A GUIDE TO YOUR PERSONAL FINANCES

A GUIDE TO YOUR PERSONAL FINANCES

What Every Seafarer Needs to Consider

A GUIDE TO YOUR PERSONAL FINANCES

What Every Seafarer Needs to Consider

Updated January 23, 2017 5201 Auth Way, Camp Springs, MD 20746

(301) 899-0675 |

Notes

2 | Seafarers International Union

Contents

Introduction............................................................ 4

I. Learning to budget your money....................... 5

WHY YOU NEED A BUDGET........................................................................................5 ESTIMATING YOUR FUTURE EARNINGS ............................................................... 6 ESTIMATING YOUR FUTURE EXPENSES................................................................ 6 CREATING A BUDGET.....................................................................................................7 BANKING AND BILL PAYING........................................................................................7

II. Using credit wisely............................................ 8

HOW CREDIT WORKS.................................................................................................... 9 MAKING WISE CREDIT CHOICES.............................................................................10 REFERENCE INQUIRIES AND CREDIT CHECKS.................................................10

III. What you need to know about paying income tax................................................. 11

HAVING ENOUGH TAX WITHHELD FROM YOUR PAY...................................... 11 BALANCING YOUR INCOME YEAR TO YEAR...................................................... 12 MOVING EXPENSES THAT MAY REDUCE YOUR TAX BILL............................ 12 OTHER EXPENSES YOU MAY BE ABLE TO DEDUCT....................................... 13 RECORDKEEPING........................................................................................................... 13

IV. Why you need savings................................... 14

SHORT-TERM SAVINGS................................................................................................. 14 YOUR RESERVE FUND................................................................................................. 14 SAVING FOR THE DOWN PAYMENT....................................................................... 14 SAVING FOR RETIREMENT......................................................................................... 15 CONCLUSION................................................................................................................... 15 RESOURCES...................................................................................................................... 16

A Guide to Your Personal Finances | 3

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