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Money Management Tips For Seafarers

Money Mgt

Many of us chose the seafaring career for the money.  All of us want to earn as much money as possible and we work hard for it, but you have to make your money work hard for you.

Here we share with you 3 important money management tips for seafarers:

  1. Insurance matters

Seafarers usually depend on the benefits provided by their ship owners or agencies and they think that this is sufficient.  If you resigned from the company and you will not have any insurance coverage.  Thus buying personal insurance is essential!

 

  1. Save Up

It’s always good to save up regardless of what stage of life you are at.  It’s vital that you set aside a portion of your salary for an emergency fund.  Since you are away at sea for long periods of time, it is important that your family can have access to this emergency fund should the need arise.

 

  1. Smart investment

Some seafarers invest just for the sake of having an investment.  They do not have a specific goal in mind like how much profit they would like to earn after a certain number of years of investment.  Investment should always be done with a specific goal in mind.

 

Share with us what other money management tips you have!