I loved Chris Farley, the late comedian and movie star who rose to fame in the early 1990s on Saturday Night Live. Farley was known for creating iconic characters, but my favorite was Matt Foley. Foley was a so-called, “motivational speaker,” who strove to inspire young troublemakers to do better in life. The punchline to Matt Foley’s character was that he was a man who failed at life, was homeless and had no redeeming characteristics that would motivate anyone to be like him.
He was the opposite of what a motivational speaker should be, namely successful. Foley would warn people to not be like him. The punchline slogan of the character, which he would scream into other people’s faces, was that he survived on government assistance, was three-times divorced, and was, “living in a van down by the river!” I was a teen when I first saw this character on TV.
So, I laughed at the tone delivery of the line more than at its actual meaning. I knew absolutely nothing about the responsibilities of life, personal finances, and the need to meticulously monitor both. What I first watched that character, I wasn’t mature. I didn’t get the seriousness of Foley’s lot in life. It took a few more years of maturity for me to realize that Matt Foley failed in life.
He was living in a van down by the river to save money on everyday necessities. Farley’s character is still hilarious to me but now also a little tragic. I am mentioning all of this because I think of Matt Foley every time I’m tempted to take a long-tour road trip.
The Financial Realities of Road Trips
Who doesn’t dream of long-tour road trips in a van or RV traveling the country? However, you can tell the difference between someone who only dreams about such things, contemplates it, and who has done it. Short term road trips are basically affordable. However, if you want to take a long-term, multi-state road trip, you need to have a lot of money saved.
In fact, you may better off vacationing at a 4-star or 5-star hotel for a few days. It will be more convenient, comfortable, and cost just as much. A full-sized van that you can live in might cost anywhere from $4,000 for an older model and up to $30,000, or more, for a newer model. A basic RV can cost anywhere from $10,000 to about $300,000 for a luxury model.
There are many RV, trailer, and van-friendly campgrounds with utility hookups that you can visit on your trip. You can get access to electricity, hot water and showers, WiFi services, and various supplies. However, such places typically charge $50 to $60 nightly. You could end up spending up to $500-a-week or almost $1,800-a-month at one of these places.
Did I mention the cost of gas? The average cost of gasoline is about $2.75 a gallon. At Fuel Economy.gov, you can calculate the cost of gas for your road trip. Consider that for a trip from New York City to San Francisco the total gasoline bill could cost up to $744, depending on the vehicle model. It will cost a lot more for an RV.
Outline a Plan
It is not my intent to dissuade you from taking a road trip. My point is that the longer your road trip continues, the more money you’ll have to pay to sustain your needs. The truth is that a vacation package with airfare and hotel stays included might be cheaper. Pay attention to the day-to-day expenses of road trip living. Or, chance ending up living in a van down by the river just to get by.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.