Are you tired of the cold but concerned about the cost? If so, you aren’t alone. Although many people aspire to live the snowbird lifestyle, expenses often get in the way of making this dream a reality. However, what most people don’t realize is that, with a little planning, the snowbird lifestyle is available to practically anyone. In this article, we share our favorite tips for being a snowbird on a budget.
Tip #1: Create a Budget
The first step to becoming a snowbird on a budget is—you guessed it—create a budget! As an aspiring snowbird, you should identify your current income and expenses. After doing this, you should examine how much you have left over after expenses are paid and estimate how much it will cost to move south for the winter. If the numbers don’t work at this stage, don’t worry. By implementing some of the additional tips below, you may be able to tip the scales in your favor.
Tip #2: Choose the Right Location
Once you have a rough idea of how much you can afford to spend, you should start considering which destinations are realistic options based on your financial resources. Accommodations are usually the biggest expense for snowbirds, so you should identify destinations that offer affordable long-term rentals. Another option is to purchase a used RV and identify locations that have suitable campgrounds and mobile home parks.
Tip #3: Shorten Your Stay
If going away for the entire winter is beyond your budget, you may still be able to enjoy the life of a snowbird—just for a shorter time. For example, if going away for six months is too expensive, analyze your budget to see if a five-month stay may work for you.
Tip #4: Downsize
One barrier to becoming a snowbird for many people is their current rent or mortgage. If you fall into this category, don’t despair. By moving into a smaller home up north, you may free up enough money to make your dream of becoming a snowbird a reality. After all, if you’re going to be gone for several months each year, you probably won’t need the extra space anyway!
Tip #5: Rent Out Your Home(s)
Finally, a great way to afford the snowbird lifestyle is to rent your northern home while you’re down south. Although this takes some time and planning, it’s a great option if you own your own home. And if you plan on purchasing a property to live in during the winter months down south, you can rent it out when you are up north!
Contact a Florida and New York Estate Planning Attorney
As a snowbird or aspiring snowbird, you need an experienced Florida and New York estate planning attorney to help you ensure that you are legally prepared for all of the issues that arise when you split time between two states. Attorney Angela Siegel is a highly experienced estate planning attorney, and she routinely helps clients in Florida and New York with their estate planning needs. Please contact us today to schedule a consultation.