No one enjoys moving. Whether you’re off to college or just getting your first place, we all feel the sting of packing and unpacking more stuff than we thought we had. Navigating your finances when moving can make an already stressful situation downright unbearable but fear not. As we are ever solution-oriented here, we have some tips on making this transition a little easier. . .at least in terms of your money.
Research cost of living
Not all places are created equal. The cost of living from one city to another can be pretty shocking, let alone from state to state. When deciding where you’re moving to, take note of the cost of groceries, transportation/gas, healthcare, and other essential services in your target area. This will help determine if, financially, your target area is the one for you and also help you with your next step in navigating your finances when moving.
Update your budget
I’ve said it before, but it bears repeating. A budget is a living, breathing thing and should be adjusted as needed. With that said, make sure you take any changes to your mortgage/rent payments, utilities, transportation costs, etc into account. In order to truly gauge your financial standing in your new place, you need to see how far your money stretches. Ideally, along with the cost of living, this research would be part of why you moved to your new location in the first place but it can’t be understated how important this is to do.
Update your address and contact information
PLEASE don’t forget this one. Make it a top priority to inform your bank, credit card company, and any other relevant financial institutions about your new location info. The last thing you want is for important documentation to go missing due to incorrect contact information. Also, update your info with digital shops you frequent as well. You don’t want to order something nice for your new place only to have it sent to your previous address.
Review insurance coverage
This is a pretty overlooked area of navigating your finances when moving. Depending on your location, your insurance may need to be adjusted. This includes home/renter’s insurance, auto insurance, and any other policies you may have. Also, different states may have different coverage minimums. Make it a point to review your coverage details so you can be properly protected in your new location.
Explore local banking options
This is a big one for those moving from one region to another. Your current bank may be on every corner in the Northeast but woefully underrepresented in the South. In this case, you may want to consider switching to a more easily accessible bank in your new location. If you’re uncomfortable with that, review the accessibility options your current bank/credit union provides (online banking options, mobile apps, and local ATMs). It’s always important to know how to access your money where you live.
Set up automatic payments
You have enough to worry about navigating your finances when moving so why not automate some of it? We’re big fans of the “set it and forget it” style of saving and payments. Also, automating takes a pretty major concern off your plate while you deal with other things. So while the mortgage/rent, utilities, etc. take care of themselves, you can worry about just how big your new TV should be.
Keep track of moving expenses
Another thing most people don’t consider is the cost of a move. So many factors play into the cost including locations (local vs long distance) and how many rooms are being moved. On average, you’re looking at $1250 local and $4890 long distance. Considering all the other variables in your life while moving, keeping track of your moving expenses can help you hit the ground running in your new place with your budget intact. Make sure to note the cost of the movers, packing supplies, transportation, and anything else tied to the process no matter how small. Well-kept documents could actually lead to possible tax deductions.
Moving isn’t just about physically relocating. There are many financial points to take into account if you’re going to land on your feet in your new area. Following these tips should make it much more bearable. So, get hyped for this new adventure in a new land! We’ll be with you every step of the way.
Writer, rhymer, gamer: the easiest way to define the man known as Kenneth Medford. I’m a simple man who loves to learn and loves to help and I wander the digital world trying to find ways to sate my hunger for both. Basically, I’m Galactus but helpful.
Check out my other work here or reach out to me on LinkedIn.
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