September 2014

Cost Cutting Classroom: Supplies, Software, and Tax Tips for Teachers

Being a teacher is incredibly rewarding, but it costs when it comes to supplies and in-class needs. School systems watch their dollars and cents closely, and so teachers get left needing to cut corners to provide the same amount of efficiency.

Supplies, software, and taxes don’t have to amount to as much when you know how to cut costs. Get smart and learn how to avoid full price and empty wallets.

Here are supplies, software, and tax tips for teachers…

Keep Track

Saving can be as simple as keeping track of expenses and out of pocket buys for your classroom and students. Speak to other teachers, your principal, or financial planner about tracking costs and filing for reimbursements at the end of the quarter or year.

Consider Claiming a Home Office

If you qualify, you can claim a portion of your home as an office. Those who tutor after school, at night, and on weekends may qualify as a ‘business’ owner, saving on taxes. It may even create a greater incentive to spend more time making a supplemental income!

Track Mileage

Expenses are not books and supplies alone. If you coach or manage a school-affiliated team and use your own vehicle, you can get compensated for gas and vehicle maintenance. It’s small savings if you live in the same town as the school, but if you live over twenty miles and go to and from multiple times per day, the mileage and stress on your car adds up.

Do You Have a Spending Problem?

by Hank Coleman

I pulled up to the drive-through window of my favorite fast food restaurant and ordered the meal that I always get. When I drove around to pay, the cashier said hi and mentioned that she hadn’t seen me there in a while. I obviously go there too often. I also find myself getting a little upset when people oust me on Foursquare as a mayor of any one of my favorite restaurants. It irks me. I’m mayor of several, and I feel a sense of competition when someone steals the title. There is a telling pattern in this that may mean I have a spending problem. There are other clues, of course. Here are some signs that we may not … Read more

Why Now Is The Time To Close Your Account At The Bank Of Mom And Dad

by Guest Contributor

If you are in your teens or early twenties, you know that Mom and Dad won’t be there to provide for you forever. You may be just starting to earn your own money from odd jobs and be a long way off from achieving a full financial independence from your parents, but you can start with not asking them for money every time you want to go out with your friends. If you want to go for a drive around town, fill up the car with your own money, or walk instead. It’s time to start standing up on your own, beginning with closing your account at the Bank of Mom and Dad.

Financial dependence and today’s generation

More and more young adults are having difficulty becoming financially independent from their parents, not because of the lack of motivation but because of a number of factors such as poor job prospects and the escalating costs of education. Some young people also have a poor understanding of basic finance and lack budgeting skills, as they have become used to their parents handing them money for every need or want.

And while parents may have taught their children the value of money and the basics of budgeting, young adults may still have a difficult time going out on their own into the “real world,” considering the state of the economy and rising prices of rent and utilities.

Hand-outs from parents

Parents, caring as they are, would still insist on handing their young ones a little bit of extra cash, especially when they see their children struggling with the independent life. Ideally young adults should be responsible for all their personal expenses on their own and not receive monthly stipends from parents, but in real life that seldom happens.

For instance, you may already have a decent job but your income does not seem to cover the monthly rent, your food, and other things you spend on. Is your income really the problem, or your spending?

Don’t Get Caught Out Without A Backup Plan

by Guest Contributor

On more than one occasion in 2014 news headlines have contained two words that – when used together – send a shiver down the spine of every airline boss and traveller, both of the business and leisure variety. Those words are “Iceland” and “volcano”. Should the worst case scenario arise, make sure you and your staff have a reliable travel money card and a backup plan to support them in the event of a potential stranding.

Eyjafjallajokull Volcano in Iceland

Anyone who recalls the events of April 2010 will be well aware that the scenario proposed is not one that affects Iceland alone and that you need a backup plan. When the country’s Eyjafjallajokull volcano erupted it spewed millions of cubic meters of ash into the skies over northern Europe.

Barely visible to the naked eye from ground level, these ash particles are no less a major hazard to aircraft. Circulating in the atmosphere in such a heavy concentration they can both affect visibility and cause damage to engines.

When the risk became apparent, a zone in which airspace was closed crept down across the continent. In the UK, Scotland alone was cut off first – meaning travelers on regular shuttle services such as London to Edinburgh had to make alternative arrangements… all because of a natural phenomenon taking place nearly 1,000 miles from the Scottish capital. As the ash travelled, so the airspace restrictions increased to a point that air travel across most of the continent was cancelled.

You Need a Backup Plan

The thing is this was not a once in a lifetime occurrence – such circumstances could very likely occur again, and indeed there have already been a few scares since 2010. Responsible companies who rely on air travel for any part of their business should make preparations for such a scenario unfolding in future.