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Old 23-05-2014, 19:17   #1
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1st Time "LiveAboard" Need Help Budgeting Annually

Hi Guys,
I'am currently in Sailing School and looking to do a Stink of "Living Aboard" for a year or two. I know with Boats buying it is the easy part. Running it is really what it's about.
Here the deal, I'm not actually buying the Yacht as a toy but actually as a home for ?? amount of time. Now I worked out that the amount of Rent that I pay + Housing expenses is $40,000Aussie/Year. So that 40K most of which is going to the Landlord can theoretically go into my "Boat Fund". I have the Luxury of being able to work from my Yacht because my Business is all "Cloud Based" and where I plan to be there is 'Wifi' Coverage,)
(Suppose I bought a 42" Beneteau/Bavaria for $140,000Aussie)
Question1:
"What should I budget for per annum on Repairs, Maintenance, Running etc?" (don't worrying about Mooring or Berthing costs, I have them,)
There is a saying that you should budget 10% of purchase price. would that mean for the above that 14,000/Year seems about right?
Question2:
"Are there any secrets to keeping costs practically down?"
Questions3:
"Where are the biggest expenses?"
Question4:
"Has any other 'Liveaboards' out the ever worked online whist living on a Yacht, do you have anything to say about that?"

- Boys your feedback would be awesome! Thanks a lot and Happy Sailing! Kurt
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Old 23-05-2014, 23:25   #2
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Re: 1st Time "LiveAboard" Need Help Bugeting Annually

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Originally Posted by Kurt_Pollett View Post
"Are there any secrets to keeping costs practically down?"
Don't buy stuff!
Quote:
"Has any other 'Liveaboards' out the ever worked online whist living on a Yacht, do you have anything to say about that?"
These are really kinda impossible questions to answer because the fit-out and equipment on boats is so different as are the comfort and skill level of the owners and location also has a massive impact

One blog I really enjoy(ed) reading was bumfuzzle.com they were clueless newbs and were (are) very open and detailed about what they spent money on and I think it give you if noting else a reference point to check out

(but I apologize in advance for ruining the next several weeks of your life while you read the whole thing - Might be better to go buy the book
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Old 23-05-2014, 23:36   #3
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Re: 1st Time "LiveAboard" Need Help Bugeting Annually

hi there sailor
I just retired in Everett.wa in American....I live on 28ft Irwin....1974....live on 900.00 a month....does that answer your question.....phil....
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Old 23-05-2014, 23:46   #4
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Re: 1st Time "LiveAboard" Need Help Bugeting Annually

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hi there sailor
I just retired in Everett.wa in American....I live on 28ft Irwin....1974....live on 900.00 a month....does that answer your question.....phil....
Just curious if you are in a marina and is that including $500 a month for a slip? I'm in Seattle and 900 seems kinda impossible (but I'm refitting and EVERYTHING is a bit out of control at the moment so)
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Old 24-05-2014, 17:40   #5
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Re: 1st Time "LiveAboard" Need Help Bugeting Annually

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hi there sailor
I just retired in Everett.wa in American....I live on 28ft Irwin....1974....live on 900.00 a month....does that answer your question.....phil....

Do you eat? My food budget is almost that a month.
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Old 24-05-2014, 17:57   #6
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Re: 1st Time "LiveAboard" Need Help Bugeting Annually

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Do you eat? My food budget is almost that a month.
Nine hundred dollars a month is thirty dollars a day. I spend a lot less than that, but I seldom eat out.
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Old 24-05-2014, 18:11   #7
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Re: 1st Time "LiveAboard" Need Help Budgeting Annually

Crap! That's my BEER budget!

I have had my CAL 28 in Key West for several years. I spend a little over $10K/yr to slip and maintain the boat, doing all the work myself. She is a part time live aboard, as I also have a shoreside home, albeit 350 miles away.
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Old 24-05-2014, 18:40   #8
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Re: 1st Time "LiveAboard" Need Help Budgeting Annually

My food budget does not include eating out, different budget item. How much do you budget for maintenance, pump out, electric, slip or mooring rent?
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Old 24-05-2014, 19:01   #9
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Re: 1st Time "LiveAboard" Need Help Budgeting Annually

Separate this into two parts. Part one is cost of maintaining the home, in this case the boat. Now this will vary significantly based on the condition of the boat, based on how much work you do yourself. Others can give you ballpark figures here but they really don't know your boat or your own capabilities.

Cost two is the cost of maintaining the lifestyle you choose. Marina versus anchoring, type marina. Eating in or out. What kind of food or restaurants. Entertainment. Clothes. Insurance. Car or other transportation. Dating? You name it.

As to part one the key to expenses is what work you can do yourself. As to part two it's all about how you choose to live, what is important to you, what sacrifices you choose to make.

Biggest expenses on part one are boat maintenance. On part two, it's probably slip rental and food.
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Old 24-05-2014, 20:13   #10
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Re: 1st Time "LiveAboard" Need Help Budgeting Annually

If your housing expenses are $40k pa you stand to save a lot of money towards paying off the yacht. I'd do it. Just ensure you are allowed to live aboard wherever your yacht happens to be moored, and that you can get a reliable internet connection for work.
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Old 24-05-2014, 21:30   #11
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Re: 1st Time "LiveAboard" Need Help Budgeting Annually

Where I live, New Orleans, my slip is way less than an apartment. I deal with maintenance costs by doing the work myself or putting it off till later lol. My boat cost me $2k. I am okay with my chosen lifestyle. It's not for everyone, though.

