When I first joined yachting as a deckhand, the thing that hit me hardest was not the long hours or the crazy work; it was the money. Suddenly, I was earning in euros, living on board with almost no expenses, and watching my account grow faster than it ever had before.
But here is the truth. Just because you earn well does not mean you will actually keep it. I have spoken to crew who have earned hundreds of thousands during their time onboard, and still walked away with almost nothing to show for it.
So the real question is… are you saving, or just spending?
The Yachtie Money Trap
Life onboard can trick you. The hours are long, the work is intense, and when you finally get some time off, it is easy to blow money fast. New watches, designer clothes, nights out in Monaco, weekends in Palma. It feels like the cash will always keep rolling in.
But it does not. Yachting is not forever. Boats sell. Contracts end. Injuries happen. Many crew step away after only a few years and suddenly realise they have memories but no money.
And even if you are one of the crew who plans to stick it out long term, building your career to officer, chief stew, engineer or captain, the same risk is there. The more you earn, the easier it is to spend. Without good habits, the lifestyle will swallow your salary at every step.
Why Saving Hits Different for Crew
If you had a normal nine-to-five job back home and saved 20% of your income every month, people would call you disciplined.
But in yachting, 20% is not enough. Think like a professional athlete. They know their earning window is short, and they act accordingly. It is the same for you. These years onboard are your chance to set yourself up for life. If you are only saving a little, you are leaving opportunity on the table. But if you can save 50 to 70% of your salary, you are building real wealth. That is when you can invest for the future, create options for life after yachting, set up a life for your family, and eventually buy property when the time is right.
Know Your Why
Most crew I speak to overlook this. Saving just for the sake of saving rarely works. You need to know your why.
Maybe it is to set up your future. Maybe it is to build savings so you can progress, pay for courses, and keep moving up the ladder. Or maybe it is to become financially independent so you are not relying on the next contract.
When you connect saving to something that matters, it stops feeling like you are missing out. Instead of thinking “I cannot spend this,” you will think “I am choosing to put this towards my freedom.” That mindset shift is huge.
Three Habits That Make All the Difference
Pay yourself first
The best trick I ever learned. If money leaves your account the moment you get paid, it cannot be spent at the Blue Lady bar in Antibes or on another expensive branded item of clothing. Out of sight, out of mind.
Keep an emergency fund
One thing is for sure. There will be a gap between contracts, or a time when you need a last-minute flight home. Having three to six months of income set aside makes those moments far less stressful.
Create buckets for your money
Think of it like three accounts. One for fun, one for safety, one for the future. That way you never confuse lifestyle money with the money that will set you up when yachting ends.
What It All Comes Down To
Financial literacy is not about being perfect. It is about being intentional. Right now, you are in one of the best positions you will ever have to save. The money is good, the living costs are low, and the opportunity is real. But it is on you to make the most of it.
So I will ask you again. Are you saving, or just spending? Because at the end of your yachting career, that is what will decide whether you walk away with freedom or with nothing but memories.
Here is a visual I often share with crew. It is a simple reminder that the real difference is not between spending and saving, it is between owning things now or owning your future later.
Article Courtesy Morgan Tebbut, in association with the Superyacht Culinary Academy
Email:
Morgan Tebbutt – morgan@halfin.co.za