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Many adventure lovers love the idea of having a life filled with uncertainty and excitement. one reason why they prefer taking off-beat steps and choosing a liveaboard lifestyle. Living abroad is a fun experience, whether you live with your friends, partner, or family.
However, one must remember living on a boat is not convenient or straightforward. By taking this decision, you will be bringing significant changes to your way of life and personality. Furthermore, taking such a decision requires checking your financial power.
Financial independence helps a lot when making a decision as life-changing as this. Generally speaking, boat insurance will have to be paid out of your monthly income. Be sure to have basic tools onboard and know exactly what the use of them is.
Also, another vital factor to consider is whether you are a spendthrift or not. On the ground, spending slightly over budget can be neglected to some extent. But, if you are following liveaboard, then you should maintain a strict budget plan. Here is why you need to be frugal-
When we look at the major cities, like ‘The Big Apple, San Francisco, and Seattle, living in a small apartment starts above $1,000. To save some extra bucks, aspirants consider having a life aboard. With the increasing expenses on-ground, liveaboard sounds a viable option for many.
Moreover, they can enjoy the sunsets with their dear ones and stay connected to a large community. Many Liveaboard communities live in the center of the city, making it easier for the members to access basic amenities. Also, since owning a “Waterfront Property” has been a trend for many years, this is a budget-friendly option.
Additionally, many retired residents love this option to keep their post-retirement life zestful and lively. Many young graduates also prefer this as this helps them save extra for paying their Student Debt.
Now, living on a boat, as said above, can bring many changes to your lifestyle. The first one is- it will teach you to be cautious while spending money. Since boats are automobiles and you live in them 24/7, they demand constant maintenance and repair.
Your expenses will depend on the below-listed factors. We suggest you go through all of these and assess whether Liveaboard fits you or not.
We all know the importance of making a budget and following it for a defined period. It is a crucial factor in determining whether Liveaboard is right for you.
Your monthly or weekly "budget" must cover all possible expenses. Most of these are listed above; you can include them while making your budget plan.
But! Here are three easy steps, following which will make making a budget easy for you:
Knowing the Expenses: The expenses of living on a boat are very different than a typical home. It would be best if you considered factors like:
You wish to travel and have a large yacht; then, your expenses will be higher than others who stay in one dock. Also, knowing these will keep you ready to face unforeseen circumstances.
Make sure that your budget has these two categories:
Some other expenses are:
Remember that the taxes on utilities and property cost less when living on a boat. Maintenance and docking add on to the basic payment requirements of the user. Furthermore, you will have to alert about your boat’s condition, the parts and machines should run properly.
If you slack on this, purchasing the spares or replacements can cost you a lot. Also, focus on making smaller repairs by yourself; this will help you save some extra bucks from hiring a professional.
Knowing what your budget is will help you stay composed and not spending extra on unnecessary expenses. For buying a boat, you can start saving or use your pre-saved amount.
If you wish to make extra income, you can lease or rent your old home and start freelancing; this will help you save money and ensure a stable income inflow. By keeping these points in mind, you can ensure that your Liveaboard experience is smooth and hassle-free. Also, we advise you to start watching more videos to learn the necessary repairs to the boat machinery.
If you follow this hack, you can make small restorations by yourself. For students, we suggest getting Work Experience working at a Marina or enrolling in courses; this will make your resume look diversified and get your life's experience and knowledge. You will become self-reliant and can work for the same while following Liveaboard yourself.
Overall, it is a win-win situation for you. Also, living in a boat requires a lot of patience and physical compatibility. Whether you have a Yacht or Sports Boat, you can prepare yourself to keep up with the challenges once you know what you are selecting.
Before you make a rushed decision to join the Liveaboard community, you must consider different factors. One such factor is your Financial state. If you are planning on shifting to a floating home, then you must have sufficient savings. Finance is a determining factor in Liveaboard.
To know if you are compatible enough to become full-time, you can rent out a boat first and take a vacation/ getaway; this will get you a demo experience of what to expect and how to act. Many online platforms provide boat rental services; you can check them out and select the best deal.
You will have many options to choose from, like sailboats, yachts, cruisers, and houseboats. If you feel you are ready to opt for this lifestyle, then the Liveaboard community will always welcome new members. With the right guidance and budgeting, the experience can be enjoyable, as we see in movies. But, if you have decided to start Liveaboard, then have fun, make lots of memories, and follow the budget!
Having loads of sailing experience is very important if you are moving onboard to set sail it will be months of sailing. Solar panels are a great idea for lights and communication device charging. You will spend a lot of time in tight spaces if you're house is a sailboat. If you are at the point of this decision in your life. Most people are too scared to follow through with this dream. Always keep some extra cash onboard incase. Always remember to anchor your boat at the shore. Prepare your course and check out some cool track devices to carry with you.
If you are unsure of where to start your adventure go read our complete guide to boating in the Bahamas blog.
Boats are fun, and setting sail into the sunset is a dream come true, living on a boat is life-changing and it can cost you quite a bit! Choosing to spend your money wisely or earn money by running a business from your boat, or using your boat for business can help! Living on a boat under a budget is vital, and saving money for boat repairs and maintenance is vital. Are you living on your boat? What is your feeling, share your experience with us drop a comment below!
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