Unless you’re a billionaire, money’s tight these days. Here are a few ideas, approved by MENC’s chief financial officer Paul Baker, to help you stay afloat.

1. “Pay yourself first” is a tip from Robert T. Kiyosaki with Sharon L. Lechter, outlined in their book Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money—That the Poor and Middle Class Do Not!  Although their goal is wealth, not stability, many of their ideas apply to struggling teachers. Directing something into savings before you start paying other bills puts limited resources in perspective. Even if it’s only a small amount of each paycheck, it adds up.

2. Get rid of credit-card debt, and pay balances monthly. Some activities require credit cards (car rentals, for example), but it’s a bad way to get a loan. Items you buy can end up costing three or more times their purchase price if you pay only the minimum balance each month. When you purchase, ask yourself if the item is worth 120 percent of the purchase price. If not, don’t pay for it with a credit card.

3. Get good financial advice. Tax law is sufficiently complex as to make the services of a certified public accountant a good investment when you’re considering where to put your limited dollars and for doing your taxes. As when seeking a medical professional or a mechanic, ask for references.

4. Wait a week. If you see something you just love, try waiting a week and see if your desire is still as strong. Sometimes you discover you didn’t need whatever you thought you couldn’t live without. Delaying gratification may be difficult when you’d rather shop, but it builds character and savings accounts.

5. Buy in bulk. You’ve probably heard the joke about the guy with the pickup, who, when told that bricks were cheaper the more you bought, said, “Just keep loading them up until they’re free!” It’s true that things generally are cheaper when bought in quantity.

6. Live your values. Part of any good life is doing what you can with the time and other resources you have. If you value social justice, invest in causes and companies that treat workers fairly. If the arts are your thing, donate to organizations that support them. Tax deductions aren’t just for billionaires, so save those receipts.

7. Have fun on the cheap. Think of five things you enjoy that don’t cost a lot: Public libraries are at the top of many lists, and hiking, whether in urban or rural areas, just requires a hat, sunscreen, and a water bottle. And if you hate exercise, being a couch potato doesn’t burn many fossil fuels or require much energy, and it’s both inexpensive and relaxing.

Got an idea for savings in your classroom? Share it on an MENC Forum.

Resource:  For some cost-cutting tips, check out “66 Ways to Save Money” http://www.pueblo.gsa.gov/cic_text/money/66ways/

–Ella Wilcox, July 30, 2008, © MENC: The National Association for Music Education (www.menc.org)