As an education member, is there anything sweeter than the sound of that last bell in June?

After all, whatever role you play during the 10 months of the school year, being an education member is a lot of hard work (some may even call it ‘heart’ work).

Time for a well-deserved break.

Or better yet, pack your suitcase and head off on an adventure.

No, wait. You should probably save your money, because—well, everything is so expensive these days.

Speaking of which, maybe taking on a two-month side gig would be the more financially-fruitful way to go.

Whether you choose to spend, save, or pursue a side hustle during summer break will most likely depend on a range of factors, such as:

• Where you are on the pay grid
• Employment status (i.e. full-time, part-time, occasional, etc.)
• Whether you’re single, married, and/or have kids

To help you make the most of each option, we’ve outlined a few considerations below, because who says you can’t enjoy a healthy balance of all three.

How to spend wisely during summer break:

From July to September 2024, Canadian residents spent $27.4 billion on domestic travel. The average amount spent per domestic trip was $291 ($124 for same-day trips and $553 for overnight trips), with an average trip length of 1.3 nights. The top expenditure categories were accommodations, vehicle operations, and restaurants and bars.

That’s just the average person who gets 2 to 3 weeks of vacation per year, if they’re lucky.

With 60+ days off in the summer, educators have the potential to spend a whole lot more.

Considering trips are the one of the biggest spends during that timeframe, here are a few ways to keep your own travel spending on track:

• Create a summer travel budget: You’ll determine this budget from what’s left after all of your regular monthly expenses are factored in (i.e. mortgage/rent, groceries, internet, cell phone, etc.). Then divide that amount by the number of days you plan on travelling. Whatever that dollar figure is, do your best to stick to it, because ideally you want to avoid racking up your credit card(s).

Tip: If you’re going to be travelling abroad, be sure to find out the rate of foreign transaction fees charged by your financial institution. With some Canadian banks charging as much as 3.5% to withdraw cash from foreign ATMs, you might want to buy local currency before your travels (either from your bank or a major airport prior to departure/upon arrival) versus using ATMs.

• Eat more meals ‘in’ than ‘out’: From vacation rentals with full-on kitchens to hotels with stove tops and microwaves, getting groceries and dining ‘chez toi’ is a good way to stretch your travel budget further. Then put the money you don’t spend on expensive restaurants towards maximizing the entirety of your trip experience instead. Such as by adding extra attractions and/or day excursions to your itinerary.

Tip: For the times you do choose to eat out, consider visiting local street markets, which tend to offer tasty fare at far more affordable prices. Also consider booking a hotel where breakfast is included, as that takes care of 1 out of 3 daily meals (which ain’t bad, to paraphrase a certain musician).

• Beware of cell phone roaming charges: Using data outside of your local mobile network to Google directions and send texts or make/take calls back home can cost you up to $7 per day (over and above your monthly cell phone plan). So, you may want to switch off data roaming during your trip to avoid those extra fees—or ensure you’re always within Wi-Fi. Keep in mind, however, that free local Wi-Fi networks (including the one at the hotel) are typically not secure, so use them with caution.

Tip: If you’re going to be travelling outside of your mobile network for an extended period of time, many international airports have pre-paid SIM card kiosks. Simply remove your regular SIM card (ensuring to keep it in a safe place), then insert the local one and voilà—communication with back home, without the expensive roaming charges.

How to save money without spending a dime:

For those of you that supply teach, cash flow might be especially tight during the summer months.

This could also be the case for Educational Assistants, who go on EI during July and August and need to live on a reduced income during that time.

In any instance where your monthly budget just barely covers the essentials, saving money obviously takes precedence over spending it. But while travelling might be out of the question this year, (unless you decide to take on a summer side hustle, more on that in a bit), it doesn’t mean that you have to spend July and August doing absolutely nothing.

On the contrary—in fact, there are plenty of activities you can enjoy, free of charge:

• Put your summer into ‘park’ mode: From picnics and playing games to simply kicking back and relaxing, planning a day at your local park can totally feel like getting away, except without the stress of super-long travel days or the expense.

Tip: Many public parks tend to hold free concerts, events, and/or activities during the summer months. Check the local online calendar of events for your area to see what’s coming up.

• Set up camp ‘out back’: Why pay campground fees when you can pitch a tent in your very own backyard. Besides being economical, you’ll have all the comforts of home just a few steps away. It’s a super easy way for the whole family to get outside and enjoy a bit of quality time together.

Tip: Take your backyard camping experience to the next level by choosing a clear summer night for stargazing or light a bonfire to make smores and sit around telling ghost stories

• Get out and play ‘cache’: Geocaching is another fun summer activity. It’s basically a real-world treasure hunt where people use a GPS app on their cell phones to track and locate items hidden throughout their community.

Tip: Why not start your own Geocache then get your friends, family, and the entire community involved. It’s a fun activity you could even put an educational spin on for your students during the school year.

Looking for ways to save some serious money? Check out these 5 tips for saving up to $500 a month.

Ways to get your side hustle on during July and August.

Some of you may have tried your best to budget and save for summer break, but perhaps it’s still not enough. That’s where a side hustle could generate the cash flow boost you need to help financially tide things over until September.

As an educator, there are all kinds of ways you can put your specific experience to work:

• Summer school: Besides benefitting from the much-needed income, adding your name to the summer school roster provides an opportunity to try out new teaching methods, connect on a deeper level with students, and perhaps even bolster you professionally within your district (the kind of visibility that is crucial if you’re currently part-time or occasional staff, as it could potentially lead to a more permanent position down the road).

Tip: Hiring for summer school positions tend to be based more on experience and qualifications over seniority. So, if you’re looking to teach summer school for the first time, highlighting your specific area(s) of expertise on your profile/resume will definitely help give you an edge.

• Tutoring: If you want to make extra money teaching over the summer, but need a break from the school-type setting, tutoring could be the perfect compromise. Just remember to keep in mind the tax implications (i.e. ensuring you hold back enough of your tutoring money to cover income taxes, as you’ll be paying tax at the marginal rate).

Tip: Since most children would prefer being outside playing on a nice summer day (instead of inside learning), using interactive tools such as games, videos, and other forms of multimedia are all great ways to help keep your student engaged during tutoring lessons.

• Babysitting: For working ‘non-educators’, summer break means having to find someone to look after their kids five days a week until school starts. That’s where teachers (especially those experienced with younger children) are in a great position to provide babysitting services during July and August.

Tip: Be sure to protect yourself in any type of babysitting situation by asking the parents to provide any established rules and/or routines for the child. You could even take it a step further by having everything in writing and then signed by both parties. That way you can feel confident knowing all expectations are clearly outlined.

 

Summer break and beyond, we’re here for you.

From navigating cash flow challenges early in your career to preventing a pension income gap in retirement, count on us for the educator-specific financial advice you need, every step of the way.

Get your finances on track towards achieving your goals starting now!

 

 

Sources:

https://www150.statcan.gc.ca/n1/daily-quotidien/250228/dq250228f-eng.htm