Liveaboard budget-looking for your feedback

[Chubs]

We have discovered the Live-aboard lifestyle and we are now in pursuit of making the dream a reality. We have minimal experience however, we both have reasonable intelligence, we are strong, driven and balanced folks. “She” is 50 and “I” am 61. We are both retired.

In order to realize the dream, there are COUNTLESS things to learn, complete and do. One of the important elements is to establish a realistic financial plan (cost of entry, capital investment and the much discussed “live-aboard budget” or as pointed out, the question with infinite answers.

Realizing all live-aboard budgets are a reflection of the boat, the location, the individuals and the lifestyle, we must start somewhere. We have great respect for those on the site who have or are living this lifestyle and we believe we can benefit from your wisdom and experience.

We have put together our initial financial plan and we would greatly appreciate any feedback you care to offer. Thanks in advance for your help and support.

For the first year we plan to sail the Caribbean (Jan – May) and then sail to the Mediterranean for the balance of the year. We plan 2 trips back to the US (June and Dec) to visit family. In Jan we plan to sail back to the Caribbean and start over again.

[Kenomac]

Can I be your "Training Captain?"

[newhaul]

I will volunteer for the position of chief engineer and deck boss. Just pay my fees bill.

[Hudson Force]

Originally Posted by Chubs

.......................
............Realizing all live-aboard budgets are a reflection of the boat, the location, the individuals and the lifestyle, we must start somewhere. We have great respect for those on the site who have or are living this lifestyle and we believe we can benefit from your wisdom and experience. ...........

Your showing us much of your own wisdom by recognizing all these variables. It can be seen that all these same variables hold true for those living in houses instead of boats. After living aboard and cruising for 45 years, we have been ashore for about six months. I always thought that we were living aboard with less expense than those ashore, but now, we find that we are spending a little less with our rental of a relatively small apartment than our total monthly cost of living on the boat.

The 1,300 square feet of our apartment is a huge space for us compared to our boat. I expect that your move afloat might result in some expensive beginnings, but the end result will likely not be a great difference in your monthly expense.

My impression that we were living with less expense aboard he boat is probably true when compared with those living in homes 2 or 3 times the size of our modest apartment.

[Excalibur5]

Family of 5, Prout Snowgoose Catamaran full time liveaboard and cruiser in Juneau, Alaska.

Moorage $250/mo
Electricity $40-180/mo depending on season (electric heat)
Insurance $1100 / year
Fuel (diesel) $200-$300ish / year with around 4 weeks of yearly cruising
Maintenance / upkeep $2000 ish / year, but we aren't putting too many hours on the motor or sails yet.

Figuring car (we share one) and food, we need around $2000-$2500/month currently. We are debt free, and own our boat outright. Note cost of living in this area is very high though.

[redhead]

Take another look at "Restaurants". I know that if we go out to breakfast once a week and out to dinner once a week we would exceed your estimate and we are in a relatively low cost area. It might be manageable if you are Spartans, but looking at the other things you are planning, I think not.

Budgets/plans are wonderful things. It keeps me aware of what's going out. But I also found that budgets/plans are largely influenced by what I think it SHOULD be and life sometimes has a huge giggle at my expense.

Much good luck to you!!

[KP44]

The most relevant experience I have is storage; meaning a storage unit. Think carefully about storage costs. We have stored great stuff for years at $80 per month. When I look at costs, I could buy a lot of new "great stuff" when I need it with $960 a year. Sometimes it is better to give away unused items rather than filling a storage unit.

As far as overall budget, you can be as frugal or opulent as needed; either on land or water. Even in our ship's small galley, I cook better than most restaurants serve. But we still enjoy dining ashore. If you enjoy excellent seafood, there is no place like a sailboat.

[justakiss]

Originally Posted by Chubs

We have discovered the Live-aboard lifestyle and we are now in pursuit of making the dream a reality. We have minimal experience however, we both have reasonable intelligence, we are strong, driven and balanced folks. “She” is 50 and “I” am 61. We are both retired.

