Budget and Save

How to Budget for Moving Costs

Erin Palmer

June 05, 2019

How To Budget for Moving Costs

Moving is both exciting and stressful. Finding the right place for your family is a wonderful feeling. Planning and paying for all of the moving-related costs, not so much.

You can make the moving process easier by creating a budget for moving costs. A budget won’t fold your towels or box your belongings, but it will take away last minute spending concerns. Because money is the last thing you should be worrying about while you’re lugging boxes around!

The most important part of not getting caught off guard with your moving budget is including all of the necessary expenses. It can be easy to plan for the obvious costs, but there are other things you should include as well.

Start with the Buying or Renting Costs

The first thing on your mind and on your budget will be your new home. Since you will determine those costs while you look for the new place, it should be easy to plan for this part.

If you’re buying a home, these upfront costs may include a down payment, insurance and closing costs. If you’re renting a home, it could be a security deposit and first and last month’s rent.

These set costs will be the foundation of your moving budget.

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Consider the Costs Related to Leaving Your Former Home

When you’re leaving your former home, there may be some related costs to take care of. If you own the home, you may have costs associated with selling it. If you’re a renter, you may owe money if there were any damages to the property while you lived there.

Other costs that could come up before leaving your former home include cleaning, necessary repairs and even income lost if you need to take unpaid time off of work due to the move.

Include Basic Moving Costs

The actual move will also come with some expenses. There will be obvious ones, like packing materials and hiring movers or renting a truck.

This is the part of the budget that you may be able to work with to save money. You may be able to get free cardboard boxes from local businesses so you don’t have to purchase them. Or perhaps you can get family and friends to help you move to save money on professional movers.

Your transportation costs will depend on your travel method (gas if you’re driving or airfare if you’re flying). You may also have additional food costs outside of your typical budget because you’ll be eating on the go or buying food and drink for friends who come help you move.

If you’re flying to your new home, you may have additional costs like shipping certain items or paying to transport your pets. If you plan on using a storage facility, include those fees in your budget as well.

It’s also a good idea to leave some money in your budget for unexpected expenses that may come up along the way, like if your car breaks down on the road and you have to stay a night in a hotel.

Remember New Home Expenses

The last piece of your moving budget will include everything that is needed for your new home. If you’re buying any new furniture or other items for the home, make sure you include these costs in the budget.

You may also have fees for things like getting your utilities turned on or other start-up costs for services in your home. There may also be fees when you get a new driver’s license or update your vehicle registration with your new address.

An accurate budget will help make your move easier and less stressful so you can start to enjoy your new home!

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