Generating A Budget Plan With Teachers' Low Salaries Budgeting wisely is the only way to solve concerns; especially when it comes to teachers' low salaries. To set the record straight, even if you are working with a private company, if you don’t have a proper budget as to how you will spend your pay, every cent will just fly away. In the end it will be you and your pockets to suffer because of money insufficiencies. Thus, to aid you with balancing your pay and your money, a proper budget plan must be generated (not only for teachers, but also other individuals and working professionals as well). To make this a success, what you initially need must be sheer honesty and diligence in keeping the budget intact. Much more, you also need to be disciplined in order to follow your budget effectively. Step 1: Determine the income. The first thing to do is know how much you are actually receiving every month. This must be the clean money generated from teaching. Deduct some monthly expenses such as taxes and benefit contributions. In addition, it is also necessary to identify your other sources of income, if there are. Maybe you could have a small business within you or your parents are still supporting you financially. Enter the exact values or estimates as to how much. Step 2: Identify your expenses. In this step, it is necessary to pinpoint the things that normally you would spend in a week or a month’s time. The timeline can vary but set your maximum in one single month. In here list down the things you need to pay on a monthly basis such as bills on water, electricity and credit cards. It is also necessary to determine the exact value on how much you spend on your food and discretionary items. Next, look closely to see if what you spend is greater than your monthly income. Step # 3: Develop strategies. It is the most difficult step in a budget plan. Here you need to know the things you need to do to stay afloat financially. If you find you are overspending and maximizing your salary, then it is time to strategize. You may want to consider having additional jobs, such as tutoring sessions for others. You can even choose to reduce some personal expenses so as not to compromise your other payables. Then, always allocate a portion of your salary in savings. This can be a big help for you in the future. Creating a budget plan is actually easy to start, but following it religiously is the hardest part. So if you really want to keep your job and your current salary, you do need to reorganize your finances in order for you not to be in debt in the future. As indicated, there is nothing like teachers’ low salaries, it’s only a matter of perceptions that money can in fact be stretched to make room for everything.