In order to realize the dream, there are COUNTLESS things to learn, complete and do. One of the important elements is to establish a realistic financial plan (cost of entry, capital investment and the much discussed “live-aboard budget” or as pointed out, the question with infinite answers.

Realizing all live-aboard budgets are a reflection of the boat, the location, the individuals and the lifestyle, we must start somewhere. We have great respect for those on the site who have or are living this lifestyle and we believe we can benefit from your wisdom and experience.

We have put together our initial financial plan and we would greatly appreciate any feedback you care to offer. Thanks in advance for your help and support.

For the first year we plan to sail the Caribbean (Jan – May) and then sail to the Mediterranean for the balance of the year. We plan 2 trips back to the US (June and Dec) to visit family. In Jan we plan to sail back to the Caribbean and start over again.

Chubs,
Thank you for being willing enough to share your data. Seems most budget discussions get bogged down in "let me tell you how I would spend your money...".
I did have a question though. From what I can tell, you intend on paying cash for your boat? I see you have $350,000 as an expense, but no loan listed in your off/on boat expenses.
The only feedback I have is "thanks" because I'm going to "borrow" your spreadsheet to compare against ours.

[kryg]

Whatever the Budget you establish, you must have also cash flow, (some form of income) if not your dream will become a nightmare.

Focus on that, to make your dream come true, do not drain your saving or capital without being able to supplement or replace it.

In my case 35 to AUD 50 K a year part of this budget is required to keep a business running while I play.

Originally Posted by Chubs

We have discovered the Live-aboard lifestyle and we are now in pursuit of making the dream a reality. We have minimal experience however, we both have reasonable intelligence, we are strong, driven and balanced folks. “She” is 50 and “I” am 61. We are both retired.

In order to realize the dream, there are COUNTLESS things to learn, complete and do. One of the important elements is to establish a realistic financial plan (cost of entry, capital investment and the much discussed “live-aboard budget” or as pointed out, the question with infinite answers.

Realizing all live-aboard budgets are a reflection of the boat, the location, the individuals and the lifestyle, we must start somewhere. We have great respect for those on the site who have or are living this lifestyle and we believe we can benefit from your wisdom and experience.

We have put together our initial financial plan and we would greatly appreciate any feedback you care to offer. Thanks in advance for your help and support.

For the first year we plan to sail the Caribbean (Jan – May) and then sail to the Mediterranean for the balance of the year. We plan 2 trips back to the US (June and Dec) to visit family. In Jan we plan to sail back to the Caribbean and start over again.

[aquadreams]

Looking at the initial purchase line times, you have $30k for Upgrade/Refit. Have you itemized this? Seems a bit low, I think you could easily double this depending on how you equip the boat.

I've started a spreadsheet for what the upgrade/refit extras might be and their cost (attached). In my case it will be for a used boat. Might be helpful for you if you haven't started a list yet.

[MamaKube]

Wow!
Great spreadsheet. I agree with the traditional living items. We moved aboard two years ago to prep for cruising. My biggest shock has been the boat maintainance and upgrades to get her ocean ready: batteries ($9,000 - it's a story), sails ($12,000), new dinghy ($11,000), diesel heat to live aboard ($9,000), cockpit and bimini replaced with enclosure ($10,000) and the endless list of repair parts for a used boat...
Now I am into prepping for food (dehydrator) and preserving (Foodsaver).
Choose your training captain carefully. Preferably someone who has lived aboard.

[PPLepew]

Let see: Limited experience, plan to cross the Atlantic within 6 months.
How high would say your "reasonable intelligence level" is??
Give it a few more years of experience. Not sure it would help your IQ though.
Just trying to save your boat.

[Chubs]

All resumes will be fairly reviewed. I look forward to seeing your qualifications. )

[Chubs]

45 years; I am speechless! You two are our new idols. I do tend to agree with your assessment, that you will spend about the same on and off the boat. We humans tend to extend our spending as much as we can. I greatly appreciate you taking the time to reply. Your experience and knowledge is both appreciated and respected.

[Chubs]

Thanks for taking the time to share your information. It looks like you clearly have your lifestyle/budget under control. I appreciate the data you shared. It's a big help to get other's insight.