How to Budget for a Sailboat
- 1). Determine the cost of the sailboat, taxes, title and license once you have picked out the boat you want. Talk to the boat dealer for an exact total of the boat if you do not know the individual prices of the required fees.
- 2). Price sailboat supplies such as extra rope, sails, life jackets and safety equipment. You will need an idea of what these items cost to put together a realistic budget.
- 3). Get a sailboat insurance quote and add the price of a year's worth of insurance to your budget. Sailboat insurance is required in the U.S. and most policies cover liability and physical damage similar to vehicle insurance. You must continue to pay for the insurance as long as you own the boat. Paying a year's worth of premiums up front will keep you from needing to make additional monthly payments. How much insurance you get will be dependent on the boat you are sailing.
- 4). Add the total cost of the boat plus the estimated total cost of any and all supplies you must purchase to start sailing safely. A calculator or spreadsheet program will suffice for completing the math needed for setting your sailboat budget.
- 5). Decide how long you would like to wait before purchasing your sailboat. The longer you wait to make the purchase, the less you must allocate each pay period toward your purchase but there is a large chance prices will change dramatically.
- 6). Determine how many paydays you have between now and the time you plan to purchase your boat. Do not include any bonuses you may receive during that time because they are not guaranteed.
- 7). Divide the total cost of the boat and supplies by the number of paydays between now and when you want to complete your purchase. The resulting amount is how much you must put in savings toward your boat out of each paycheck.
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