The cost of living crisis has affected most households across the UK, whether that be on land or living on a narrowboat. For those living life on the water, costs have risen and this may impact people's everyday lives as the cost of diesel, coal and licences see some big increases.
The cost of living crisis is in relation to the decrease in disposable incomes that are adjusted with inflation. Since 2021, the UK has started to see the cost of living crisis affect many people, with prices increasing and wages not reflecting this. This is particularly reflective in terms of energy prices, in particular the cost of gas which has been key to driving inflation.
Narrowboats owners are being impacted by the cost of living crisis in a similar way to homeowners. With general fees and costs of living on board a narrowboat also increasing. One thing in particular that has affected those on the water is how licence fees have increased twice this year by the Canal and River Trust, once in April and again in October. With both of these rises, it adds up to around an extra 8% increase, which on average is around an extra £65 a year. This incremental rise may negatively impact many people and is simply another added cost that has to be thought about.
On top of this, the same way that the cost of coal, diesel and gas is impacting those in houses, it also is a huge impact to those living on boats. Most liveaboards have fitted fires on the boats that can be filled with coal to heat them up on cold days. As many people use coal to heat their boats, they fear not being able to stay warm throughout the cold winter months as coal prices rise in 2022. Many people will question whether they need to heat up their boats and instead may put on extra layers in an attempt to reduce costs where they can.
Not only this but many barges use diesel to run their engines, due to it usually being readily available, safe and usually inexpensive. Diesel engines are known for being reliable and low maintenance, they are also much more adaptable to a cold and damp environment, making them suitable for the water. However, this year especially, we have seen diesel costs skyrocket, for cars and boats alike. This may make boaters question whether they should make a journey or stay moored instead. This will impact narrowboat owners as it partially defeats the point of living on board, whereby people enjoy visiting several locations, exploring new spots and meeting new people. With the rise in prices it can make this slightly more difficult.
With inflation rising, there are also many other price increases that are impacting owners, such as fees for mooring and general and regular maintenance costs. The same way that barge owners are feeling the burden, business owners are too, hence small and large businesses increasing their prices.
With these tough times in mind, it's essential to find different ways to help save you money, in an attempt to combat the cost rises. There are a few things you can try out that can help, such as:
It is now estimated that over 20,000 people live on Britain's waterways. Many people are still making this lifestyle change despite costs rising. This lifestyle change allows people to feel closer to nature and opt for a more simple lifestyle, instead of the hustle and bustle. Although living on board will not beat the cost of living crisis, it can offer a much nicer and simpler lifestyle in comparison to living in a house. The costs will depend on the size and specification of the boat however and these are, on average, 20% of the cost of living on land.
Just like everything else, the cost of living crisis has also impacted narrowboat owners, with prices rising in all areas. Although life on the water may not be for everyone, it sure does offer an abundance of benefits, despite the rise in costs.
Are you a narrowboat owner who is struggling to save costs? Discover our top tips for saving money!