Preventing Romanticised Travel Notions From Inhibiting Smart Financial Decisions

Traveling in an RV and spending your life on the road may seem like an adventurous dream come true. We’ve all seen the movies where a road trip seems like the answer to all of life’s problems. There are no regular bills to pay, you can come and go as you please, and there is nothing truly tying you down. This is not as true as it may seem. Life on the road is actually on the expensive side. You do not want the romanticized notions of travel to inhibit smart financial decisions that can impact you for a lifetime.airstream-1359135_960_720

Getting a Good Deal on a Motorhome Loan

One romanticized notion is that you can simply choose any RV you want and drive away with it on your new life’s adventure. You need to realize that you will save more money for your trip if you actually take time to consider the motorhome loans that are available, rather than purchasing the RV outright. You can get a good motorhome loan that will allow you to save money for your monthly expenses. Financial companies typically offer financing options that allow you to find a low fixed rate that is affordable.

Finding the Hidden Costs of Life in an RV

When you choose to spend your entire life in an RV, you are going to need to find the hidden costs associated with full-time RVing that will allow you to determine how best to spend your money. Insurance is one major payment you may not have considered. With all of your personal belongings kept inside the RV, you will want a policy that covers both the motorhome and the items inside of it. You could be looking at $100 or more per months for an insurance policy, so you need to include that amount in your spending budget.

Perhaps your RV gets a flat, breaks down, or is otherwise unusable for a day or two, or even longer. Your insurance will not cover all costs. You must pay out of pocket for some of the repair expenses. You need to make sure to have money set aside in the case of any repair work. During this time, you may also need to stay in a hotel. Your insurance plan may cover hotel costs if you are in an accident, but not for simple repair work. This could result in several days or more spent in a hotel that you have to pay.

Using a laundromat is also necessary while traveling in an RV. With more than just one person along for the journey, the cost of washing and drying clothes, towels, and bedding can add up to quite a lot. With this and other hidden costs, your carefree road trip through life could end up costing you a whole lot more than you considered.

Setting a Budget and Sticking to It

Just because you no longer have a house payment to make or an electric bill to pay does not mean you shouldn’t have a budget set for your expenses. As mentioned, there are a number of hidden costs that you need to be aware of before you head out in your new home on wheels. The monthly loan payment, the insurance, the money for a laundromat, your grocery bill, and any other expenses you will have every single month need to be fully recorded in a budget plan. The income you have coming in needs to remain higher than the amount you are spending if life in an RV is going to work.

Do not let your romanticized notions about life on the road get in the way of making smart financial decisions. This is not to say that living in an RV shouldn’t happen or isn’t possible. You can make this lifestyle work as long as you are making smart decisions with your money and considering all costs of living life on the road.

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