A boat purchased by saving money.
Personal Finance

Save Money For A Boat

If you are looking for a boat, you know how expensive they can be. Even a used boat can fetch a fortune and it can be tough to save up enough money to make the purchase. Let us give you a hand with some easy ways to accelerate your savings or perhaps get your boat right now.

Buy A Boat Now

Saving is great but you may have another option. Consider buying your boat right now and then paying off the loan with the money you were going to save. Be on the water by next weekend. We can help you do that with a fast and free quote. Get an offer in a matter of minutes with no obligation whatsoever.

An infograph on buying a boat with a loan.

Buy NowBuy Later

Buy A Boat Later

If you are okay with waiting, let’s take a look at how to get that savings account higher. There are a lot of ways to build your savings faster and we can help you get organized so that you can do just that.


The first thing that you need to have in order to save money is the proper motivation. Saving is not easy to do and it involves challenges. Luckily, you have something to look froward to with a boat.

Determine the amount of money that you need whether it be 5000 dollars for a used fishing boat or 30,000 dollars for a new ski boat. Then make a chart so that you can show your progress, there are a number of free charting applications on the internet that you can use.

In addition, it would not be a bad idea to have pictures of the boat you want on your phone and/or computer. Whenever you get the urge to spend casually, you can use the pictures to motivate yourself to save. Saving is tough and there are a lot of pitfalls that you need to try to avoid.

Opening An Account

Next, you need to open a boat specific savings accounts. Savings accounts can be had for free, so there is no reason not to split up your savings effort. You could open a savings account at the same place that you bank regularly but this could become an issue. It would make the money far too easy to reach in a moment of weakness.

Instead, you need to open up an online account. We recommend choosing a high yield savings that will earn you around 2 percent. No, that is not a ton of money but it can make you a few dollars. It is better than earning next to nothing with a conventional savings account.

You can start an online account with no money down at all with many banks or as little as $50 with others. They make it very easy to get started. Be sure to look for big brand banks with no fees and good online ratings.

Accelerate Your Savings

Now, it is time to accelerate your boat savings.

The first thing that you should do, if you do not have one, is make a budget. Write down all of your bills including fixed bills and set amounts to be used for things like food and entertainment. Take a look at what you have left and use that money towards your boat savings. If it is not much money or there is no money at all, you will need to make some changes to create more room to save.

One way to create some room is to cut your expenses. There are a lot of easy ways to do just that but they do take a bit of sacrifice. Start taking your lunch to work and meal plan using cheaper staples for the rest of the time. Eliminate cable or satellite television in favor of a streaming service. Turn down the thermostat on your water heater and shop your car insurance looking for a better rate. There are dozens of ways to make cuts if you are willing to sacrifice for that boat.

Another way to accelerate your savings is to add income. Most of us can add a little extra work into our schedule. Unless you are already working 50 to 60 hours a week, there is room in your schedule. Drive for Uber or deliver food for Grub Hub. Pick up a night time cashier shift at your local Target store. Even sell your plasma or collect scrap metal for recycling. There are many ways to make anywhere from 100 to 1000 extra dollars a month or more to your income. You just have to want that boat and stay motivated.

Choosing Your New Or Used Boat

Whether you choose to take out a loan with the help of our quote form or save the money, eventually you will be a cash buyer. Being a cash buyer gives you a number of advantages in the purchase process.

If going used, it allows you to buy directly with the individual seller instead of having to buy from a used boat dealer. This can save you thousands of dollars.

If shopping new, it allows you to go to whatever dealer that you want. You do not have to settle for one brand of boat or model. You can also pit dealer verse dealer to get the best possible price.

Cash has a number of advantages.

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