Financing the Cruise

[dnice]

Sorry, I posted my 'financing the cruise' plans, but forget to address the original post, 'managing'...

I would keep the bulk of my finances in a savings account and use a debit/check card whenever possible.
I would also keep one or possibly two (one MC and one VISA) credit cards, for emergency (or major repair) use only.
then I would keep around $1000 cash on the boat for provisions and such, replenishing it with the debit card when it runs low.

I think it was the book "Blown Away" where a guy cruising in central america suggested keeping cash in One dollar bills. Even though US currency was widely accepted, getting the correct change back (or any change at all) from a $20 bill was unlikely. Sounds like good advice to me, unless you can do the exchange rates in your head, or are staying mainly in resort area's.

edit: I don't think it was "Blown Away" now, but I can't remember where I read that. some cruising book... they all sorta run together in my memory now.

[Capt. Tony]

This is the most depressing or maybe upsetting thread I've read here in a long, long time.  You guys are down right scaring me.

I don't want to come across as a buffoon, or, an idiot, as far as that goes.  But what exactly is it that costs so much money to sail about?  Sure, a cold one every now and again at a sea side dive is nice.  As is a prepared meal.  But is the $1K number representative of what it takes or what we need or what we expect? 

If you start with a sound boat, well stocked with supplies does it really take that much?  Granted, you will eventually have to restock, pay fees, buy fishing license, top up the tanks, etc..  I met a number of back packers in Belize that seemed to do quite well for considerably less untill they hit the clubs. 

Barring the unforeseen repairs does anyone here have a past cruising budget they could share that shows where their money went and how much they spent?

I don't think I have it in me to wait another 5 or 6 years to build up a cruising kitty...go small, go now, go unfinanced!

[Lynx]

No, it is just the lifestyle that you are used to. Sure you can eat rice and beans and a few fish. Sail all the time and not motor. Or just not move the boat.

However if you want more out of life, you need to spend money.

A good description of this is  in"Sail Away" by the Shards. They give a good description of what the budgets can do for you. After a while the "vacation" think goes away and the cruising lifestyle sets in. You then find out what makes you happy. That is what this is all about anyway. Why be miserable for a couple of yeas spending $ 500 per month when you would be happy spending $ 1500  per month for 9 months. You are going back to land someday anyway.

I have spent as little as $ 200 per month already having food and I have spent as much as $ 2500 per month.

[Manannan]

how many people ask you how to finance your life ?.... that is up to every one to answer. No one can tell you how to do it, no book, no wizard can help.  You know what you like in life,  what you like  to eat, to play with. Only YOU can tell. When you go cruising, you  have only the boat to take of and yourself, it is pretty easy, no need to ask anyone else. It is up to you, and it is pretty easy depending on where you go, what you want (stay in marina or not) , and that is it. the rest is : If you have stuff to take care back home, health insurance, boat insurance, family, kids, etc... You can go crazy asking around about a budget. There is no recipe, just try it for a few months see if it fits you. I agree with Lynx, it is about life style...so just try it and write the book yourself. advices are good, but sometimes too much of it is upsetting. It is a wonderful life, full of avdentures, sometimes very smooth, sometimes stormy, but do not wait, do it now. Just go.. :)

[Greenman]

I am one of the pension option guys. My biggest isue now is how long to hold out? I can bug out in 3 years with a $2400 a month clear pension or wait 5 years and be pulling in $2700 clear with an extra 50K in the kitty. I know everyone says go now go small, but those numbers are pretty appealing for two years extra work.

LOL Or I caould go now with much less savings and $1900 a month.

The problem with retiring early is that the pension is forever, cruising may only last a few years or less.......who knows  ???

[Joe Pyrat]

Aside from the money, there is the "how long are you going to live and be healthy" issue.  There was a guy in the boatyard back in Truth or Consequences who was planning on retiring and going cruising. He was in his mid 40's.  Had a massive heart attack and died.  That was when we decided I'd retire a bit early, even if it meant less money, and full fill my life long dream to cut the dock lines and head out. 

Finance-wise (So far I'm the only "Other"), use CC pay it off monthly with retirement income.  May get a job down the road if an interesting one presents itself.

[Lynx]

Greenman - Hard to say. How old are you, your health. Did you take care of the body, family history with related habits/jobs and their age of medical problems.

I suggest that you take as much time on the water as you can to get in shape. If 2 more years makes a differance of $ 70000 in 10 years then you should take it you think you can be sailing for those years.

However, as is pointed out above, If you cannot go then why do the extra 2 years? This is why I went cruising/vacationing now but I am 50+ and will still have to work but I did go. If I waited until I was 68 I do not think I could have stood up to the stresses of small boat voyaging. But that is me.

I suggest that you take off 6 months to a year and do a coastal/Bahamas/Mexico cruise now.

[Greenman]

Hey, thanks for the reply. I am only 37 now and in pretty good shape. Just the odd ache and pain 20 years in the Military gives you.

