5 Simple Ways to Save for Your First Boat

Posted by SkiSafe         0

1. THINK MODESTLY 

If buying a boat seems like a fairytale at the end of the rainbow, remember - it is a purchase like any other and with the proper timeframe and savings strategy it can become a reality. When in the savings stage, consider setting up an automatic savings plan through your bank. Essentially, you can set aside a designated amount from your paycheck to be automatically transferred into a savings plan. Another option would be to set up a reoccurring transaction from your checking account into your savings account. Believe it or not, setting aside a small amount of money every month will eventually begin to add up. Just look at these guys.

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2. FINANCING IS ALWAYS AN OPTION


Not only is financing an option, but it is one that is commonly used. Obviously if you can pay for the watercraft upfront, that will save you money in the long run. However, for most, the financing the purchase is a more feasible option . Fortunately, interest rates for boat loans are still relatively low. We recommend putting some money down to lower your monthly payments and reduce the overall interest paid. This money can come from your automatic savings strategy, as mentioned above.

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3. LOOK AT YOUR DEBT

Before adding yet another monthly payment to your plate, get real about your current debt. Whether you’re paying toward student loans, credit card debit, or a mortgage, try to clear that out as much as possible before adding to it. You never want to feel like you’re barely keeping your head above water. A watercraft is a luxury purchase – keep that in mind.

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4. GET EDUCATED


 Educate yourself on every aspect involved with buying a watercraft. On the financial side – what are the average interest rates? Which bank offers the lowest rates? What would my monthly payments be? What loan amount am I eligible for? What is my budget? What can I realistically afford? As far as the vessel – what kind of boat do I want? What kind of equipment and safety items do I need? Where will I store the boat? How do I get an insurance policy? What does the maintenance look like? Overall, a little research can go a long way and help you feel more confident about the purchase.

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5. MOTIVATION

 At the end of the day if you really want something and are motivated to get it, eventually the tables will begin to turn. Maybe it takes 1 year of saving or maybe it takes 15 years, but if you put your head toward something, you can make it happen. But – never make it happen before you’re ready. As mentioned earlier, do not set yourself up to drown in debt. Find ways to mobilize your income. Maybe you save a tax refund. Maybe you get a raise at work and save more per month instead of opting for a lifestyle upgrade. Maybe you open an Etsy shop and get your creative juices flowing. Maybe you stop buying $6 white chocolate mochas from Starbucks every day. There are many ways to start making changes, get creative with money, and start saving more when you have a specific goal in mind.


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