Dollars & Sense

Dollars: Perhaps the most discussed, underestimated, overestimated topic about owning a boat.  Having spent most of my life working numbers, planning budgets, exceeding budgets (grin), etc. as a business owner – this was a very important topic for me to research. 
B.O.A.T – Break Out Another Thousand.  From firsthand experience, I can tell you this is wrong.  It is MUCH more than ‘Another Thousand’.  OK.  We are building a boat.  A lot of the items we are adding are not inexpensive (shroud covers the exception)….but they are….for us…necessary. 
As outlined in the previous post, the electronics for communication are critical to us.  You don’t have to ‘have’ satellite internet service -- but you do need this if you plan on accessing the internet in faraway places as we do in our travels.  Everything we do with finances and investments revolve around internet access.   Not to mention updating blogs and keeping in touch with family at reasonably quick connection speeds.
So, what can someone expect to spend on a boat?  If we look ONLY at cruising cost, not onshore investments, houses, cars, etc – the truth is not very much.  This is hotly debated covering the entire spectrum of $10k - $100k+.  The reality for us is probably somewhere in the middle.  An example of a person cruising on $20k/year is found here.
I found a great blog and they have cataloged their entire budget over the past several years.  Their boat is similar in value as ours – an Amel 54 (one of our top contenders in the mono-hull space).   This couple did a great job outlining their total expenses and for us is a good starting point on our personal budget.
s/v BeBe Budget

For us, it is still TBD.  We know ballpark our insurance will be $10k/year.  Above that, with boat maintenance, travel costs, provisions, etc. we will probably be in their same range after our first year on the boat.


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