By Kit Case

Generally, living aboard a boat can be less expensive than a land-based life. A mortgage on a boat, even when counting insurance costs, may be less expensive than rent or mortgage on a house or apartment. But, food costs are higher in the places you’d most like to visit. Cooking most of your meals aboard adds to the grocery bill. Restaurants near the harbor may be more spendy, as well. When calculating your budget, overestimate your living expenses. It is better to have extra money in the piggy bank at the end of the month than to need to dip into savings.

Expenses, Known and Unknown

Even if you spend most of your nights on anchor, there comes a time when you need to stop in a marina. Typically, it makes more sense to stay two nights rather than one. It takes time to do laundry, water up, and provision, for example. Stretching your legs and spending quality time in the spots you visit are special and should be enjoyed. If a weather system is forecast to blow through, you may want to arrive a day before it hits or stay an extra day until it clears, rather than docking in or out during a blow.

Prepare yourself for the need to perform regular maintenance on your boat. Plan on making major purchases on a typical life-cycle schedule. Make upgrades where you can, but don’t scrimp on quality. Keeping your boat in great shape as you go lets you enjoy the best your boat can offer, and keeps the to-do list shorter when it comes time to sell. Also, be ready for sudden and unexpected repairs. When you need service while travelling in outer areas - usually on an urgent basis - you need to be able to stay in port until the job is done, order parts, and possibly hire a professional to do the job.

Less Debt = More Freedom

If it is feasible, give up as much of your land-based expenses as possible. If you need a storage unit, try to keep it to a small size to save costs. Consider reducing your debt significantly before making the boat purchase. Free yourself from as many restraints as you can and you will have more freedom to enjoy the boating life.

If you have questions about how to budget for life aboard a boat, I would be happy to talk through the details with you. Shoot me a note at kit@seacraft.com and let’s start the discussion. If I could make it work, you can, too.