Whenever I feel stressed in my life, I fantasize about what life would be like if I lived off the grid.
Certainly there would be fewer demands on my time and a much lower stress level.
When I occasionally watch a reality show about other people living off the grid I can see that there are at least four financial benefits of going off the grid as well.
1 Save on Home Costs
When you are not tied to a specific place because you have no house or physical address, you gain flexibility. Living off the grid can give you the freedom to live wherever you choose.
In fact, you might not be tied to a specific location at all. This means you could travel to and live in multiple locations throughout the year. You can enjoy living in New England in the fall, or try your hand at living in the mountains during the spring or summer. During the winter you might decide to try living in a warmer climate such as Florida or Arizona. Imagine all of the different places you might see and various foods and experiences you could try by living off the grid.
In addition to what you gain through travel and experiences, you can also save on home costs by living off the grid. Think about what it could do to your budget if you no longer had a house payment or maintenance and repair costs. By no longer remaining tied to a piece of real estate you can put your money in the bank or spend it on different experiences instead.
2 Reduced Healthcare Costs
One of the obvious reasons to live off the grid is a lower stress level. By reducing or eliminating the stress of house or rent payments, as well as heating and cooling costs, upkeep, furniture, etc., you can breathe a little easier. When you lower your stress levels it may reduce the number of visits you make to the doctor or hospital each year.
Healthcare costs have skyrocketed in the past few years and the less you have to pay in healthcare the more money you will have in the bank or for other activities.
3 Lower Monthly Bills
Again, lower monthly bills are another result of off the grid living. If you no longer have a house or apartment you can reduce what you pay out each month by that amount as well as heating and cooling, maintenance and repairs, property taxes, insurance, etc.
4 Less Debt
Another benefit of living off the grid is that you will have less debt. If you no longer own a home you won’t have a home mortgage to pay off. In addition, some people who go off the grid don’t own cars, so they also have no car loans to pay off resulting in thousands of dollars of debt saved.
As you can see, putting your money into enriching your life through travel and new and exciting experiences could be very rewarding in multiple ways. Instead of spending your money paying for the piece of dirt on top of which you are living, you might enjoy the financial benefits of going off the grid. I like to fantasize about it, but I’m still not sure it’s something I could actually do long-term
Are there other financial benefits of going off the grid you might enjoy? Have you ever thought about going off the grid for a long period of time?