In this episode of the Teacher Money Show, host Shaun Morgan is joined by Stephanie Lyons, a certified financial education instructor and founder of Masterpiece Financial Coaching, to discuss essential tips for teachers preparing financially for the summer months. With decades of experience in business and commercial banking, and a personal connection to the teaching profession through her mother, Stephanie offers valuable insights tailored specifically for educators. Explore the show notes at: https://www.teachermoneyshow.com/show47 Become a guest on the show: https://www.teachermoneyshow.com/guest Leave a voicemail question: https://www.speakpipe.com/teachermoneyshow - **Understanding Teacher Pay Cycles and Contracts** It is important for new teachers to fully understand their pay cycles and contract terms, whether they are paid over 10 or 12 months. You must understand how you are paid, the deductions from your pay, and your own expenses to accurately budget for the summer months. - **Strategies for Saving for the Unpaid Summer Months** Stephanie suggests calculating expenses, automating savings from each paycheck, and using a high-yield savings account to maximize earnings on the funds set aside for the summer. - **Balancing Debt Repayment and Summer Savings** If you want to save for the summer, but you also have debt, it is important to tackle high-interest debt, like credit cards, alongside saving for summer, and maybe make it a priority. You can use strategies such as the debt snowball or avalanche methods to get out of debt, but mostly just focus on cutting expenses and boosting income to speed up debt repayment. - **The Role of an Emergency Fund ** Remember, an emergency fund is a separate safety net for unexpected expenses. Prioritize the establishment of an emergency fund before focusing on debt repayment and summer savings. This episode is packed with practical tips and expert advice to help teachers navigate the financial challenges of the unpaid summer months, ensuring a stress-free and financially secure summer.