Working in another country away from your loved ones is hard. But working on a cruise ship adds an extra twist to this already challenging arrangement, especially since you are constantly on the move. Also, since earning money in this career path is difficult, you should protect your finances.
So, if you are a hospitality professional working on a cruise ship, you need to start saving early. You don’t want your hard-earned money to be gone in a blink of an eye just because you didn’t manage it properly. To prevent it from happening, here are some sound tips and advice that’ll surely fit the nature of your job perfectly.
Open the Best Bank Account That Suits Your Needs
Various types of bank accounts are offered by different banks worldwide. Each type of bank account has perks and solutions that suit every person’s needs. For example, there are ordinary savings accounts that you can open and put your money where it can earn interest. You also have the time deposit account that still earns interest but has a fixed term.
In Australia, even a bank offers an edge transaction account that provides the account owner with a combination of regular and privileged banking. In addition, an edge account will provide you with various benefits like zero monthly fee and no minimum deposit or withdrawal requirements that are best suitable for your needs, especially if you go cross country.
But if you live in the United States, you can check some of your local banks for an account equivalent to the edge account offering in Australia. Many bank accounts in the US offer no monthly minimum balance requirement and no minimum for withdrawal or deposit. You can even find a checking account that offers the same perks that truly benefit you.
Enjoy the Perks of Free Meals and Accommodation
You’ll be offered free meals and accommodation throughout your contract as a cruise ship hospitality worker. The maritime labor convention law requires every cruise ship company to have enough supply of nutritious food and comfortable accommodation without any costs at all.
The crew should be provided with food considering cultural and religious sensitivities. Therefore, you won’t have to spend any money on your basic needs like food and shelter as they will be provided. You’ll only have to spend money for your personal needs; the rest should be deposited in your savings account.
Create a Budget
Even though you’re provided with all your basic needs for free if you work on a cruise ship, you should still establish a budget.
Remember, you need to enjoy it once in a while to avoid being burned out from work. Although working on a cruise ship is like going on a vacation, the experience of being one of the guests is still different.
Cruise ship crews are allowed to eat at a specialty restaurant and enjoy the guests’ amenities at additional costs. You can also enjoy the destination when you arrive, which will need you to spend money on souvenirs and meals off-board. So, to enjoy the complete experience of becoming a cruise ship crew, you should set a strict budget to avoid overspending during leisure time.
Additionally, if you are the breadwinner of your family back home, the more you will need a strict budget to follow.
Remember, even if you are the breadwinner, you should never forget to enjoy and save money for yourself. A budget is a must to ensure you’re not depriving yourself and sending home enough money for your family.
Avoid Bad Advice
There will be tons of advice you will hear about your finances. However, not all advice is good for you. But how would you know if the advice you are getting is bad? One thing that will make financial advice bad for you is its suitability for your situation. Some financial advisors aren’t one-size-fits-all, meaning it doesn’t fit everybody’s situation.
You should always consider how feasible your advice is and see if it fits your current situation. Moreover, hearing financial advice that is too good to be true is another way of knowing the advice is bad. For example, if you get advice that tells you to set an unrealistic budget, you should never believe what that person says.
It is always best to educate yourself about finances so you will never become a victim of bad financial advice. Hiring a reputable and well-known financial advisor can help you manage your finances correctly. However, the latter could also mean an additional expense for the advisor’s professional fee. If you are willing to spend and go the extra mile to ensure your finances are protected, then go for it.
Don’t Forget About the Emergency Fund
An emergency fund is one of the vital factors in proper financial management. Aside from your savings, you should also have a separate emergency account. We can’t predict the future, and we can’t avoid being sick. An emergency fund will ensure you get the proper care when you need it without hurting your finances.
You can use the emergency fund for medical bills like hospitalization and medicine expenses. In addition, an emergency fund can also be used for repairs to your property, like your home or vehicle. If you have an emergency fund, you will never have to touch your savings and keep it intact no matter what.
So, when creating a budget, you should never forget to allocate some of your salaries to your emergency savings fund.
Being financially responsible is vital for every adult, no matter what industry you work in. Even if you get the perks of free meals and accommodation, there are still other expenses that you will spend your money on. It is why following the advice above will help you manage your finances properly and help you become financially responsible.