As modern boats become more livable year after year, more people are choosing to leave everything they have to live on a boat.
The idea of not being tied to a job or a house in the city attracts many adventure-loving individuals around the world. But living on a boat is very expensive; unless you have access to unlimited finances, you’ll need some help with budgeting.
Here are some tips on living on a boat without going broke:
Get Some Practice
Boats aren’t cheap. If you’re going to be spending your life’s savings on a boat you better be sure that it’s worth the money. As appealing as sailing into the sunset may seem, it’s not for everyone; you don’t want to spend a few hundred thousand dollars on a boat you don’t enjoy.
After you do buy a boat, you have to make sure you have the skills to operate and steer it. The last thing you want is to spend huge amounts of money on a boat you crash and damage beyond repair.
Living on a boat isn’t easy. Choosing to live on a boat without any experience can have serious consequences so get as much practice as possible.
Become part of a crew on someone else’s yacht or practice going on trips for multiple weeks on a smaller boat before purchasing a big boat to avoid paying for damages caused by boating accidents.
Take into Consideration the Cost of Provisions
Living on a boat comes with the added cost of maintenance. You’ll need to take care of your sails, replace any corroded metal, wiring and rigs. The maintenance of plumbing and sewage also takes a toll on your budget.
When budgeting for your life on the boat, leave a financial cushion for maintenance and have your boat insured to cover the cost of any unexpected damage.
Diversify Your Income
Many people living on their boat take the FIRE approach which refers to getting financial independence and then retiring early. The average person doesn’t have enough money to retire early and live on a boat. In order to afford the cost of living on a boat, you’ll need to diversify your income. Think of expanding your channels of income by setting up a side business, freelancing or doing multiple jobs.
Families that have chosen to leave everything behind and live on their boat, typically save up for more than 10 years before they purchase vessels and ride off into the ocean.
If you have saved up enough money to buy a boat, make sure you know everything you need to keep you and your family safe in open waters.
Boater’s Academy offers an online boater safety course that involves going through of a free study guide and completing online quizzes. Once students pass the final test, they will receive boat safety certification, which serves as proof of their knowledge and skills on boat safety.
The course is approved by the National Association of State Boating Law Administrators as well as the U.S. Coast Guard. The certificate can be used to obtain a Boater Card.
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