I could build a small outboard powered houseboat for not much more, and have more room. But I do like to sail so my boat is both my home and my recreation.
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Old 24-05-2014, 21:57   #12
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Re: 1st Time "LiveAboard" Need Help Budgeting Annually

Connie and I cruised on just my SS Retirement, for several years ! but we were not staying in marinas ! We had to anchor, or sometimes we used Yacht Clubs with reciprocals that accepted ours LOL We seldom eat out , but do sometimes ! We banked the money she made as a RN and used it to buy our Property with dockage here in Louisiana! If ya can do ALMOST all of work on your boat, and want to, you can cruise on a heck of a lot less money then you think !! As we almost don't drink, don't buy beer LOL we can cruise cheap LOL
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Old 25-05-2014, 01:59   #13
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Re: 1st Time "LiveAboard" Need Help Budgeting Annually

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Connie and I cruised on just my SS Retirement, for several years ! but we were not staying in marinas ! We had to anchor, or sometimes we used Yacht Clubs with reciprocals that accepted ours LOL We seldom eat out , but do sometimes ! We banked the money she made as a RN and used it to buy our Property with dockage here in Louisiana! If ya can do ALMOST all of work on your boat, and want to, you can cruise on a heck of a lot less money then you think !! As we almost don't drink, don't buy beer LOL we can cruise cheap LOL
I think cruisers living on fixed incomes get a whole lot better at budgeting out of necessity. But better than most they become aware of the relatively small costs that add up. Many who do eat out, find reasonably priced places, find specials and then find quantities that allow them to take leftovers back to the boat and get two meals for the price of one. They find places that are price sensitive because they cater to cruisers. Those cruising also find locally fresh products that save money. Many catch fish for dinner regularly. If they drink, they sip on the boat rather than a bar. Also, learn to buy what where. Certain things are best purchased in the mega supermarket or Walmart while others cost no more picking them up as needed while cruising and sometimes less.

If you read some of the money threads here on living for different amounts you'll really learn a lot even if you choose to not live as frugally as the posters.

Transportation when away from your home port is an area that can vary greatly. Walking and bicycles cheapest along with loaner cars from marinas.

As to entertainment, it's amazing how water towns are always having something, from festivals to gatherings to concerts, much of which is free.

Limited space is a great money saver. You think before you buy of whether you have a spot for something and often then pass it by. Also by traveling a lot you're able to find deals here and there in clothing at local shops. Most of the ports are small towns where people live more economically than larger cities.

Many boaters do an excellent job of planning fuel to the best prices. When I'm filling my car I don't pay a lot of attention if the place down the street was 3 cents per gallon cheaper. So I save 48 cents by going there. When you're filling a boat at 200 gallons and the price difference is 40 cents then you're talking $80. Then toss in Boat US or Active Captain or Check/Cash discounts and it's better. Oh and if they won't take a check or give a cash discount, then use a credit card with rewards for fuel. Ours gives 3% back on fuel purchases. You do need to make sure they actually give it as they may not recognize it was fuel charged.

If you're a DIY type, as you cruise you'll meet more who are as well. You'll find that in helping them occasionally they help you in return. So some of the DIY jobs you might be reluctant to tackle, they will and also teach you at the same time. Like anywhere else, you help your neighbors and they'll help you.

My wife and I are far from frugal but even we have some ways we save, simply because we feel we're wasting money. We haven't purchased a newspaper in 10 years or more. It's all online. We also don't have to dispose of it that way.

We are big amazon shoppers and have Amazon Prime so two day free shipping on those items, lazy. But also certain things in quantities you find great. All the people who take Zyrtec. You'll find the Kirkland (Costco) Generic on Amazon for a years quantity costing you about what a month would otherwise. Band Aids. Neosporin. Many similar things. Large volumes of hair products. We shipped Toilet paper from Amazon to our boat in Washington. Two month trip. 60 Rolls. I know many boaters who love Costco and Sam's. I'm not one of them. Batteries on sale at Batteries Plus or Radio Shack. Radio Shack always has them on sale, just different packs. The other day I wanted 160 AA's. They had 40 Packs, 20 Packs, 8 Packs and 4 Packs. I got 40 x 4 packs. They were on sale buy one get one free.
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Old 25-05-2014, 12:26   #14
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Re: 1st Time "LiveAboard" Need Help Bugeting Annually

Quote:
Originally Posted by xymotic View Post
Just curious if you are in a marina and is that including $500 a month for a slip? I'm in Seattle and 900 seems kinda impossible (but I'm refitting and EVERYTHING is a bit out of control at the moment so)
I was in dagmars up in Everett.wa 218.00 a month.fixing my boat....then moved to port of Everett....does that answer your question?
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Old 25-05-2014, 17:19   #15
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Re: 1st Time "LiveAboard" Need Help Budgeting Annually

Hey Boys,

Thanks a lot for the replies!
Yeah out of my 40k/Year Budget, I was planning to put 20k/Year into my Boat Loan, and keep the other 20k/Year into the 'Boat Maintenance Fund'
Food and Living expenses is a different budget
and I was gona be a bit of a Pirate and just anchor up 90% of the time
I will take a Mooring or Berth about once a Fortnight to go do my big grocery shop. I don't really eat out a lot mainly because I like my own cooking better.
I was just hoping to know if my above expectations were realistic?
Cheers Fella's
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