How Teachers in Jamaica can Make their Money Work

Its no secret that teachers in Jamaica are desirous of better wages. Its also no secret that many are living from pay cheque to pay cheque. And certainly, they have dreams that stretch beyond the classroom, which will need money to actualize. How then can teachers in Jamaica make their money work for them?

A Teacher in Jamaica can Diversify their Money

Gone are the days when relying solely on a local savings account offer much peace of mind. Instead, you have to put your dollars to work in varying capacities. Think insurances, foreign currency accounts, real estate even and the list goes on.

Being a teacher doesn’t equate to holding a narrow vision of life which revolves around the classroom. Teachers too, can build, diversify, expand and make their money work. What better way to inspire growth in your students than to have that growth reflect in you too.

Teachers in Jamaica can open foreign currency accounts

Many teachers in Jamaica travel abroad in the summer or even throughout the course of the year. Plenty shop online too, usually purchasing items in USD. If you haven’t quite figured it out yet, each time you change your Jamaican dollars to a different currency i.e. USD or spend the USD equivalent – you are spending a whole lot more.

Make your money work for you Teach. Not against you.

Do this: The next time you get a mid term break or take a day off to run important errands, consider stopping by a bank to open a foreign currency account. Whichever currency (although I recommend starting off with the foreign currency you interact most with).

Think logically. Do you have children who wish to study overseas? Do you plan to travel or study overseas? Do you often shop online and pay for items twice the amount when you use your local dollars? Have you seen the rate of 1 USD to 1 JMD recently? The little things you do today, add up to even bigger things tomorrow. Make your money work for you.

Teachers in Jamaica should consider real estate

I’ll burst the bubble of inadequacy right now. Stop thinking you’ll need to purchase a skyscraper or even some fancy home in communities in the upper echelons of our society.

Real estate is simply property having to do with buildings and lands. Whether you invest in building or acquiring your OWN home or selling or renting land or buildings belonging to you is what you should be considering.

Teachers in Jamaica need to elevate beyond the renting mindset. You can start small. From a one bedroom and bath, to adding steadily and ultimately creating something you’ll OWN.

For a Teacher in Jamaica who go mortgage route

For those who already have their mortgage, think about the possibilities of renting a part of your home. Talk about making your home work for you!

Importantly, for teachers in Jamaica considering a mortgage, you will need home owner’s insurance. Ask the bank they’ll tell you. So that brings me to insurance.

Teachers in Jamaica should consider insurance seriously

I was saddened one day after having casual conversations with some teachers in Jamaica, after realizing they do not understand the immense benefits of having insurances.

Sure, the ones who drive have car insurance, but I bet its mostly because it is legislated.

What about life and health insurance? We’ll stick to life insurance for now. Having life insurance guarantees you more than just a death benefit. The benefit that some teachers in Jamaica think is the be all and end all of life insurance.

However, there are living benefits. For example, using it as collateral for your new mortgage! Surely, without this – the bank will tell you that you MUST purchase theirs to cover the home. So just imagine, how much better your money would work for you, if you had a life insurance in place, accumulating cash value that you could potentially use as it pertains the mortgage. You know the saying: kill two birds with one stone.

Teachers in Jamaica can make their money work for them, by automating money to an emergency account

So much to do with so little funds!

What’s the best way to ensure the most important things get done? Well firstly, you’ll have to decide what’s priority and what’s not. By the way, an emergency fund is non-negotiable. Yes, that rainy day money is serious business.

All too often though, teachers in Jamaica pass up on the important task of putting away money in an emergency fund. Maybe a staff function is coming up and you decide to purchase new clothes instead. Perhaps you decide to get the latest gadgets or maybe you do decide to stow away some money, but you end up using it for God knows what. That is not acceptable.

Say it with me: automate funds to an emergency account. This means, by the time your salary hits your account, the emergency funds would have already been redirected. That way, you don’t get to say: I won’t save it this month, or I’ll just save less, or next month I promise. With automation, the money gets saved and that’s that.

Teachers in Jamaica can claim on their health insurance

Plenty teachers in Jamaica benefit from the government sponsored health insurance with Sagicor. Some think the card is magic, since it results in lower doctor visit charges and lower prescription fees.

Might I remind you, that deductions are made from your salary to keep that health plan going. As such, you ought not to see it as free. Learn more about when and how you can claim for the payments you would have made.

Avoid not claiming when you should… you cannot afford to be leaving monies unclaimed. Can you?

Final Thoughts

Think through these suggestions carefully and apply as is appropriate to your reality as a teacher in Jamaica. Seek always to find ways to make whatever little you have – work.

You will be certain to find some improvements in your financial life as a teacher.

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