Springtime will be here soon, and skiing is the last thing on our minds. Since returning to land temporarily, we’ve remained focused on our passion – go back out there and visit the world of people and places, the Long Way, by sailboat. How are we dealing with making the time pass until then?
We’re burning the proverbial candle at both ends, striving for May and November. May is when the lease ends on our modest rented house, and it’s warm enough to be back in the water and living aboard. But mostly it’s about getting to November 1st, which marks the end of the Atlantic Hurricane Season. Until that point. we’re refitting and outfitting Fayaway with many upgrades, according to a strict budget. Here’s a snapshot of time management until November. The big shift will be away from work again.
And what about the finances? When we initially sold our home, we spent a bunch for and toward upgrading the prior Fayaway. We socked away what was left into the bank, intended for cruising funds – ie. living and maintenance expenses for the next three years. Since returning to “home base” (temporarily due to Covid) we reallocated a significant chunk of that savings for the purchase of our new Fayaway. For the latest re-fit, additional income from work, and then maybe also dipping into our “rainy day” funds is keeping us “afloat”. Of course, there’s a HUGE sucking sound!
B.O.A.T. (Break Out Another Thousand).
We have simple rules for spending money: Mostly we ask ourselves, “Is this thingamabob for the boat?” I.e. We don’t buy anything that isn’t going directly onto the boat, or at least rationalized as furthering our goal of getting back onto the boat. We have some discretionary spending such as indulging for YouTube Premium! (don’t you hate those stupid ads?)
It’s not about the amount of money, but how we choose to prioritize using it. Everyone has a different definition of extravagance and value. Rather than referencing dollar amounts, we figure its best to work with percentages – as that’s relevant to everyone’s budget and how you perceive your own priorities for comparison. Below is an honest assessment of how we’ve been spending money after the purchase (Feb ’21) of Fayaway.
No surprise, we spend mostly on the boat – building our dream home. Big ticket items this year are:
- Diesel engine, fuel system
- Bottom fairing, paint
- Sails – main & genoa
- Electronics – navigation, communication, instruments
- Canvas cockpit enclosure
- Whisker pole / rigging
- Ground tackle – anchor & chain
Some folks call that deficit spending.
Because we are really pushing to launch in May (still pretty cold!) we’re spending about 35% over what my job is bringing in. Some folks call that deficit spending. Not with credit cards, but with savings. We’ve been timing the boat work to “flatten the curve”, meaning we spread out the big purchases so that these costs don’t hit all at once. For example, we ordered the new engine last September, and the install is happening in February. To save additional money, we ordered (and put deposits on) the remaining canvas enclosure and sails back in October for delivery later this year. New bottom paint will also be done later this month. Amazon has many items in the “save it for later” folder, and I release them intermittently as the smoke clears from the prior big spend.
I hope you enjoyed this brief glimpse into our present daily lives, and that you and yours remain healthy and happy in your own endeavors. Hard work and constant focus toward your longer-term goals will reward you!