While it is best practice to review your personal finances regularly, the life of an educator is often incredibly busy. The work day doesn’t begin and end when the bell rings, and as in many professions, achieving work/life balance can be a challenge. For those who want to make time but can’t seem to, here are five big opportunities for a personal financial checkpoint:
1. Family Day Weekend
On an extended weekend dedicated to family time, consider making time to ensure you have the optimal coverage to protect your loved ones. There’s no better opportunity than that long weekend in February for a mid-school-year personal finance review.
2. End of the School Year
With your report cards done and another successful school year in the books, carry that momentum into the summer by sitting down to review your finances. Plus, if you’re putting up the “gone fishin’” sign, heading up to cottage country or travelling abroad over the next couple of months, you’ll enjoy your summer even more knowing that your financial house is in order.
3. End of Summer Vacation
The last days of summer vacation can often feel a bit like New Year’s Eve: a fresh year is about to begin, with new opportunities and a chance to have an even better school year than the last. While you may be laser-focused on lesson plans or catching up with colleagues, consider starting the new year with a fresh look at your finances as well.
4. Holiday Season
There’s no doubt that the holiday season can bring more stress to your daily life. Whether you’re focused on wrapping up your fall semester or wrapping those holiday presents, it’s also an important time to pause, take stock and carve out a bit of time to review your finances.
5. Any Major Life Milestone
Maybe you’re getting married, having a child or supporting your children through post-secondary education. Perhaps you’ve started caring for your parents in their senior years or are getting ready for your own retirement. Big changes in your personal life are prime times to make sure you have the right insurance coverage.
Teachers Life provides life and critical illness insurance for the whole education community. For more information about the plans we offer, check out our plan page.