An RVer’s budget
Becoming a full-timer will require a shift in your priorities—for the better
One of the most frequently asked questions from potential full-time RVers is “how much will it cost?” It’s a very difficult question to answer, since each RVer has their individual needs and income for budgeting. However, there are a few basics that everyone must take into consideration while planning on becoming full-time RVers.
Cost of the RV
The first question that must be answered is the cost of the RV itself. Whether you spend $2,000 or a million, your costs will be determined by the type of RV you choose. Will you buy new or used, and what do you want or need in an RV? I think that is also another question that should be answered. Have a wish list of what you want as if money were no object, and then whittle it down to what you actually need. You might surprise yourself.
Financing
If you are financing the RV, the cost of the down payment must be considered, as well as the interest rates and monthly payments. Remember, RVs do not go up in value—they depreciate, so that too may reflect on what you spend on your new home. Don’t forget it is your home and not a holiday vehicle. That in itself affects what you will buy. Shop around and negotiate—there is always room for discussion on interest rates and prices. Now that we have decided upon the RV we can afford, there are daily, weekly and monthly costs that will need to be assessed.
RV parking
This will depend upon many factors such as how much travelling you will be doing. Will you park in resorts full time, boondock, a combination of both, or do you have a camping membership that will determine where you stay? How many days in each month will you be travelling or sitting? Travelling more often increases the cost of fuel and also the rates of the RV parks, although it is sometimes possible to get a reduced rate for staying longer.
Fuel/propane
Once again this will fluctuate depending on how much travelling you do and how often. The propane costs will increase if you are using heat in cooler climates, cooking a lot and have a propane refrigerator running.
Insurance/licence
This is a must. Protect your investment and the personal belongings in your unit. If you are living in it full time make sure your insurance agent is aware of that—regardless of the extra cost. It would be a terrible thing to have a fire or accident and find out that you were under-insured and cannot replace your RV or contents. Do you have an up-to-date vehicle licence? What will be your yearly or monthly cost?
Repairs
If your unit is new there is probably a warranty to handle any problems, but regardless, there are always things to do to maintain your RV at its best. What will happen if your refrigerator quits working? Are you prepared for emergencies?
Tow vehicle
Budget for the toad’s fuel if you are pulling one. The same items (insurance, repairs and licensing) all must be budgeted for.
Entertainment
Do you like to eat out? If you like to eat out regularly or always cook at home your costs will differ. I know one full-time couple who virutally never cook. Don’t I wish? They go out every night for dinner and it’s important to them so they budget for it.
Groceries
I love grocery shopping! I enjoy it especially when we are in different areas because there are always local products available to experiment with. We all need to eat and this cost has to be on our list.
Medical
Let’s stay healthy. That way we can continue to RV as long as we wish.
Communication
Internet, mail forwarding, telephones and satellite TV will vary from person to person but we all like to stay in touch with friends or family, so put it on your list.
Obviously the above costs are not the only expenses you will incur, but they are the major ones that will impact your chosen lifestyle. By careful planning and knowing your limitations. There is no reason why you too can’t become full-timers if you choose. An RVer’s budget is just as important as a budget for people staying in their brick and mortar home—it’s just a different way of spending your money.
