How much does it cost to live on a boat?
In ports all of the world, you will find people doing it on next to nothing: Young couples on tiny Wharram catamarans, old men in gaffers held together with string…
If you don’t believe me, consider Shane Acton, who sailed round the world in the 1970s in a boat just 18ft long. At one point, he was so short of money he sold all his clothes except for a pair of black oilskin trousers (in Panama, nobody wanted those). However, he did cut such a romantic figure that he gained himself a girlfriend who accompanied him the rest of the way.
All the same, there is no doubt that having a bit of money behind you helps. It’s safer for one thing – you need to keep your vessel seaworthy. Also, imagine not be able to stand your round in the waterfront bar?
Surprisingly, having too much money can also be a problem. If you have unlimited funds, you may be tempted to keep buying gadgets and gizmos – most of them electronic and prone to breakdown.
You could pay someone to fix them – but what if there’s no electrical engineer in a thousand miles? And even if there is, how long are you going to be stuck waiting for spare parts?
A happy medium is the answer – and just as important, the money must keep coming in, no matter what happens to the world economy, the stock market, house prices or anything else.
That’s why it’s a good idea to have several different sources of income – and the less time and effort you have to put into them, the better.
This is where my money comes from:
I have two newspaper pensions but remember I retired at the age of 45 after less than 20 years’ service. So they’re not as generous as you might expect – and the UK state pension is famously the lowest in the developed world.
My secret weapon is a little part-time business. I can do it anywhere I have a mobile signal, and it pays me more every month than all three pensions combined – even if I don’t do anything (if I do, I get more). You do need to have some connection with the UK because that’s where it operates. I would like to tell you more about it, but the company’s marketing department would insist on approving every post on this blog, and I spent so much of my life fighting to get my copy past newspaper lawyers that I can’t face going through all that again. Still, if you’d like to know about it, send me an email, and I’ll let you know privately.
Then there is this blog. You may have noticed the “Good Health” page where I recommend a food supplement. Every time somebody places an order, the company sends me £2.25. It’s not much but, people order a monthly supply, so it all adds up…
Next, if you look at the “Books” tab, you will see I have a couple for sale on Amazon – again, they don’t bring in much by themselves but, added to everything else…
I could have a Patreon account: Lots of sailing bloggers use this to invite people to send them money to support the lifestyle. To me, that sounds a bit like begging. If you like my writing that much, buy a book!
The other side of finance afloat involves embracing the philosophy of living cheaply: Never pay for mooring if you can anchor for nothing. Always fix things yourself if you possibly can. Be generous with any expertise or tools you may have – what goes around comes around.
Most importantly, sail a small and simple boat.
And don’t waste money. I have a rule never to buy anything the first time I think of it – the opposite of the reefing rule. Exchange rates can ruin you, too. Get a Transferwise card and use it for all transactions outside your own currency. Not only do you get a far better exchange rate, but you don’t fill up the boat with jam jars full of different currencies you won’t use until your next circumnavigation.
Even better, if you get a card, their affiliate program will send me a little thank-you. Use my link: https://transferwise.prf.hn/l/75dbpzx
You never know where a bit of extra cash might come from: When I contacted the man who made my charcoal heater, he said he wanted to sell the business and offered me a percentage if I could find him a buyer!
Once you have taken the plunge and started to live on your wits, it’s remarkable how good you become at seeing opportunities.
If you’re thinking of living aboard and sailing the world, don’t wait for enough money or you’ll wait forever. Remember that when Eric and Susan Hiscock set off on their first circumnavigation in 1952; on the bulkhead of Wanderer III were carved the wise words of Arthur Ransome: Grab a chance and you won’t be sorry for a might-have-been.