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Go Back   SailNet Community > Out There > Cruising & Liveaboard Forum > $3000/mo cruising budget
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Topic Review (Newest First)
11-02-2014 08:59 PM
windnrock
Re: $3000/mo cruising budget

$3000 per month is very doable. We budget at about $2000 have a 41 foot boat, international insurance for both the boat and health and fly occasionally. We stay on the hook, limit our restaurant spending and do almost all maintenance and repairs ourselves. We do go out, we do shop and we absolutely enjoy our life!
10-30-2014 08:49 AM
Group9
Re: $3000/mo cruising budget

So much of your maintenance budget depends of how good you are at figuring out how to fix things.

I will give an example: My ST4000 RayMarine Autopilot broke one day, coming into a pass with some pretty good waves (where I probably shouldn't have had it engaged).

There were three options to fix it:

1. New autopilot - cost $1500 to $2500

2. Replacement drive unit - $550

3. Take the thing completely apart myself, figure out what was wrong with it, and replace the six (out of 9) little plastic gears that I found had been stripped. cost - $45

I picked #3. But, someone who would have picked #1 or #2 option, is definitely going to need to set more money aside for maintenance than I have to have.
10-28-2014 07:02 PM
Shockwave
Re: $3000/mo cruising budget

I've never bought into the 10~20% annual maintenance cost of the purchase price because it's an unknown what was paid for a used boat and what condition it's in. A new boat has new systems and can be sailed for many years before maintenance is an issue.

Some examples:
A new Tartan 41 cost roughly $500k, will the owner be spending $50~$100k per year to maintain it? Of course not
A used Tartan 41 may cost $70k or $300k. The $70k 41 may have had a complete refit with new standing rigging, sails, engine, bottom, electronics... but the owner has decided to sell for any multitude of reasons. Will the new owner have to spend $7 to $14k every year to maintain it? Again the answer will be no. Meanwhile the $300k Tartan 41 may need new everything and the owner may well have to spend well over $120k to bring the boat back up to yare.

I've always believed the best way to look at annual maintenance is to compare the boat to a new replacement boat. I believe the average maintenance cost for a boat in private ownership used on a regular basis will require 1/2 to 2% of new replacement cost. So, if a new Chance 30 were built today it went out the door for $150k, your annual maintenance would be $750 to $3000. Some years will be light and some years will be heavy but over the long run it's going to be somewhere in this range.

And remember inflation, ten years from now that $150k Chance 30 may be $200k if newly built then.

Over the past 13 years we've done a ton of work on our boat (sails, rigging, engine, generator, instruments, hull and deck paint...) and have spent roughly 1.4% of new replacement.

At the end of the day the best value is to buy a good used well found boat that has been through a recent refit. You will buy for pennies on the dollar. The worst value, often, is to buy new and fit it out for cruising. Depreciation is the most expensive facet of boat ownership.

And I'm not saying one or the other form of ownership (new or used) is right or wrong, I'm strictly talking finances.





Quote:
Originally Posted by JonEisberg View Post
Agree completely, and that's the primary reason why I found some of the stuff in the "Voyaging on $500/month" thread at least verging on the semi-delusional... :-)

Going places, actually using the boat full-time, costs money... In my observation, one of the biggest factors that people embarking on full time "voyaging" for the first time tend to underestimate, is the greatly increased wear and tear on a boat suddenly being used all the time, and the amount of time (and consequently, money) spent "fixing their boats in exotic locations"... I think many people grossly underestimate the costs of maintenance, or tend to attempt to defer them as long as possible. (Which of course can lead to bigger problems, and wind up costing more, in the long run) It can wear a lot of folks down pretty quickly, and I think it's definitely one of the primary reason why many quit the fulltime cruising life sooner, rather than later... Also, one of the most compelling arguments for avoiding complexity, and keeping things as simple as possible - within reason, of course...

Pretty good post from SAILFEED, regarding the maintenance costs on a couple out there on a Stevens 47... To someone sailing a modest boat like mine, these numbers certainly give pause to the notion of 'stepping up' to a comparable boat, to say the least... :-)

Cruising costs, routine maintenance, and the 10% (15%, 20%) rule | Sailfeed

The cost of cruising: Totem?s maintenance list | Sailfeed
10-28-2014 12:14 PM
travellerw
Re: $3000/mo cruising budget

Maybe this won't add much to a thread 38 pages long... but...

Our family is planning on a departure date of Sept 2015. Our budget is exactly the same, $3000/month for everything. We are a family of 5 (kids under 10) and will have no other expenses except cruising. We will be on a 38-42 catamaran "somewhere". Currently we have no plan as it will depend on the purchase location of the boat.

