This is most helpful and informative! Can’t wait to see what you have in store for the next more specific $$ post. I noticed you didn’t really mention anything about if your still paying for the rv…making a monthly note. Obviously that would be in the fixed column of the budget. Was a rv payment figured into your mean average of $2500 to $3000 a month budget?
The form your money is in makes a difference in how you RV and what your expenses will be. If you have a big income that comes from a limitless source (a pension and/or Social Security), then a large personal loan on a new luxury Class A motorhome may be just fine and the nightly expense of high-end RV parks won’t be a problem. However, if you are trying to make a small nest egg last to your dying day, and you are not even retirement age yet, you may be best off spending a portion of it to purchase your RV outright, rather than paying interest on a loan, and you will also be looking to save money on camping and overnight parking.
I have been throwing this idea around to my husband. He is a railroader and is gone many days at a time. I was thinking of getting a small cabin as a home base and an RV we could travel with him in and go other places when he is not working. It’s a big crazy idea! I keep going back and forth on it, but we really miss him and he misses out on my boys. What are some of the downfalls of this lifestyle?
Emergency Fund – The most important part of savings is your emergency fund. Conventional wisdom suggests you should have at least six months of expenses in a savings account. I know a lot of people scoff at the idea of a traditional savings account where you might only earn 1% interest annually. However, if you think about it anything is better than earning 0%, or not having savings and going into credit card debt for emergencies, which will cost you 10% in interest or more.
There is a silent attacker you may not be aware of, it’s name, Humidity. Humidity is already an issue in RVs, which is why we use our dehumidifier a few times a week. However, as the temperature began to drop outside and we ramped up the heaters on the inside we noticed our windows began to develop a crazy amount of water on them, which would then begin to freeze. This left frost on the inside of our windows so we made sure to wipe the windows down and run our dehumidifier every day.
What about carseats? You have young children. Did you tow a vehicle for smaller driving around. My kids r same ages and we are seriously considering doing this. For all the same reasons. I have always considered homeschooling, so that’s not a giant leap. We just started to look I to RVs and 5th wheels. We already have a full sized pick-up our three kids fit in so we wouldn’t need another vehicle. But I’m worried a out the safety of driving a class A without child restraints and wasting valuable schooling time by having then in carseats while driving. How did you make this decision?
Our initial budget estimate was somewhere between $2500 and $2800 per month. We are very happy that we’ve been able to make this lifestyle work at much less, around $2000 per month (not including health costs, business expenses, and paying taxes). We continue to look for ways that we can reduce our overall monthly costs, and are still very frugal about what we buy and when.
3/ decorations – we bought a bunch of RV type decorations (e.g. Hanging lamps for our awning) that we never used and ended up giving away. My advice is don’t buy too many decorations until you get on the road, since you’ll quickly figure out what you use and what you don’t. Some camping chairs and a small collapsible side-table will get you started on your outdoor gear. Add on from there as you go.