How to Financially Plan for a Move

Posted on Saturday 12 May 2018


At some point and time in most people's lives, they will be ready to pack up and move. This can happen for a variety of reasons. Sometimes, they may have received a job promotion or relocation. In other cases, a family may be ready for a new beginning or simply want to be closer to relatives. Nevertheless, there are countless motivators which can cause people to move across the state, country, or even across the world. However, financial planning for a move is so important and can save an unbelievable amount of troubles and headaches down the line. After all, preventative maintenance is always better than damage control.

Be Aware of All Associated Expenses

Relocating is, by no means, inexpensive. Therefore, Quicken affirms the importance of having an awareness of how much it will cost to move furniture and other items. Sometimes, movers opt out of relocating their furniture and simply chose to sell it and purchase new furniture once they've arrived at their new home. In many cases, moving furniture and other large items is more expensive than simply replacing it. There are many other costs associated with moving, such as new rent, utilities, transportation, and the overall expenses of living. Anyone who is even thinking of relocating should be aware of all costs before proceeding any further.

Save Money

Similarly to be aware of moving expenses, saving money is one of the most critical steps of financially planning for a move. Many people put aside funds months, if not years, ahead of time to ensure full preparation for their relocation. Doing this can save many problems and moreover create a sense of security. The reality is that the costs of moving add up extremely quickly. When saving, people should always have extra money in addition to what will cover their moving expenses. This particularly comes in handy in the event of any unforeseen emergencies or other occurrences. Anything can happen at any time and there are few things worse than having a move be delayed due to a lack of funds. Use all your accounts including RESP if needed. We know it's for school but you may need it.

Update Critical Information

With all of the financial costs associated with moving, there are a few more matters which must be tended to before completely settling in. These matters involve updating critical and personal information such as ongoing bills, bank accounts, and credit card accounts, according to Smart About Money. Also, upon moving, each person will need to re-register their car and receive a new drivers license. Both of these things can be done at the local DMV, although there are usually minimal fees associated with the aforementioned updates.

A Final Word

Moving is a very exciting time in anyone's life. There are many benefits and opportunities which can come from relocating to a new place. However, by being aware of associated expenses, saving money, and updating critical information, each person will be on the right track to a smooth and stress-free move. Like all things in life, moving across the state, country, or world certainly requires careful degrees of thought and preparation. Whether it's somewhere in a city or off the grid, get all your ducks in a row. Once you've moved and settled, then you can always start something new like stock investing, presenting some business idea to a VC (Venture Capitalist) or something along those lines. Matter of fact, you can do whatever you like. Hopefully you'll be at your new home for a while but if things get bad and you end up selling the house. You can always start again by renting (Even on bad credit).