Want to ensure that you aren’t wasting your money and are taking responsibility for your financial future? Here are some steps that you can take to protect yourself and give yourself options throughout your life: 5 financial tips for superyacht crew.
5 Financial Tips For Superyacht Crew
- Educate yourself. “Personal finance” seems like a scary term but it just means making sure you know what you have, where it is, what you need to use it for and the best way to manage the money you earn. There are so many books out there but a great introduction to understanding how money can work for you is The Psychology of Money by Morgan Housel. Each chapter makes its point through a relatable story and it really makes you reflect on your own attitude to money.
- Pay yourself first. When your pay hits your bank account, before you can spend any of it on the nicer treats, put money into your savings, into your pension, into your house deposit fund – whatever your goals are, put money towards those as a top priority before you spend anything on meals out, new clothes or other non-essentials.
- Know what you want and have a plan. This links to the tip above – what do you want in the future that you need to be saving for now? For many young people getting on the property ladder is a priority, be that as a home to live on or a rental property as a business. Maybe you want to be able to work hard now so that you can stop working in your fifties. For any future goal you need to be building up funds now, be that a house deposit or a pension fund. Having a clear plan and committing to making it happen makes it far more likely you will achieve your goals than if you just wing it and see what happens.
- Start early. Even if you can only put a small amount away, the wonder of compounding will kick in and as you start to earn interest on your interest, your money will grow more quickly that you might expect. This is particularly relevant to pensions where your money has decades to grow – small amounts add up over time.
- Know where your money is going. Take half an hour once a month to go over your bank statement. Are all your direct debits going to services you still use or can any of them be cancelled? Have you got into any bad spending habits that need to be addressed?
Awareness of your financial behaviour is the first step in developing good habits that will carry you through life. If you need help in understanding your options when it comes to how and here to save in the most appropriate way for your personal goals, speak to a financial adviser who can offer support and guidance.
If you’re a CrewFO member, and would like further support, log in and reach out!
Not a member? Below are our contact details:
Email us at: hello@crewfo.com 📧
Call us on: +44 203 538 8622 📲
At Crew Family Office, we are here to help Superyacht crew navigate their finances and make the right decisions.
For more of our financial services, designed for Superyacht crew, take a look here.