There are a lot of things to consider when preparing to move, including how to pay for it. The expenses can add up fast, but planning ahead can help you be prepared every step of the way. These tips can help you make an effective moving budget that won’t break the bank.
STEP ONE: TAKE INVENTORY.
Before anything else, go through your home room by room to decide what you’ll need to move, what you could sell and what you will donate/throw away. Not only will this affect the cost of using a moving company, but the items you’ll sell can help you earn extra money.
STEP TWO: START YOUR BUDGET SPREADSHEET.
During a busy move, tracking and managing all your moving expenses in one place can help you stay organized and on track. To create a budget spreadsheet—or download ours for free!—start by listing all of your regular monthly expenses, including an additional 5-10% for emergencies, and subtracting the total from your monthly income. The leftover amount is what you’ll have available to budget for moving expenses. You’ll return to the budget template in step four, once you have a better idea of all your expenses.
STEP THREE: RESEARCH YOUR MOVING OPTIONS AND OTHER EXPENSES.
This is the point where you’ll take a deep dive into how you’ll move your items and the expenses along the way. Depending on the amount you’ll need to move, as determined in step one, you can weigh your options between hiring a moving company, renting a moving truck, or moving yourself. Plus, you’ll have other considerations based on your unique situation. Take notes of each item as you’ll need to add them to your budget later.
EXPENSES WHEN USING A MOVING COMPANY:
- Moving cost based on the weight of your items
- Additional fee for specialty items
- Packing services
- Moving insurance
EXPENSES WHEN MOVING YOURSELF:
- Packing materials like boxes, tape, labels, furniture covers, etc.
- Gas/transportation
- Dolly/ramp
- Moving insurance
EXPENSES WHEN USING A RENTAL TRUCK:
- Rental truck cost
- Packing materials like boxes, tape, labels, furniture covers, etc.
- Gas/transportation
- Dolly/ramp
- Moving insurance
ADDITIONAL MOVING EXPENSES TO RESEARCH:
- Lodging and car shipping for long-distance moves
- Storage units/containers
- Cost of gas to move items to/from storage unit
- Real estate costs
- Realtor fees
- Professional cleaning services
- Home inspections
- Repairs, painting or security deposits for damages
- Mortgage down payments/rental deposits
- HOA fees
- Childcare or pet care while you’re moving
- Time off work
- Utility setup
- Other needs after move-in
- Missing appliances
- Needed furniture or upgrades
- Miscellaneous household items
STEP FOUR: ADD EXPENSES TO THE BUDGET SPREADSHEET YOU CREATED IN STEP TWO.
As you make decisions and get final quotes, you should add each expense to your budget to keep track of your total. Then, apply the leftover funds that you calculated in step two to that total.
STEP FIVE: LOOK FOR WAYS TO CUT COSTS ON MOVING.
Once you have a clear picture of how much things will cost, and depending on how much money you’ll need, you can identify opportunities to save. Here are just a few ideas:
- Instead of purchasing boxes, ask local restaurants or office supply stores if they’ll give you their extra boxes for free.
- Maybe you need help moving but don’t want the expense of a moving company; you could recruit your friends and family to help out. However, you may want to budget pizza or drinks as a thank you!
- If you can, try to plan your move for the off season. Since summer is an especially busy time to move, relocating in the fall and winter months can significantly reduce your costs.
STEP SIX: CUT BACK UNNECESSARY SPENDING AND MAKE EXTRA MONEY.
If you find that your moving expenses exceed your available funds, there are a few ways to help get you in the green. The first is to limit your purchases, like your daily coffee from the coffee shop, new clothes or eating out at restaurants. The second is to increase your income by selling your unwanted items—identified in step one — through garage sales or online resale sites.
STEP SEVEN: LOOK INTO ALTERNATIVE PAYMENT OPTIONS, IF NECESSARY.
If you need assistance covering the cost of your move, small loans or credit cards may be able to help you make your purchases today and pay them off over time. In fact, the Synchrony HOME™ Credit Card is a card dedicated to your home-related expenses—so you can manage them with one card and one monthly bill. Plus, you can also use it to help take on home improvement projects or furnish your new home!*