Although I am currently self-employed as a consultant, if business doesn’t pick up by next year, I’ll probably need to get a job.
My savings are insufficient to cover my expenses without additional income.
Without additional income, the only way I can make my savings last would be to sell my home and find a really inexpensive place to live.
Today, that’s not on the table. We moved into our current home just 2 years ago. It’s the right size. We like our neighborhood. It’s close to our son.
So for now I’m counting on generating income from my business to carry us through. If it doesn’t, I’ll get a job next year.
Longer term I envision downsizing one more time
My wife is older than me and has lung cancer. Even if the treatment goes great, realistically it’s highly likely I will outlive her.
When that time comes, I’m not sure I’ll stay in my current home long term. Although it’s ideal for two of us, it’s far too big for just me. What would I do with all this space?
It also wouldn’t make much sense for me to shoulder the expenses and upkeep of a 3 BR 2BA house. If downsizing at that time means I could permanently retire and live off of savings I will most likely do it.
Here’s some things I think about:
- I’ve thought about moving out West to Colorado, Utah or New Mexico. The mountains are beautiful and there seems to be some space and freedom.
- I liked living in Raleigh, North Carolina. I’d consider returning to that area.
- I’ve often thought about moving to a small town or rural area. I lived in a small town until I was 7 and loved it.
- In my mind, the idea of moving to a rural area is appealing for the nature, the silence and the privacy.
I could certainly move into a smaller home. I’d be fine with the basics – bedroom, bathroom, kitchen plus a decent garage, shed or outdoor space for working out. Sometimes I imagine living in a barn would be fine.
An apartment or condo could work, but ‘d prefer more privacy.
Then I think about seeing my son Zack who lives in Miami. If I moved away, I’d never see him and I’m sure we’ll want to see each other.
When I consider these factors, RV/Van living has some attraction.
I could significantly downsize my belongings and my expenses. No more taxes, insurance, maintenance, zoning codes etc.
I could follow the weather and live most of the time outdoors.
If I needed to work onsite at a specific location, I could easily live nearby.
So yesterday I went down a rathole reading van-living blogs.
Most of these people moved into vans because they wanted to travel. A few did it to reduce living expenses. Many more did it for a few months or years before returning to a more traditional apartment or house.
I read about the costs, the inconveniences, and the benefits.
- For me, the logistics and work arounds to have basic utilities is very unappealing. I’m accustomed to having water, plumbing and electricity.
- Travel doesn’t appeal to me at all. I’d rather stay home.
- I have 1 dog and 2 cats. They could easily live another 5-10 years. Even when they die, I expect I’ll always have at least 1 dog.
- I like routine and having a home base.
When I consider all of these factors, van-living doesn’t make sense for me.
After looking at the costs, I think I would be happier living in an inexpensive house.
Recently when I was looking for a photo for an article I wrote about the corner market from my childhood, I saw that the 3 BR home I lived in as a child sold recently for $29K. (When I told Ellen about this she said “You can move there without me.)
But I imagine there are other small towns across the US where there are similarly inexpensive homes in small towns.
That may be the route I go when I fully retire.
We’ll see.
I’d be interested to hear from others who have significantly downsized to retire on a shoestring budget, whether in a van, RV or small home. I welcome your advice, lessons learned & suggestions.
I’m most interested in hearing from some older folks like me (40+) who did this after having the career, house, car, family, etc.