The Financial Side of Moving: What to Budget and How to Save

Summer is a popular time for relocations. Whether you’re moving across the country for school or a job, or just buying a new house a few blocks away, here’s what to budget for and how to save money during your relocation. 

Storage Units 

The cost of renting a storage unit can vary widely depending on your location, how much you need to store and how long you need the unit. In general, hiring a unit outside the city center will be more cost-effective. One important tip: take measurements at your new home and decide which items of furniture can fit, before putting anything into storage. The same goes for smaller items which you might decide, upon arriving, are destined for the ‘future garage sale’ pile. Don’t pay storage fees for any item you won’t need or want in your new location!  

Moving Help 

Before committing to the full moving package, consider if it’s possible to DIY any part of the moving process in order to save on costs. You might pack items yourself, then hire support to carry heavier items, but drive the moving truck yourself. Then again, factoring in the time and physical effort, it could be worth it to pay movers to handle all the steps. Professionals often provide padding, wrap and assembly services, which could save some money in the long run. Check in with friends and family in the area to get recommendations on trustworthy, cost-effective movers.  

Cost of Living   

Moving to a new location can mean significant changes in your cost of living—so prepare your budget accordingly! You may be looking at a higher sales tax, which could affect your grocery budget; gas taxes, which may make commuting more expensive; or property taxes, which will affect monthly payments for home owners. Besides taxes, it’s also important to look at other cost changes your wallet may experience post-move. How much does it cost to eat out? What’s the price of a movie ticket? Where’s the cheapest place to shop for groceries? Considering these costs ahead of time will help to avoid some sticker shock once you arrive.  

Utilities & Repairs  

If you’re a homeowner, or if you’re a tenant and utilities aren’t included in your rent, do a little research beforehand to determine what monthly utility costs you should expect. The price of electricity, water, natural gas and so on may be higher than expected, particularly if the relocation is taking you to a new climate. You might get in touch with other tenants who live in the building, or if you’re a homeowner, check in with soon-to-be neighbors about average utilities at different times of the year. Homeowners may also consider setting aside some extra money each month to handle unexpected repairs or property-related emergencies.  

Home Goods  

Maybe the kitchen has room for a bigger table. Maybe the living room needs curtains. Maybe your bed frame won’t fit up the stairs. Inevitably, no matter how much furniture you already have, moving into a new home almost always necessitates a bit of shopping. Take lots of measurements and budget ahead of time to help you avoid impulse purchases when shopping for home goods. And remember: many interior designers recommend taking your time and slowly building up a home’s design and style, so don’t feel pressured to buy everything all at once.