James Maxwell is a wealth adviser with United Advisers Marine. UAM is a member of Nexus Global. The published information was correct at the time of preparation and does not constitute investment advice. You should seek advice from a professional adviser before embarking on any financial planning activity. +34 871 115 928; unitedadvisersmarine.com
As yacht crew who frequently travel internationally, managing your finances effectively becomes crucial. With careful planning and smart money management, you can maintain financial stability while enjoying your travels. These 10 tips will help you make the most of your income on board and optimize your spending while abroad.
1. Create a Budget
Start by documenting your income, expenses, and savings goals. Frequently track your spending.
2. Prioritize saving
Develop a savings mindset by setting aside a portion of your income regularly. Establish specific financial goals, such as building an emergency fund or saving for future expenses.
3. Track expenses
Maintain a detailed record of your expenses, including daily spending, dining out, entertainment, and travel costs.
4. Use credit cards wisely
Opt for cards with favorable rewards or benefits such as travel rewards or cashback. Pay your balance in full each month to avoid interest charges and accumulating debt.
5. Plan for currency exchange
When traveling to different countries, be mindful of currency exchange rates. Research and compare rates to ensure you receive the best value for your money. Avoid exchanging currency at airports or in tourist areas, as they often have less favorable rates and higher fees.
6. Travel insurance
Invest in comprehensive travel insurance that includes coverage for medical emergencies, trip cancellations, and lost baggage — safeguarding you against unexpected expenses.
7. Crew discounts
Many businesses offer discounts and benefits exclusively for yacht crewmembers. Research and utilize these discounts for accommodation, transportation, dining, and entertainment, helping you save money.
8. Plan meals
Eating out frequently can be expensive, especially in popular tourist destinations. Consider eating on board or preparing packed lunches for day trips. Purchase groceries and snacks in bulk or from local markets to save money on food .
9. Culture knowledge
Each destination has unique customs and laws regarding tipping, bargaining, and payment methods. Familiarize yourself with these practices to avoid unnecessary expenses or cultural misunderstandings.
10. Seek professional financial advice
Consult directly with your adviser. Make sure they have extensive experience giving financial advice to marine professionals and can guide you on managing finances, savings, investments, tax planning, and other financial matters specific to your unique circumstances.
This article was originally published in the August 2023 issue of Dockwalk.