How I Budget For The Cost of Living in an RV Park Full Time
Wondering how much does it cost to live in an RV park? In this video, I’m showing you how I calculate my Full Time RV Living Cost Per Month and what my “Stationary RV Living Budget” includes. Because if you’re asking “HOW MUCH DOES IT COST TO LIVE IN AN RV FULL TIME” you must know it’s way more than just your RV Budget! There are other Full Time RV Living Expenses you must account for, which is why I’m taking you behind the scenes and showing you what RV Park Living Cost I pay – to help you figure out your own Full Time RV Living Budget!
Keep in mind: The Cost of Full Time RV Living can vary depending on your RV Lifestyle, Type of RV, and RV Expenses and Budget.
Stationary RV Living Expenses for things such as RV Park Costs range depending on the RV Park, length of your stay, if they charge for utilities and much more! But, Typically if you’re trying to start “Cheap RV Living” and being more “Frugal” then I’d suggest doing some research on what Living in an RV Park Full Time Cost.
Plus, If you’re a digital nomad you’ll love how I’m keeping up with my Stationary RV Living Cost and full time rv budget in this spreadsheet! It helps me calculate my Stationary RV Cost and creates a Financial Snapshot to determine if my income will cover my expenses and for how long? (aka How long can I afford to live in my RV?)
Here is the video transcript:
I wanted to give you a little bit of financial planning advice for your RV life and your RV living budget, and how do you calculate that? Because believe it or not, I get a lot of questions about this. And it’s one of the biggest things that keep people from RVing, or it causes people to stop RV. And that is their finances. Well, we’re, you’re out by the end of this, is, does your income cover your daily cost of living your daily living cost and for how long that can tell you where you’re at and where you’re headed. So I’m walking you through that process. So be sure to subscribe to this video and hit the bell icon somewhere around this video. So you’re notified each and every time publish a new video that goes with this series, and you can do this on the computer digitally, or you can do this on paper, or you can do this on paper and then put it in your computer.
So if this was me, I would probably start with listing my expenses, my living expenses here, or just expenses, we’ll say expenses. And then I would do, um, my income expenses. So let’s just think like, what are some expenses? So for me, um, my RV payment is an expense and what is this gonna cost me? So I told you my RV payment is like 1022, but we’re just gonna say a thousand to keep the numbers even. So it makes sense. And then I am paying my RV, be lot rent, but for you, that might be just home rent or something else. It could be anything. So my RV lot rent is $400 a month. I have to pay my electric bill. So my RV electric bill runs me around one 50 right now. Then like I have to play my RV insurance. So right now that’s running me about nine.
You wanna think about like food and entertainment and things like that, but I’m gonna keep this really simple. So entertainment, any other expenses that you have, maybe you have health insurance, all of those things are gonna add up. So you’re gonna have a total here for this column. Okay. So you’re gonna have a total here and that is gonna tell you what the cost is of your expenses. So you’re gonna wanna add those up and I’m just doing this really quick on here, but you get the gist of like what you’re doing. I’m not teaching you how to use Excel spreadsheets. Okay. I’m teaching you how to come up with numbers. So this is about 1645 or $1,600 in expenses. Now, obviously I have more expenses than that, but that’s the gist of it also, before I forget, make sure up here, you put any kind of credit cards.
You wanna make sure you add any kind of loans or credit cards up in here. So if you have credit card, you’re gonna have, um, like credit number one, maybe you have a personal loan or, um, maybe you have a car payment, you know, you gotta think about that. So all those things are gonna add up in here, but this is gonna be your total expenses. And then we’re doing the same thing down for your income. So how much do you have in checking? How much do you have in savings? How much do you have in your 401k? How much do you have in investments? These are all things that you wanna think about out whenever you’re figuring out how much your income stream is gonna be. So let’s say you don’t have a paycheck. Let me add all of these up. Um, or let me just simplify this real quick.
So we’re gonna do the same thing here. We’re gonna do total income. This is the same exact thing. We’re just gonna do a, um, of our income streams, but let’s just say that we have, I don’t know, $5,000 in checking and we have, let’s say you have $10,000 in savings, but maybe you don’t, maybe you only have a thousand dollars. This is all gonna tell you what your total income is. So let’s say you just have $6,000 in the bank and you have total expense of 1645. So you wanna figure out, okay, well, how long can I live on that? My daily cost of living. So for here, this is a monthly kind of amount. So this is telling me monthly, what I can survive on. That’s why you wanna break this down. So if we have this monthly cost right here, you have the monthly cost.
