Budgeting for your relocation is essential. Without a thoughtfully-made moving budget, you could run out of money at some point during your relocation, leaving you scrambling to decide what to do next. Making a budget can be challenging, but knowing the components of a successful moving budget can help. Here’s what you need to know.
Know How Much Cash You Have Available
Start by assessing how much cash you have to get through your residential relocation, including paychecks you haven’t yet received. Then, just be sure that the money won’t be due before you have it in your bank account!
If you plan to put relocation expenses on your credit card, be sure to add that amount to your overall budget. Be careful not to max out your credit cards to the limit if you can avoid it. Among other things, you might need a buffer if you end up spending more on your relocation than you planned.
Consider All Costs
Many costs go into a standard relocation, and it’s not just the movers! You’ll likely need to purchase boxes and packing materials to pack all your items up safely throughout your relocation. For instance, once your dishes are packed, you may be buying a lot of take-out food—budget for these extra food costs.
If you’re switching apartments or rental units, be prepared to pay the first month’s rent, a security deposit, last month’s rent – and potentially all three.
If you’re moving into a house, you’ll need a down payment, plus closing costs. Once you’ve moved to your new home, you’ll probably need to make changes to the space to make it a more comfortable home. This might include buying blinds and curtains to cover the windows, a rug for your living area, paint for the walls, and more—budget for all of these expenses.
When trying to estimate costs, don’t assume that you’ll be making purchases as cheaply as possible throughout your relocation. Instead, consider that some items will be more expensive than you’d ideally pay. Leaving yourself room in your budget can help you avoid unpleasant surprises.
Shop Around for Movers
Once you know how much money you have and how much you can afford to spend on movers, it’s time to find a moving company that fits your budget. Vet several moving companies in your search for the right one. Hiring the lowest-cost moving company you interview may be tempting, but the lowest-cost movers aren’t necessarily the best choice. Moving companies that cut corners can lead to stress and hardship during your relocation.
As you explore moving companies, ask them about their full-service moving costs versus their standard moving costs. A common relocation costs less money, so this may be the correct type of service for you if you’re on a tight budget.
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