How to calculate if you can afford to leave your teaching job

Last updated on September 22nd, 2023 at 02:06 am

With all the challenges modern teachers are up against, it’s no wonder many of them are making moves elsewhere.

It’s possible you’re considering leaving the profession. But first thing’s first– before you giddily pack away those Expo markers and multicolored sticky note pads for good– ask yourself: Can you afford to leave teaching?

Some important calculations before quitting teaching

The simplest way to think of this is: Can you take out your salary and still be able to pay your (your family’s) living expenses?

Complete the following exercise:

1. Total up all your family spends. Take your credit card(s) spending from last month and add in any other expenses that don’t go on the card (rent, mortgage, etc.)
2. Do this for the past 3-6 months.
3. Take an average of these 3-6 months’ worth of spending.
4. Now, take your income (if you’re married, add in your spouse’s) and subtract your earnings.
5. Can your revised monthly income meet the monthly spending?

The longer version of this involves a bit more finagling. If the answer to the above question is no, you cannot afford to drop your paycheck based on your spending, you have four options to help accommodate this. (See what my family does to keep me home most of the time!)

Creative ways to make dropping an income work

1. Spend less
2. Increase your spouse’s income
3. Replace your teaching income with another source of income
4. Get a side gig while employing any of the other three methods

(So think of these as the four S’s: spend less, spouse’s income increase, switch careers, side gig).

What this looks like practically:

Spouses can be wonderful and powerful forces in your leaving teaching transition. Through these unsteady paycheck years, I’m leaning on my husband. He supports me. We support each other.

We also employ each of the other tactics as well. We’ve slashed our spending while trying to (and succeeding at) increase his income while picking up as many side jobs as possible.

You could say we make it work because we deploy all of these strategies at once. Yes, it’s exhausting, but… so is teaching, right? It came down to choosing which “hard.” I chose this path of hard work, yes, but it also grants me more opportunities to use the bathroom when I want. So there’s that.

Each of these strategies is punchy in and of itself. Weigh your options and your goals.

Leaving classroom teaching behind

Saying goodbye to a teaching career, or any full-time job, can be daunting. I remember the feeling like an old hollow ache. After years in the profession, how does one just leave behind a classroom for good? (The answer: In numerous trips involving precarious stacks of classroom supplies you bought).

I’ve managed to leave teaching twice, once while I was single and in my mid-twenties, and once later while married. Both times I used these crucial tactics as a hedge– I was fortunate not to fall into financial ruin after quitting. I was able to plan ahead and deploy some serious strategy.

I’m hoping this post inspired you or at least got your mind spinning a bit. It can be possible to build the life you love. Former teachers– did you use any of these strategies? Let me know in the comments!