Boat budget question

redneck joe

redneck joe

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Told my wife that on this (lightly promised) final boat project that I would a) track all monies spent and b) I would try really really hard to keep below $2000.


It has been well established that tools and beer are not to be counted against any perceived budget but I have two additional questions.

All parts previously purchased are not counted into this budget, correct? I'm pretty confident in my position on this one.

Now, the tricky one.... an 'accidental' expenditure for a future upgrade on the boat but is not part of current scope, am I to count that? If I do swap later on I would sell current or give to the boy so can I call it a push? Or better can I claim a higher value on the old motor so that would allow me to go over current budget? Kinda like accoucting accruals?


Preparing for the 'difficult conversation' I know will happen sooner rather than later. Side note, she and I have a rule of no lying. Now, she has to ask the proper questions and I can be like a politician and speak a lot of words or simply tell her how beautiful she is, but not allowed to lie.
 
aspeck

aspeck

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redneck joe said:
All parts previously purchased are not counted into this budget, correct? I'm pretty confident in my position on this one.
Click to expand...
No parts that are in inventory need to be considered into the budget unless they are parts you will be "restocking" within the time frame of the project. DO NOT restock the inventory until the project is completed and they final accounting is submitted.

redneck joe said:
Now, the tricky one.... an 'accidental' expenditure for a future upgrade on the boat but is not part of current scope, am I to count that? If I do swap later on I would sell current or give to the boy so can I call it a push? Or better can I claim a higher value on the old motor so that would allow me to go over current budget? Kinda like accounting accruals?
Click to expand...
Is it going into "inventory" for a future use, or are you using it as part of the current project? If part of the current project, you will need approval from the admiral for the change order (along with the budget adjustment). But if it is something you will be doing later ... then you are good to not include it in the price of this project.

Remember, DO NOT restock inventory used (supplies, parts, etc.) until after the project is completed. This will help keep the cost of the project down. This is not an accepted "business" practice, but this isn't business. This is hobby, so all is fair. If you already had it, you don't need to add it to the cost. Also, if you get it from a relative or friend, then it is free and you don't need to add it to the cost. Even if you give them a "reward" for their generosity equal to the value of the part or labor given, this is still a gift and not necessary to add to the cost of the project.
 
FLATHEAD

FLATHEAD

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Any current parts laying around with a layer of dust that you use, you can take the value of that and consider it a “credit” That will free up more $ .
 
briangcc

briangcc

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Could get a quote from a pro. Then pay yourself for each hour spent in labor... Adds to the boat funds right?
 
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Mc Tool

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Hang on , if you have parts in stock, not specifically bought for the current project but will be used on it ....they are free to the current project , but if you accept this logic the part in question must be charged retrospectively to the previous project that was under way when the part was purchased whether it was initially intended for that project or not ,otherwise there is a parts black hole. In all likelihood such a black hole can be filled with flowers chocolate and compliments .......depending on the means of discovery and to a lesser degree the valve of the item . If you fess up about that set of platinum spark plugs that sorta arrived accidently you are good. But if you get caught bulls hitting about the Nascar engine hidden under the bench you are .........well, enjoy the weekend with the ( thusly informed ) in laws .
 
redneck joe

redneck joe

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ok well good news is thus far i'm in for only $1200, including the extra motor. I think i'll need more old timers and the plywood of course so even before the boat math being implemented i'm looking good.
 
A

airshot

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redneck joe said:
Told my wife that on this (lightly promised) final boat project that I would a) track all monies spent and b) I would try really really hard to keep below $2000.


It has been well established that tools and beer are not to be counted against any perceived budget but I have two additional questions.

All parts previously purchased are not counted into this budget, correct? I'm pretty confident in my position on this one.

Now, the tricky one.... an 'accidental' expenditure for a future upgrade on the boat but is not part of current scope, am I to count that? If I do swap later on I would sell current or give to the boy so can I call it a push? Or better can I claim a higher value on the old motor so that would allow me to go over current budget? Kinda like accoucting accruals?


Preparing for the 'difficult conversation' I know will happen sooner rather than later. Side note, she and I have a rule of no lying. Now, she has to ask the proper questions and I can be like a politician and speak a lot of words or simply tell her how beautiful she is, but not allowed to lie.
Click to expand...
I solved that issue years back. When I wanted to spend money on toys, I just picked up a second job. Started teaching at local community college, pay was great only a couple nights a week. All boat costs and the kids dental braces came out of that school money so the wife had no say as I was saving her from paying for braces !!
 
redneck joe

redneck joe

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Well I'm semi retired and do handyman work so sorta there with you. Got to go rest a toilet today, make 100 bucks. Tomorrow assemble a couple shelves and a patio door screen for about the same. Covers booze always, sometimes boating. Priorities....
 
JimS123

JimS123

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Your wife must have some kind of hobbies that she pursues. Can't you use those expenses as a comparison?

In my case, my wife has horses. I could buy a new boat every year and it would even come close to the board, Ferrier and vet prices.
 
redneck joe

redneck joe

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JimS123 said:
Your wife must have some kind of hobbies that she pursues. Can't you use those expenses as a comparison?

In my case, my wife has horses. I could buy a new boat every year and it would even come close to the board, Ferrier and vet prices.
Click to expand...
Zero.
 
dingbat

dingbat

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JimS123 said:
In my case, my wife has horses. I could buy a new boat every year and
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Same here, but your getting off pretty easy by boarding…..lol

Have two boarders that pretty much cover grain, ferrier and vet for Mrs. Dingbat’s three horses.

Unfortunately, that doesn’t include grounds keeping, maintaining the barns, 1.5 miles of four board fence or maintenance on her horse trailer….that’s my responsibility.

You’re right thou…. I don’t hear about boat expenses, but get some push back on the very expensive carbon fiber “sticks” I show up with from time to time.
 
redneck joe

redneck joe

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Well, gonna have to do some creative accounting prob. Not sure why but I mathed out the new decking at two 4x10 sheets at the 100 bucks each but they only come in 4x8 so I need four sheets. Probably 'accrue' the other motor to a future project....
 
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tpenfield

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The Admiral usually sets aside about $500-1,000 for 'boat bucks' each year. I routinely spend $4,000-5,000 per year on the boat. It's been that way for 12+ years . . . It never seems to make it to the budget though . . . . :LOL:

My bare-bones annual maintenance and fees runs about $1,800. In a typical year, repairs run another $500-800. Then there are what I call 'upgrades', which can be $1,000-2,000. :unsure:
 
P

Pmt133

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I always broke it down as maintenance and Spring tune up is an operating expense. Same as fuel and anything else needed to run through the year. One time improvements (deck, upholstery, stereo, engine/repower, etc.) Are considered capital expenses to me. Long term improvements.

Do I need it to use it or do I need it to be viable for several years are my criteria. Stereo upgrades and the like fall under capital as well. Though they aren't necessary to the life of the vessel.
 
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