Aug 22, 2017

Thinking About Money

I'm starting to worry about money, which you can probably tell based on this being my second financially related blog post in five days. We're not in a dire situation at the moment, but I'm trying to be proactive and figure things about before the well runs dry. I started a managed wordpress hosting business called wowie.co. It has potential but still needs some work before it will generate income.

I also signed up for a service called Patreon (patreon.com/hobosailor) which helps bloggers get paid for their content. Without Patreon I'd have a hard time justifying the time I spend creating blog posts and videos. Time I could otherwise spend working on Wowie.co. Regardless of Patreon, I'd still create blogs and videos. It's something I enjoy doing. But I don't think I would make it as high of a priority.

To be clear, this post isn't about plugging my two potential sources of income. I simply wanted to be transparent about what I'm thinking and feeling right now as we are less than two weeks away from departure. I also wanted to be clear about the ways I'm hoping to make money to pay for this little adventure.

We have also rented out our house, but 100% of that money will go towards property expenses, health insurance, and our emergency fund. We have not yet started receiving rental income.

At this point we have enough cash to last 4 or 5 months based on the following budget:

Food: $150/week
Based on our transaction history, we spend about $513 a month on groceries or about $128 per week. I'm budgeting $150 because I want to be a little on the high side. Better to plan for the worst case scenario and come out ahead. I figured out past spending habits using Mint.com. A totally awesome service for budgeting that I highly recommended!

Fuel: $50/week
We have 2, 25-gallon fuel tanks. We burn about a half a gallon per hour, which means we can travel for 50 hours per tank. If we only run one engine at a time, which we usually do, then we can stretch the fuel to about 100 hours. We plan to travel about 5 hours a day, 5 days a week. This means we can go about a month before needing to refuel. I'm assuming fuel will cost around $3 per gallon or $150 to fill both tanks. The marina we are at right now is charging $2.52 per gallon, so I feel my assumptions here are on the safe side.

Fun: $100/week
This is a total guess. I don't know how much we will spend per week on sight seeing, but we've taken a number of sailing trips with no budget for fun and it sucks. It's like going to an amusement park and not being able to go on any of the rides.

Repairs and Upkeep: $25/week
I'm probably way under budget on repairs, but it's better than nothing for now.

Dockage: $50/week
We anchor most of the time, but there may instances when there isn't an anchorage isn't available (rare) or when we just need a dock for some reason. I figured it would be better to have it in the budget.

Saving: $0/week
At this point, we are not saving any money for retirement. Scary!

Total: $375/week, $1,500/month


If you enjoyed this post, you might want to check out patreon.com/hobosailor where every month I'll be posting details on our actual income and expenses once we get underway.



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