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Money Saving Tips for Seafarers

Aug 02, 2017

Here’s an interesting theory – beggars can save Php20 a day or about P7,300 a year if done religiously. But here’s more exciting news – seafarers can potentially save so much more, and this can range from P100 to P1,000 a day given that you receive a thicker pay check every month.

Many seafarers do not want to spend their entire life sailing amidst the ocean for a couple of months or so, far away from their family. Hence, it is best that every penny that you earn is budgeted wisely.

Here are some tips on how you can save your hard-earned money to prepare for the time when you decide to retire and devote every day to your family, without having to worry about a single cent that you will have to spend. 

1. Do not spend your entire salary in a month.  Setting an automatic deduction from your payroll to your savings account is the best way to create the habit of saving every month and building your savings account.

2. Control your spending.  Learn to determine necessity over caprices.  A mobile phone is a necessity, but it does not have to be worth a thousand dollars.

3. If you are planning to buy big ticket items such as a house or a car, save at least half of the price first before purchasing it, so that you will not be charged a huge interest by the lending companies.

4. Try to study how to invest your money.  It is your responsibility to learn how to grow your money by investing. Investing in the stock market is a great vehicle for growing your finances.

5. And finally, talk to your family about your core motivation and objectives for working onboard.  This way, you can expect support and help from them to reach your financial goals.

Generally, Filipinos choose to pursue a maritime career to provide for their family’s future. So don't work and live solely for the present. To achieve your short and long-term goals, it is a MUST to save and invest your hard-earned money the right way.  

 

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