Money management is about taking charge and managing your finances to ensure your financial well-being. It is all the more important for seafarers to manage your finances prudently as you should prepare for your life when you will no longer be able to work on board the ship.
Some rule of thumb about financial planning includes:
Personal & Medical Insurance
Although ship owners/managers may insure their seafarers when they are on board, it is also a must that seafarers purchase your own personal life and medical insurance which you can depend on even after you stop sailing.
Do Not Overspend
If you find yourself making mindless purchases justified by the ever dangerous “a little won’t hurt” mind-set, you are set for an empty bank account by month end. Clearly differentiate your wants and needs and not be blinded by emotions.
Savings and Investments
Some seafarers make the mistake of investing blindly and without a goal.
Budget and plan for your savings and investments to help attain your long term and short term goals.
Share with us what money saving tips or investment tips you have!