Friday, May 26, 2017

Money and the RV Travel Lifestyle

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You May be RV  Richer 
Than You Thought

    Last week’s post asked  Can You Afford RV Living? Now let’s look at the black ink side of the ledger. What money do you have? Where might new money come from? How can you make your RV dream come true?
    Get out a pencil and paper, literally or digitally.


Sources of Income in the RV Lifestyle
    Many RV travelers work as they go but here are some other ways you might have money coming to you.

    * Will you rent out your house or sublet your apartment?  How much money will be left over after paying the mortgage, rent, maintenance and management costs? 


    * If you are not going to sell your home, but will rent it while you travel in your RV, can you earn more by renting it piecemeal? For example, you may rent out empty land to a neighbor to garden or rent out an extra garage or outbuilding. 


    * If you own a campground lot that is in the rental pool, how much can you expect it to bring in per year? (How many nights a year will you be there yourself,  and what average occupancy rate can you expect when you’re gone?)


    * If you’re leaving your present home, are you due a refund of the utilities or damage deposit you paid when you moved in? 


    * Are you due money for alimony, inheritance, royalties or structured settlement?


    * Whether you are retiring or just leaving your job at a young age, meet with the Human Resources staff at your company to see what benefits are available. Even if you don’t have a pension, there may be funds  waiting for you in unpaid overtime, expense account refunds or sick pay . Important! Can you get a leave of absence or sabbatical that will allow you to keep some benefits while staying away for six months or a year?


    * If you’re going to travel by RV and have the discipline to handle a credit card without going into debt, forget cards that rebate in airline miles. Pay off the balance every month, get a no-fee card and elect the cash back option. Then charge everything, from fuel and food to campground fees. When you need the money, claim the accumulated rebates. They usually range from 1% to 3%. 


    * Review your life insurance situation. What do you have now? What do you need now? There may be accrued funds, such as interest, that you can withdraw now without reducing the death benefit. 


    * There is a penalty in closing a Certificate of Deposit before it matures but in a pinch you may be able to withdraw accumulated interest. 


    * Did you leave behind any items for sale in a consignment shop? You may be owed money.  


    * Every few years check for Unclaimed Assets in any state where you have ever lived or had financial dealings. You may have forgotten a bank account,  or a check might have arrived after your forwarding address expired.

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