I have spoke through e-mail will multiple cruisers (some with kids, some without) to help arrive at my budget. Some of them have cheaper budgets (yes even with kids) and some had bigger budgets. One thing they all told me, "You will spend at least your budget", if you budget 2K, 3K, 5K then you can count on spending at least that amount (most months exactly).

One person I spoke with who has been out there 7 years, said they went with one budget but have moved to a much lower budget. They said that once they realized they couldn't keep going unless they downsized the budget, they cut out a bunch of stuff. Their budget was cut in half and they were surprised at how little it affected the quality of their life.

I hope to see you out there!
10-28-2014 12:07 PM
newhaul
Re: $3000/mo cruising budget

Quote:
Originally Posted by Don0190 View Post
I'm back to looking at the budget with a planned leave target being Sept 2015. I'm still figuring $3k/mo on average spending budget to cover everything.

It is looking that on Sept 2015 we will have $442k in cash and 401ks. In 2022 & 2023 we each could start collecting about $1300/mo in social security. Had the financial advisor run the projections and he said it all works (was surprised a financial advisor would even say that).
Did your planner take into account the new USCG document fee it may break the bank ya know.
10-28-2014 11:01 AM
Don0190
Re: $3000/mo cruising budget

Quote:
Originally Posted by Don0190 View Post
Determining a cruising budget and trying to find out if it will work seems like one of the most important parts of cruising, yet is one of the hardest to find any answers on. Before I got into sailing I spent 2 years researching the cost issues and in the end kind of just gave up and placed myself on a path to cruising anyway.

The question frequently becomes all jammed up with "it depends" and "it costs whatever you can afford to spend" answers. Which are true, but of little value for planning. Planning becomes even more important for those not so young when the decision to stop working and go cruising equals an end to a career and little chance of returning to work at anywhere near the level they were when they sailed off. The goal becomes balancing leaving while young enough to get the most of of cruising, while working long enough to not run out of money.

But I'm becoming more and more job burnt out and more and more caught in the dream, so find myself looking for the answer. To do it I spend lots of time reading though blogs looking for what people are spending and comparing it to what they are doing. I read things like the "Interview with a Cruiser Project", waste my time on the various forums, and just plain taking a guess based on what it costs me to live on land and maintain my boat now and have a budget in mind.

The budget I'm currently planning for is $3000/mo, which has to cover basically everything. Now this isn't a down and dirty budget, and it isn't a live high budget. But it is expected to be a comfortable budget that allows sightseeing and not eating out of a can budget. And as an average amount is one that I could cruise on till I no longer an able (that $3000/mo, $36,000/yr budget becomes $52,500 when I'm 75 at 2% inflation).

If you are in the cruise for $500/mo group this isn't a thread for you. But if you are in a similar position for cruising on $3000/mo I would love to see comments on what you expect this to mean far as your cruising plans.
I'm back to looking at the budget with a planned leave target being Sept 2015. I'm still figuring $3k/mo on average spending budget to cover everything.

It is looking that on Sept 2015 we will have $442k in cash and 401ks. In 2022 & 2023 we each could start collecting about $1300/mo in social security. Had the financial advisor run the projections and he said it all works (was surprised a financial advisor would even say that).
08-28-2014 04:42 PM
Group9
Re: $3000/mo cruising budget

Quote:
Originally Posted by Don0190 View Post
i

You telling me anything as the thread isn't about me. There isn't any answer I want to heard . I already know the answer for me
Okey Dokey.
08-28-2014 11:36 AM
Don0190
Quote:
Originally Posted by Group9 View Post
Quote:
Originally Posted by Don0190 View Post
was a lot more useful thread before it turned to just really be bashing

just where would internet forums be without bashers looking for a "cause"
We're all trying to tell you the same thing, but because it's not the answer you want to hear, you think we are bashing you.
i

You aren't telling me anything as the thread isn't about me. There isn't any answer I want to heard . I already know the answer for me
08-28-2014 10:10 AM
Group9
Re: $3000/mo cruising budget

Quote:
Originally Posted by Don0190 View Post
was a lot more useful thread before it turned to just really be bashing

just where would internet forums be without bashers looking for a "cause"
We're all trying to tell you the same thing, but because it's not the answer you want to hear, you think we are bashing you.
08-28-2014 09:04 AM
Don0190
Re: $3000/mo cruising budget

was a lot more useful thread before it turned to just really be bashing

just where would internet forums be without bashers looking for a "cause"
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