110 A WAYS TO CUT COSTS

From DIY to learning new skills, mooring, sails and rigging, Ali Wood has some top tips on keeping afloat as affordably as possible

Boat buying

1.Buy the project, not the dream

Stick to the boat you can afford outright rather than taking a loan. While an old boat will require more maintenance the skills you learn will save you money in the long term, be it servicing your own engine or winches or completely renovating it.

2. Get a survey

Even if the boat you’re considering is free, you may end up with hefty ret costs or disposal fees if it’s a write-off. Read more at: pbo.co.uk/15things

3. Boatshare

Sharing a boat with family and friends is a great way to cut costs. Just be clear upfront about expectations regarding maintenance, dates you’ll be using it and that you’re on the same page with purchase and running costs.

4. Don’t overinsure

Be realistic about the replacement value of your boat. In the event of a total loss, the insurer will pay the agreed value. If you increase this value, your premium will go up. You may also be required to provide evidence to support the new valuation.

5. Read your policy

Read the whole policy, not just the certificate of insurance. We found with the PBO Project Boat that torn sails weren’t covered. Some policies, such as those by GJW Direct, do cover sails for cruising.

Share costs

6. Tool share

For occasional items such as polishing machines and scaffolding, why not team up with a friend and split the cost? For items you’ll use once, look at the cost of hiring, or buy used and sell on afterwards.