Thriving On A Teacher Salary

My name is Danny Kofke and I am currently a special education teacher in

Georgia. I am also the author of the book "How To Survive (and perhaps thrive) On A Teacher's Salary." In addition, I have another personal finance book - "A Simple Book of Financial Wisdom: Teach Yourself (and your kids) How To Live Wealthy with Little Money" - scheduled for release this fall.

My wife, Tracy, is a former teacher and now stay-at-home mom to our two young daughters. In order to live on my teaching salary alone we have to be extremely frugal with our money. Here are some ways in which we save money:

Make a List Before Going Shopping

It’s called impulse buying for a reason. Most of us have a tough time resisting the temptation to purchase extras while shopping. Without a list you will buy items that you simply do not need. Grocery stores are masterful at placing tempting items at the end of aisles to get your attention. Even worse is when you forget to purchase the actual item you went to the store for in the first place. If you’re cooking at home, pre-plan a rough menu and make a list before going grocery shopping. Getting all the food you need in one trip can help you avoid another unnecessary trip and the temptations that go along with that.

Make Your Own Halloween Costumes

Tracy has made our daughter’s costumes the past few years. One year, she made a skeleton costume that looked identical to one that was for sale in a Pottery Barn catalog for $60. This homemade costume saved us $50! Tracy has also made a butterfly and salt-and-pepper costumes.

Get a New Cell Phone Plan

This might not apply to everyone, but we use our cell phones very little. My school is three miles away from home so I don’t have a long commute and don’t need to use a cell phone that much. A few years ago, we had a plan in which we were paying $50 per month for a cell phone that we barely used. We now have prepaid cells and average about $20 per month on both of these combined. I've talked to people who tell me they have no money but tote around the newest iPhone. These people do have money but are choosing to spend it on items they may not really need.

Use Your Local Library

We all know the library is a great place to get books for free, but a lot of people don’t realize that many libraries also have CDs and DVDs available for checkout. Most libraries offer great free programs for all ages. At our local library, my family has watched movies and seen a juggler, a magician and tap dancers. These were fun family events that only cost us the gas to get there.

Save a Little Every Day

Some people buy their coffee on the way to work. This practice can add up easily to over $100 per month. If you made your own coffee at home, you can save up to $25 a week, which adds up to $1,300 a year! Another way to save is to bring your lunch to work. On average, you’ll spend at least $5 eating a fast-food lunch and even more for a sit-down restaurant meal. This adds up quickly. You can also save money by purchasing sodas at the store rather than from a vending machine. Some machines charge $1.00 per soda, and I've even seen some priced as high as $1.75. I wait until there’s a sale at the grocery store and buy four 12-packs for $12. If you had one soda a day while at work, this would save you almost $200 a year!

Use Coupons at the Grocery Store

Tracy really got serious about using coupons in 2010 and the results were great—we saved over $1,600 that year by using coupons and shopping for deals. For many, it’s not how much you make, but how well you plan your spending. These tips can help you cut back on your spending which puts more money back into your bank account.

About The Author:

Danny Kofke is a special education teacher in Georgia.  Danny's love of teaching and finances has led him to write two books about money management. Danny has appeared on numerous television shows including Fox & Friends, CNN's Newsroom,  The 700 Club, CNN's Your Bottom Line, Fox Business Network's Follow The Money, ABC News Now, FOX Business Network's Varney & Company, HLN's The Clark Howard Show and MSNBC Live.  He has also been interviewed on over 200 radio shows and featured in publications such as USA Today, Bankrate.com, PARADE, Instructor Magazine, CBS MoneyWatch.com, FoxBusiness.com, The Wall Street Journal, The Atlanta Journal Constitution, ABCNews.com, Yahoo Finance, USA Weekend, Woman's Day, Consumer's Digest, CNN.com, Bottom Line Personal, Your Family Today and The Huffington Post.   Many find financial matters difficult and are intimidated by it.  Danny wants to show others if this 35 year-old school teacher can figure it out then they can too.  To learn more about Danny please visit www.dannykofke.blogspot.com.