Everyone wants to improve their financial standing and get out of debt, but have you ever considered the fact that residing in a camper is a unique way to achieve your goals? Whether it’s a home loan, credit card debt, student loans, or something else entirely, it’s easy to be overwhelmed by debt. It might sound extreme, but even a year of RV living can help you save money and get back on your feet. Forgoing a monthly mortgage payment or car payment and living the minimalist lifestyle will put more money in your pocket, even without increasing your income. RVs are popular with many people and families, and you might even find the experience enjoyable. After you get your RV at the dealership, it’s a good idea to look into a recreational vehicle extended warranty to protect yourself in case you need repairs in the future. An RV warranty gives you a little peace of mind in case of a mechanical failure or mechanical breakdown. There’s a lot to consider about choosing an RV lifestyle, even temporarily, but the potential financial benefits it can provide may be worth it for you.
Reducing your expenses can increase your income.
There are two obvious ways to increase the amount of your paycheck you actually get to keep. The first, of course, is to get a raise or find a better-paying job. The second is to reduce your expenses. Getting rid of your monthly rent allows you to use your income to pay more of your credit card debt or student loan debt off. You can make a larger monthly payment and reduce the time it will take you to become debt-free. One couple who made the switch to a motorhome from an apartment reduced their monthly payments for lodging by over $1,500. Imagine how many extra payments you could make toward erasing your debt with that much additional income. The principal balance of your loans can be reduced significantly even in just a year or two. Sit down with a calculator and see just how much more of your paycheck you’ll be able to put toward your debt, and you might just be surprised.
Living in a camper is more enjoyable than you think.
While the image in your head might seem cramped or sparse, most people actually enjoy RV living. Modern recreational vehicles are comfortable and come with plenty of storage space, so you won’t have to ditch all your possessions to make the switch. Having less to decorate can also help you save money, as you won’t purchase anything you can’t make efficient use of. A motorhome and its more limited kitchen space will also help you stop overspending on food. RV owners also have a strong community online, it can be a good idea to meet other people to share tips and stories with quite easily. Obviously, the primary motivation is being able to make those extra payments on your debt, but the RV world has a strong community that you can be a part of.
An RV doesn’t have to be forever.
Meaningful change in life doesn’t come without work, but your RV lifestyle doesn’t have to be permanent. Even just a year or so of switching to a recreational vehicle and lowering your expenses can make a big dent in your debt. Once you have more solid footing, you can start calculating potential mortgage repayments and looking toward the next stage of your life. When you’re able to start looking for a mortgage lender, you want to make sure your mortgage payment is within your budget and that the interest rate is fair. You can use a mortgage calculator to get an idea of what mortgage repayments might look like for you. Don’t forget to factor in property tax. Being a homeowner is well within reach, it just might require some temporary sacrifices if you need to reduce your debt first.
The reality is that sometimes an out of the box solution is what’s needed to solve a stubborn debt problem. Your monthly payments on student loans, credit card debt, or other types of individual debt could become more manageable if you switch to an RV instead of staying in the rental market. Spending a year or two living in a motorhome could be your ticket to financial solvency. Once you’re out of debt, you can start looking at mortgage lenders and find a mortgage payment that you can manage. Whether your goal is to become a homeowner, pay off your loans, or simply reduce your financial stress, living in a camper might be the unconventional solution you’ve been searching for.
