Being a commercial diver is hard enough on the ole’ pocket book as it is, so one must ask; Are you ready for the next recession? As a matter of fact, top economists that were surveyed are expecting one at the end of 2019 or in the first quarter of 2020. Make no mistake, the next recession is coming. The degree of which however is uncertain but whether it is mild or severe everyone should be prepared in order to avoid a financial hardship. So here are a few tips for those of you who aren’t millionaire commercial divers.

Save That Money!

Try and save at least 8% of your paycheck into a savings account. Remember, despite what anyone else says out there, cash is king. Some companies refer to this as a war chest and that is exactly what it is. When the shit hits the fan and everyone else is scrambling to find money to pay bills, it is a good feeling to have money for living expenses. Try and have at least a cash supply that will get you through at least 3 months of unemployment or an emergency. A 6 month cash supply is even better.

Pay Off That Debt!

Credit cards, truck loans, mortgages and student loans are the killers in life, so pay it off. Easier said than done when your driving around the country on dive jobs or stuck in the middle of nowhere 100 feet underwater. I get it, life is hard, start paying off the debt anyway. Start with the one that has the lowest balance and work your way up. Not only do you get a sense of accomplishment when something gets paid off but you can then take that money and add it to the next area of debt.

Invest For Your Future!

Are you going to be a commercial diver the rest of your life? Yeah, I doubt that. Even if you make it past the 2-5 years when people usually say the hell with this industry, being an old broke commercial diver is just a sad situation. Avoid this by investing a minimum of 8% percent of your paycheck into a retirement account. Are you one of the lucky ones whose dive company has a matching 401k package? Then take advantage of it! Its free money if they match or at least match to a certain percentage. If not then you better take care of yourself and get into a Roth account or some other type of fund. You don’t want to be getting into the water to suck mud when your 65 years old, because you HAVE to. There are now a slew of investment options for everyday people now. Look into them.

Make A Budget!

So now you are saving money, paying off debt and investing like a boss. You need to track it. Keeping your finances straight in your head or on a cocktail napkin is not something I would recommend. Or even worse, allowing someone else to take care of it for you. What you should be doing is using a spreadsheet for your budgeting needs. You should be tracking all your expenses and debt to see where your hard earned money is going from month to month. Having a visual of where your money goes has a profound effect on a person’s spending habits. Once you see debt going down and assets going up you will be better equipped for an upcoming fiscal calamity.

Need a spreadsheet to get you started?  Then click this link.–> TheDiversBudget-Download