Bass fishing, especially tournament fishing, can be an exhilarating and rewarding experience. However, it's important to have a solid understanding of the financial aspects involved to ensure a successful and sustainable journey in the sport. In this blog post, we will explore the personal finance considerations from both the co-angler and boater perspectives, providing insights on budgeting, expenses, and financial planning to help you navigate the waters of bass fishing with confidence.
Section 1: Budgeting as a Co-angler
1. Understanding tournament entry fees and associated costs:
- Researching and identifying tournaments that align with your budget. There are many local clubs out there with relatively low membership fees. Do not be afraid to find a few clubs in your area and ask if you could just fish one tournament with them to see if it would be a good fit. More times than not, they will be happy to bring you on.
- Considering membership fees for tournament organizations. Tournament fees range in entry fees and often follow the “risk to reward” idea. Expect to pay $20-150 for local tournaments.
- Planning for additional expenses like permits and licenses. Always remember to follow the local guidelines regarding fishing licenses. You don't want to be the person who gets disqualified from the tournament with a 20lb. bag because you forgot to buy your license.
2. Estimating travel expenses, including accommodation, meals, and fuel:
- Creating a travel budget and factoring in the cost of accommodations and meals. Account for lodging and meals well in advance. Packing a water bottle and protein bars/granola bars is a huge plus when fishing tournaments. In the warm summer months, an empty stomach and dehydration will greatly affect your mood and performance.
- Exploring cost-effective lodging options such as sharing accommodations with other anglers. Expect to spend $50-$150 a night for a hotel. Coordinate with others at the tournament, if possible, to split a room!
- Implementing fuel-saving strategies and planning efficient travel routes. Carpooling is a huge cost saver. Coordinate with a boater and offer to chip in on gas for the duration of the road trip. Not only is this the right thing to do, it’s a sign of gesture that the boater will remember, increasing your odds of him asking you to come out on his boat at a future time.
3. Allocating funds for tackle, gear, and equipment:
- Prioritizing essential items based on fishing conditions. Work with what you have when it comes to gear but make sure that you are prepared. Always remember to check the weather! Plan accordingly for the conditions you will be fishing in and make sure you have the proper clothing to take on the tournament.
- Setting a realistic budget for tackle purchases and considering cost-effective alternatives. Is it worth it to drop $500 prior to the tournament if the pay-out is only $350 for first place? That is something that you will have to measure depending on your financial situation. As competitive as tournaments can get, do not let the sport cripple you financially.
- Regularly maintaining and organizing existing gear to extend its lifespan. Part of being financially smart in fishing is maintaining the life of your gear to hold its resale value along with to keep it up and running for yourself! Oil your reels, take care of your rods, and keep your gear dry. These are simple tasks that require little to no cost.
4. Managing personal expenses and maintaining a balance with fishing-related expenditures:
- Determining an appropriate personal budget to ensure financial stability. Feed your family and yourself before you feed a fish a 8” Magdraft… Stay within your means and understand that fishing is a privilege not a necessity. I want each and everyone of you to spend as much time as possible on the water but I also want you all to take care of yourselves outside of the boat.
- Tracking and reviewing personal expenses to identify areas where adjustments can be made. Keep track of how much you plan to spend and how much you actually spend throughout the tournament. Utilize a simple spreadsheet like the one featured below to keep track and plan properly for future tournaments.
5. Tips for cost-saving strategies without compromising performance:
- Utilizing online resources for discounted fishing gear and equipment. I often find gear on Ebay Auctions at discounted prices. Another great online store is Mercari. There are lots of resellers out there who charge $8-$10 for a new Z-Man Jackhammer. The savings add up quick!
- Exploring sponsorship opportunities with local businesses or tackle manufacturers. If you have used Winkhart Lures and are interested in repping the brand at your tournaments, reach out to us! We would love to talk about a sponsorship opportunity. We understand the financial burden that tournament fishing can bring and our goal is to help relieve some of that financial stress.
Section 2: Additional Financial Considerations for Boaters
1. Evaluating the initial investment in a bass boat and equipment:
- Researching and comparing different boat models and features within your budget. A wise man once told me, “Save up for two boats, and buy one.” This is honestly some great advice because boats can be challenging. Do your due diligence, researching and scanning dealerships and Facebook Marketplace.
- Considering the costs of maintenance, insurance, and registration. Outboards are notorious for having issues and we all know how expensive boat maintenance can be. Trucks and SUVs are expensive to maintain and hauling a boat will only wear the vehicle quicker.
2. Calculating ongoing maintenance and repair costs:
- Budgeting for routine maintenance, such as engine servicing and trailer upkeep. There is a plethora of things that need to be maintained on a boat, trailer and truck and it is important to budget for these expenses.
- Anticipating potential repair expenses and setting aside funds for unexpected repairs. It is crucial to set aside a certain amount of money per year that can cover any emergencies that can happen. Boat goes down the day before a tournament and it is going to cost you $1,000 to fix the outboard. You will feel so much better when you have this $1,000 set aside from the start rather than scrambling to pay this bill.
3. Budgeting for fuel, insurance, and storage fees:
- Estimating fuel costs based on fishing frequency and distance traveled. It is super easy to estimate how much fuel will cost along your trip. Simply find the average price of gas or diesel, the total mileage you will travel, and the average MPG (miles per gallon) that your vehicle gets while hauling your boat. Don’t forget to account for the gas that your boat will use!
Total Fuel Cost = (Total Mileage/MPG) *Average Price of Fuel
- Researching insurance options and finding the coverage that suits your needs. Talk to several insurance agencies to see what policy is best for you. Check your tournament regulations as well as many tournaments require a certain amount of coverage.
- Factoring in storage fees for the offseason. Depending on your garage space and ability to store a boat, renting a storage unit may be something you must do. Leaving a boat outside may be a viable option with the right cover and climate. If deciding to rent, account for this cost and book a reservation early, as many units fill up quickly!
Below is an example of a simple spreadsheet template that you can use to help budget your fishing tournaments.
|
Expense Category
|
Estimated Amount
|
Actual Amount
|
Difference
|
|
Entry Fees
|
$500
|
$500
|
$0
|
|
Travel
|
$300
|
$320
|
-$20
|
|
Accommodation
|
$200
|
$220
|
-$20
|
|
Meals
|
$150
|
$160
|
-$10
|
|
Tackle
|
$200
|
$180
|
$20
|
|
Gas
|
$100
|
$110
|
-$10
|
|
Miscellaneous
|
$50
|
$40
|
$10
|
|
Total
|
$1,500
|
$1,530
|
-$30
|