I am actually pretty sure I will complete 25 years to get the complete pension, I will be 43 and have an excellent Kitty built up.

I get itchy feet when my job sucks or the weather turns nasty, but I know it makes the most sense for me to stick it out a couple extra years  to get a better pension.

[Joe Pyrat]

Good to hear your in good shape.  It's that military stuff that comes back to haunt you around 55.   ::) 

[nowell]

Good to hear your in good shape.  It's that military stuff that comes back to haunt you around 55.   ::) 

sheesh! I wish mine had waited till 55  ;D

[Godot]

Given the state of the economy, I have come up with a new funding method...

Lottery tickets!

I'll be striking it rich any day now!

[chris2998]

i've thought of this alot so many say wait till retirement but heck i'll be like 60 and can't do anything well no thank you.. I'm single no kids I plan on doing this in 3 and a half years is my goal. I have heard more from older people who say yeah do it while you're young and while I don't want to work forever I am saying I will make this trip before I am 34 for sure. I can't wait till retirement to full fill my dreams screw that. I'm living for today.
sorry to get worked up a little I guess I'm very passionate about living. I come from a very hard working family and I am the one who wants to travel and explore life and everything it offers.

Chris

[Joe Pyrat]

Then get a job on a schooner like the Virginia (http://www.schoonervirginia.org/career_opportunities.php) put in your sea time, get your captain's license and move on to captaining your own boat.  Check out the crew exchange sections of sites like the Seven Seas Cruising Association (SSCA) board.  Or if you can, attend something like the Maine Maritime Academy take the small vessel operations degree (http://dean.mma.edu/newcatalog/Default.htm) to get a leg up on a sailing career.  Nothing says you can't get paid to go sailing, if you are single and your finances are such that you can afford to take a crew job or go to school, go for it.

[Lynx]

Joe - ture but it is not quite the same as going out on your boat and not working on the water.

If one starts out without a boat, it is quite possible to get in a years cruising for $ 15000 or less. That includes buying and outfitting a small cruiser for coastal cruising.

[thistlecap]

A friend of mine had made sailing and boat work his life.  He was a school teacher, and decided he could do such work at any age, but wanted to see the world while he was young. I asked him about his financing, and he explained he'd stop and work--carpenter, boatyard worker, laborer, truck driver. He would stock the boat for a year except for a bit aside for perishables, a newspaper, or trip ashore.  Then he'd go.  He then reached into his pocket and pulled out some change, counted, and said, "A buck thirty-five.  I'm good for another week."

As for me, right or wrong, I went the other way.  I just turned 65.  I've been dreaming of cruising since I was 20, but providing for a family was priority one.  My wife has a hyperactive nesting gland, so instead of living our lives now that we're "retired," we're living the grankids lives.  Life doesn't stand still.  The conditions of live, health, economy, family that you're expecting to be in place when you retire I can almost guarantee will not be what you expect.  Waiting for retirement is a crock.  It means you're living for security, the security some CEO or pension manager will steal, or the economy will devalue. Or, as happened to an uncle, a week after he retired, the company  closed its doors and the pension he worked 35 years for just vanished.  Life is nothing more than the sum total of your decisions, so there's no sense crying in your beer later if you're the one making the wrong decisiions.  You have to decide what's important, go for it, and be willing to surrender everything else.  You can end up with a large collection of memories, or a large collection of receipts from all the bills you've paid.  If it's important enough, you'll not start planning for it, you'll start doing it today.  As the Pardeys said, go simple, go now, or you'll not go at all.     

[Lynx]

If there is anybody interested there is a 16 foot Nortica sailboat for sale in Marathon, Fl for $ 2000.

Small but usable.

[thistlecap]

My wife got me something for use on the boat that I thought was unique enough to pass on, and it relates to managing cruise funds.  Rather than sitting on your wallet all day, or risk losing it overboard from deck or dinghy, this puts all your funds management in one place and large enough you won't lose it. It's the Fishpond Rimrock Travel Wallet.  It measures 9.5X5 inches, zippers all around, has a zippered compartment inside for currency or traveler's checks, 11 pockets for cards, a place for the checkbook, passport, a pen holder, a large pocket on the outside for anything---they say it was designed for flight boarding passes, is made of almost indestructable materials, and has three loops on the outside to attach it to a chain or belt-loop if carried ashore, making it nearly impossible for anyone to boost your wallet without you knowing it.  You can check it out at fishpondusa.com or flyfishingoutfitters.com.

[Volksdraggin]

I am going with less than 1k in paper money, several silver coins and a French franc on the boat. I have a couple bottles of rum and a several new t-shirts in several sizes to barter with but during these times, I don't want to be in the US dollar while the FED constantly devalues it. I am going with several fliers stating I am looking for small side work for food or something that can be used to barter with.


Anybody need a Volvo waterpump?  ;)

[David_Old_Jersey]

Cool plan. I hope it works out  8)

and a French franc on the boat.

I hate to be the one to break it to you about that French Franc..............  :P

[Volksdraggin]

LOL I meant a single gold franc coin  :D