Embarking on a Life at Sea: How Much Money Should You Save Before Sailing the World?
Have you ever dreamt of leaving everything behind to set sail around the world? If you are 23 and counting on temporarily leaving your life behind for a circumnavigation adventure, it's crucial to thoroughly plan your financial aspects. This guide will provide you with insights into the costs associated with your journey, helping you navigate the financial challenges of sailing the world.
Understanding Your Financial Needs
Before embarking on your journey, it is essential to have your financial house in order. You should aim to pay off your house, car, and increase your retirement savings. According to some experts, having enough to cover these expenses will allow you to travel freely without worrying about financial constraints.
Calculating Your Daily Costs
To get a clear picture of your budget, start by estimating your daily spending costs. For instance, staying in cheap hotels or hostels might cost you around $100 per night. Meanwhile, food expense would be around $15 per meal, totaling approximately $150 per day. While it’s possible to travel on a much lower budget, a conservative estimate of $100 per day is a good starting point.
Historical Spending Analysis
A personal experience shared by the author involves traveling through Thailand and spending around twice as much on meals as on accommodation. Despite this, it is advisable to budget at least $100 per day for travel expenses, and save the remainder for local adventures. By doing so, you ensure that you are prepared for unexpected costs and can enjoy your travels without financial stress.
Lifestyle and Duration
Circumnavigating the world is an ambitious goal, with the reality that only 1% of people who say they want to do it ever actually accomplish it. A 2–3 year voyage is generally considered the norm, although many settle for traveling halfway around the world or crossing an ocean for adventure. Each lifestyle choice – whether you stay on the boat, anchor, or tie up at a marina – will impact your expenses.
Financial Planning
To determine your financial requirements, consider cutting your land expenses in half and adding $30 to your food budget. Additionally, you should set aside at least 10–15% of the boat cost or $10K for emergency expenses. Nowadays, it’s recommended to have at least $20K saved for these expenses. This figure covers the cost of equipping the boat for blue water sailing, which can quickly become expensive.
Adapting to New Realities
Your spending will significantly vary based on your lifestyle on land. You can cruise frugally for $15–20K per year, or opt for a more luxurious approach with expenses up to $40–50K per year. The cost will also depend on how long you stay in one port before moving on.
Books have been written on this topic, and the general consensus is that you can never have too much money for cruising. Depending on your spending habits and the costs involved, a good annual budget for cruising is around $40–50K USD per year. This amount allows you to enjoy a reasonable life ashore, handle ongoing expenses, and cover emergencies without financial strain.
Alternative Income Streams
While saving the entire amount beforehand is ideal, you’ll likely need alternative income streams along the way. Making money at sea can be challenging, as most countries do not allow foreign citizens to work legally. You may have to rely on bartering or off-the-record work, and legal permits are often difficult to obtain. Remote work with reliable internet access can also be a viable option, though the costs are often high.
Emotional and Practical Preparedness
Embarking on a voyage around the world is not just a dream—the reality of living on a boat comes with numerous challenges. Financial stress, mechanical issues, and emotional resilience are key aspects of this lifestyle. Be prepared to adapt your plans and expectations as you encounter new challenges and realities.
Remember, haste can be perilous. Take time to plan and adapt. Fair winds, and may your journey be filled with adventure and serenity.
Conclusion
Embarking on a circumnavigation adventure requires careful planning and financial preparedness. By following these guidelines, you can ensure that your voyage is both enjoyable and sustainable. Stay informed, adapt to changing circumstances, and enjoy the incredible experience of sailing the world.