The other thing I like to do is figure out for six months and then, um, one year and then your daily cost. So I call it your daily cost of living, but is your daily cost. So we already know our monthly. So what we can do is just take the monthly amount here. And then what I do is I take the monthly amount and I multiply it by six. So I times it by six and that’s gonna even by six month amount. And then you could either do six month time, two or 12 times monthly. So what I do is I do monthly times 12, and these are just estimates. But right now, just right now, just on some of this information, I’m saying, okay, well I need at least $1,645 a month or $9,870 for six months or $19,740 or a year. But the daily cost of living is gonna be, you can do this different ways, but I’m just gonna take one year and I’m gonna divide it by 365.
That tells me that my daily cost of living, not my monthly, but my daily cost of living is gonna be $54 and 80 cents. So every single day you can literally go on your calendar and say, did I make $54? And, um, 8 cent, not 80, $54 and 8 cents. I don’t know what I said, but that’s what you need to make. So the next thing that I would do is I would say, okay, well, how long can this last me? So what you wanna look at is okay, for $6,000, how long can you survive? So, you know, right now that you need six months worth of income. So it’s actually gonna put you in the whole negative. So if you said, plus 6,000 minus 9,000, that’s gonna, you, your negative $3,870 in your six month total, you know that you can’t make it six months. You can only make it a, a little bit longer.
So what honestly, what you could do is say, plus 6,000 and divide it monthly, and that’ll tell you how many months you can. Yeah. 6,000 divided by your monthly amount that would tell you could last three per 0.6, five months on your income to cover that daily living cost. And that’s if it doesn’t move, but what I want you to understand is it’s not, you don’t have to look out five years, 10 years, these huge amounts you need to say, okay, how can I make it at least three months? Okay, great set aside that money, make it three months. So now you know how to list your income, unless your expenses come out with your daily cost of living. And this gives you a snapshot so that you can start making money moves. Now I will tell you with my students, my spreadsheet is way more in depth than this, but this gives you kind of like an idea of how to come up with these numbers.
So the next thing, um, that you wanna do is just look through here and say like, okay, what could I eliminate? Could I, um, pay down on this credit card? Cause you know, pay an on a credit card, you’re paying an interest. So if you pay down on the credit card, then you essentially won’t be paying as much for the credit card over time. Or can I, um, reduce my electric bill? Can I maybe get a different lot? Can I save on my lot rent somehow? Can I refinance my RV? Can I sell my RV? It just depends on what your expenses are. If you had Netflix or Hulu, things like that, can you cut those things out? Is there anything that you can sell in your daily life? Do you have some items that you need to get rid of and downsize and minimize that are maybe worth a little bit of money that you could sell?
So all the, those things are kind of helping you figure out, take what can you take away and what can you add? And vice versa though. So I always try to think of anything I can sell to make space, move me closer to freedom or mobility. Again, the first thing that you wanna do when it comes to your budget, basics is figure out what’s your income streams. The second thing you wanna do is figure out what your expenses, the third thing you wanna do is figure out your daily living cost. Like how much is it gonna cost me? And then you wanna figure out, okay, what can I eliminate from those expenses? And then how can I increase my income? I’ve shown you how to go through your expenses, how to go through your income, how to come up with your daily living cost. And honestly, this is really what I do. And like I said, this is the basics. So there’s a lot more involved, but this is kinda like the basics of financial planning, how you come up with a budget, how you figure out whether you can afford to live for RV life or even just your normal life. If that makes sense, hit the like button below. If you wanna expand on this a little bit more,
Definitely book a call with me. I’ll put a link to my calendar below this video. So you can book a call with me and we can dive into this spreadsheet and what you’ve come up with for your daily living, cost your expenses and your income. I’m Bloggin Brandi from RVersity university for RVs, check out the description below for all the links to everything that I talked about, be sure to subscribe and hit the bell icon. So you’re notified each and every time that I’ve published a new video and I’ll see you in the next one. Thanks for watching. Bye guys. Love you.