Parting Ways with A Money Pit – I’m selling my boat

One of the themes for me this year is that this is the year of less and as part of that I want to simplify what parts of my life that I can. A little while ago my wife and I reached a tough decision that would help us in this quest and would help us financially at the same time. The decision we reached was to sell our boat. Over the years we’ve used the boat off and on, but the couple years before our daughter was born we used her a lot. The boat itself is nothing big, being a 20 foot sailboat that can sleep two comfortably. The boat holds a special place in my heart because our family has had her for years and I’ve got a few happy memories with that boat.

The idea behind this blog was originally conceived on that boat almost 4 years ago. Unfortunately with a little person space requirements change and we just won’t use her as much as we used to in the past. The net result is that we’re left with maintenance costs and marina bills that really become hard to justify. In the end these costs would amount to between $1,500 and $2,000 per year which just doesn’t make sense to pay if we’re not going to use her nor are we likely to in the next couple years.

By getting rid of the boat we can take the money we would have spent on her and put it to better use such as paying off debt (rather than incurring it). As I mentioned this decision was a bit difficult to reach because both my wife and I enjoyed using the boat when we had the time but there is a lot of work and money that needs to go into it. Once the little one is a bit older maybe we’ll get another boat or a cottage property we could utilize more but in the short term it was financially the right decision.

The hard part about this decision for me is two fold, the first is the aspect of memories and not being able to have the boat in the future. I was able to reconcile myself with this because I have my memories and I have pictures. The second aspect that I had to come to grips with is the monetary one, while I never bought the boat in the first place (my dad did), I have spent a lot of money maintaining her since I took her over. I really don’t have anything to show for this money and to sell the boat I’m only getting a fraction of what I’ve spent back. What finally convinced me mentally was the fact that spending more just because I had some emotional attachment to this item because of the money was silly – the sad thing is I know I’m not the only one who does this. I’m sure we all know someone who keep spending money on the stuff they own even though they no longer really use it or care about it.

The boat has been listed and we’ve had a few people show some interest but as of right now she’s still up for sale. The money we make from selling her will be used to offset the cost of a small bathroom renovation we’re about to begin. This whole experience has forced me to take a step back and reevaluate my mental attachment to stuff I own – do I keep more stuff that’s costing me money for no good reason? I think I do. My question to you readers is: Do you have stuff that you keep around that costs you money but you just don’t get rid of it? What is it and what’s holding you back?

2 thoughts on “Parting Ways with A Money Pit – I’m selling my boat”

  1. I know what you mean, I’ve done it with vehicles and other stuff like that. And not bothering to cancel my gym membership – which is starting to get to me.

    I think you’re making the right decision since there’s quite a bit of maintenance costs involved. Have you thought of using the money and buying something more kid-useful, like a small trailer for camping?

  2. I know how you feel about the boat. I’m considering giving up my season tickets for the Angels. We’ve had some great times at the games, but I have lost my enthusiasm for sports this year. And, it’s a lot of time and money I could use for other purposes.

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