A Seafarer Wife's Financial Guide in Navigating Uncertain Times

As a wife of a seafarer, I understand the tides of uncertainty that come with this unique journey. In times of unpredictability, God and a strong financial plan can be our anchor. Let’s embark on this voyage of financial stability with faith and practical wisdom. Here are tips, inspired by His Word, to help us navigate through uncertain waters while standing strong as prudent wives and moms.

1. Seek God’s Guidance

Let’s begin every day by seeking His will and wisdom through prayer. Let us always prioritize our quiet time with God in the secret place to gain wisdom and instructions on what are the things that we need to do in all areas of our lives to prepare for the hard times. He has the plan for our lives so we better ask Him what is next for us. We need to dedicate time to discern financial goals, aligning them with our family’s values and God’s purpose for our lives.

“Trust in the Lord with all your heart and lean not on your own understanding; in all your ways submit to him, and he will make your paths straight.” – Proverbs 3:5-6 🙏

2. Build an Emergency Fund

Let us set aside an emergency fund to weather unexpected storms. Having a financial cushion provides peace of mind during uncertain times. Hard times are coming. The Holy Spirit reveals this to us not to scare us but to prepare us. So, on our part, we need to take action.

“The prudent see danger and take refuge, but the simple keep going and pay the penalty.” – Proverbs 27:12 💰

3. Create a Budget

We need to create a budget each month that accounts for our regular expenses, income and saves for the future. It’s a roadmap to ensure we are prepared for every season.

“For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?” – Luke 14:28

4. Monitor Expenses Regularly

We need to regularly track our expenses to ensure that we are staying within our budget. This helps identify areas where adjustments may be needed. I use a Budget Wallet to help me take control of our spending and make sure that we are within our budget.

“The plans of the diligent lead to profit as surely as haste leads to poverty.” – Proverbs 21:5

5. Prioritize Debt Management

Work towards paying off debts systematically. The more you reduce debt, the more financial freedom you’ll experience. If there is no debt to be paid monthly, we can save more and give more.

“The rich rules over the poor, and the borrower is the slave of the lender.” – Proverbs 22:7 💳

6. Save for Short-Term Goals

If you have short-term financial goals, like a family vacation or home improvement project, create a dedicated savings (sinking) fund for them.Sinking funds help you spread out the financial impact of larger expenses over time. Instead of dealing with a sudden financial burden, you’re prepared because you’ve been saving gradually.By setting aside money in a sinking fund, you can avoid going into debt when these larger expenses arise. This helps you maintain financial stability and avoid interest payments.

“Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?” – Luke 14:28

7. Build Multiple Streams of Income

Create multiple streams of income and investments while your husband is at sea.This will keep you productive and relying solely on one source of income can be risky. If that source falters due to sickness,economic downturns, or personal reasons, you and your family could face financial hardship. Multiple streams of income reduce the impact of a loss in one area. Additionally, multiple income streams can contribute to your family’s long-term wealth-building goals. Over time, the cumulative effect of diverse streams can lead to financial independence.

“Give portions to seven, yes to eight, for you do not know what disaster may come upon the land.” – Ecclesiastes 11:2

8. Maintain Open Communication

Maintain open communication with your spouse regarding financial affairs to prevent any potential misunderstandings. Create a budget in Google sheet and share it with your husband. By doing so, even if he’s away, he remains well-informed about your financial status. I practiced this approach to demonstrate responsible stewardship over our finances, despite my husband’s complete confidence in my financial management skills. Consistently engaging in discussions about objectives, expenses, and investments guarantees that you are on the same page.

“Let each of you look not only to his own interests, but also to the interests of others.” – Philippians 2:4

9. Plan for Retirement

Consider setting up a retirement fund or investment specifically geared towards securing your future when your husband retires from seafaring. People are living longer, and retirement can last for decades. A retirement fund ensures that you have a stable source of income when he stop working. It allows you to maintain your lifestyle and cover essential expenses without relying solely on employment income.

“The plans of the diligent lead to profit as surely as haste leads to poverty.” – Proverbs 21:5

10. Save for Children’s Education:

Start now! Start saving early for your children’s education expenses little by little. Having a dedicated education fund will ease the financial burden when the time comes.

“Listen to advice and accept discipline, and at the end, you will be counted among the wise.” – Proverbs 19:20

11. Establish a Giving Plan

Include a portion of your budget for giving. Regardless of where we stand in our financial journey, if there’s a will, there’s always a way to give. We can offer various gifts, be it our time, skills, money, and more. Generosity is a way to honor God and a meaningful way to positively impact the lives of others.

“Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.” – 2 Corinthians 9:7

12. Practice Contentment

Nurture a mindset of thankfulness and satisfaction. Concentrate on the gifts and blessings in your life, instead of perpetually pursuing materialistic goals. This approach not only paves the way for wiser financial choices but also emphasizes essential needs over fleeting desires. A life lived with contentment typically leans towards minimalism, de-cluttering your space and fostering a neat,organized and efficient setting.

“Keep your life free from love of money, and be content with what you have, for he has said, ‘I will never leave you nor forsake you.'” – Hebrews 13:5 ❤️

13. Stay Informed About Finances

Stay consistently updated and well-informed about prevailing financial trends and the latest developments in the economic landscape. Embrace the power of knowledge and wisdom, as they equip you to navigate your financial journey with prudence and precision, making well-founded decisions that can influence your family’s financial success.

“Buy the truth and do not sell it— wisdom, instruction, and insight as well.” – Proverbs 23:23

14. Encourage Children’s Financial Literacy

From an early age, impart to your children the principles of money management. Let’s ingrain in them the understanding that we act as stewards of God’s resources. By fostering financial literacy in children, you’re equipping them with a sturdy groundwork for a prosperous and prudent future. Whether they grow into entrepreneurs, employees, or homemakers, these competencies will stand them in good stead for financial management, informed decisions, and realizing their aspirations. This also ensures that the efforts you’ve invested in this generation won’t dissipate in the next due to your children’s lack of financial acumen in handling resources.

“Train up a child in the way he should go; even when he is old, he will not depart from it.” – Proverbs 22:6

15. Trust that God is the Source

God is our ultimate source, and our trust finds its place solely in Him. In challenging times, we don’t rely on our money, assets, or investments. Instead, we place our trust in God’s provision, firmly believing that He will lead us through financial difficulties. It’s essential to keep Him at the core of our financial choices, allowing His guidance to direct our path.

“Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment.” – 1 Timothy 6:17

Useful Products for Financial Planning:

1. Budgeting Wallet

2. Budget Sheets/App

3. A sturdy filing system to organize financial documents.

4. A dedicated notebook for financial reflections.

5. Cute and colorful pens

With faith, prudent decision-making, and a commitment to financial responsibility, you can navigate uncertainty with confidence and trust in God’s faithful guidance while honoring your roles as Christian seafarer wives and nurturing mothers.

With love and blessings,