit application (~$35), and tuition for the two-year MAT program (approximately $13,500). Fellows are responsible for all costs associated with licensing and the MAT program, but financial assistance from Marian University, and potential eligibility for a $7,395 AmeriCorps Award, is available.
Also, if you are relocating to Indianapolis to participate in our program, ensure that you calculate the costs associated with moving (rent, security deposit, cost to move, etc.)
If you're interested in creating a robust and extensive budget, feel free to use the worksheet above. If you need tech support with this tracker, or want to talk through how to use it, feel free to reach out to an ITF Staff Member.
Consider Saving
Consider Saving
Create a savings plan. For example, by saving just $50/week, you could save $1,200 in just six months.
Tip: Think of ways you can cut back on spending. Do you buy coffee instead of making coffee at home? Do you buy a lunch instead of making your own lunch? If you have cable is there a cheaper cable option you can switch to?
For more tips on ways to save check out our 15 Ways to Save Money section below.
Consider a Low Interest Loan
Consider a Low Interest Loan
If you have good credit, you may want to take advantage of a low interest personal loan. Some banks offer "personal loans" not tied to student loans or mortgages. Be sure to find your best rate and understand the terms. Also, keep in mind that for a short- term loan, the best rates are often associated with credit cards, especially introductory offers. Of course, please borrow responsibly.
For information on some low or no interest credit cards please visit, http://www.doughroller.net/balance-transfer-credit-cards/ *
Consider Housing
Consider Housing
Would you be interested in sharing housing expenses with another Fellow? Join the 2024 Cohort Facebook Group to begin making connections. Not only will you save money, but you may gain the camaraderie of a like-minded individual.
Otherwise, you might consider staying with family or friends during this transition.
Information about options for housing at Marian can be found by contacting the housing department.
Consider Loan Forbearance or Deferment
Consider Loan Forbearance or Deferment
If you are a recent college graduate, your first loan payment is usually not due until six months after graduation, so this will not be a concern for you during the transition. All Indianapolis Teaching Fellows must enroll at Marian University to participate in the program. Once enrolled, you are considered a graduate student, and are eligible for the same financial benefits any other graduate student in the state receives. Be sure to apply for FAFSA as early as possible upon enrolling.
Fellows already making student loan payments may consider loan forbearance or deferment. You will need to consult your "Borrower's Rights and Responsibilities Statement" and apply directly to your loan servicer. The same is true for Fellows seeking mortgage loan forbearance or deferment. Consider reaching out to Marian University's financial aid office for further information and assistance.
Consider Child Care
Consider Child Care
If you have children, there are several summer child care options available in the city of Indianapolis:
Boys and Girls Clubs of Indianapolis
ABC's & 123's Learning Centers
Additional Summer Child Care Resources
15 Ways to Save Now for PST*
15 Ways to Save Now for PST*
1. Make your own coffee: Making your own coffee can quickly save you money if you are used to buying it out.
2. Brown bag lunch: Bringing your own lunch is another way to quickly save money. It's cheaper to make your own lunch than to buy a lunch (even from a food truck).
3. Cook dinners at home: If you have a busy schedule plan ahead, or make food on the weekend that you can easily heat up during the week.
4. Make a list before going food shopping or running household errands: If you don't have a shopping list, it's easy to give into temptation and buy extra items.
5. Buy your vegetables at a farmer's market: Prices on fruits and vegetables are often cheaper at farmer's markets.
6. Automate your savings: If you don't already use direct deposit, set it up. If your money goes straight into the bank, you don't have to decide how much to deposit. Secondly, set up an automated savings plan so that money automatically pulls each month from your checking to your savings account. The amount can be as large or small as you can afford.
7. Buy generic items when possible: Generic items are often similar quality for less money.
8. Slow down your Internet service: You can save money by going with a slower option, and most people won't notice the difference.
9. Borrow books instead of buying books: When possible, borrow books instead of buying books. You can borrow from friends or the library.
10. Borrow movies instead of renting movies: When possible, borrow DVDs from friends, check them out from the library, or see if Hulu or another website offers it for free.
11. Save on entertainment: A lot of your entertainment information you can get online for free, including many television shows. Consider cancelling your cable, reducing your package, or bundling. Are you reading the magazines you subscribe to? If not, cancel them. You can also read many magazines online or at the library free of cost.
12. Take advantage of the great outdoors: Audit your use of your gym membership and consider cancelling if not heavily used. Take a walk, run, or bike ride or head to the park for some exercise.
13. Look for rebates and coupons: If you are planning to purchase something online or in store, look online first for a coupon or coupon code. You might be surprised at how often coupons are available for a purchase you are ready to make!
14. Agree to limit gift giving: Let family and friends know you are saving money to help transition into a career of teaching. Agree in advance to limit gifts and save money or make friends and family homemade gifts.
15. Save money and the environment: Consider driving less by using public transportation, carpooling, walking, or biking to get around whenever possible. Save money on gas and routine car maintenance.
*Please note that ITF does not endorse any of these options and are not financial experts. We are sharing strategies we've researched online to help with the financial transition into teaching. Please use your best judgment knowing your personal situation when making decisions.
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