How Much Should You Save for Moving Costs?
Have you ever dreamed of a better job, a better home, or a better life in general? If the answer is yes, then you’re ready to move.
Some people think they need to have enough money saved to pay for all of the expenses involved in moving. The reality is that there are plenty of resources available to help you out. You just have to look for them.
Keep reading for our guide on how much it costs to move, including what you can do to cut back on moving costs.
Hiring Professional Movers
When saving money for a move, it’s important to prepare for the cost of professional movers, even if you plan to do much of the work yourself. Hiring a professional moving company can take a lot of the burden off you and your family as you can leave it to the professionals.
Depending on the number of items you have to move and the distance of your move, the cost of professional movers can vary greatly. An interstate move can cost around $2,000, while a local move of less than 100 miles will cost a few hundred dollars.
The cost of professional movers should not be underestimated; instead, it should be properly estimated within your total moving budget. Take the first step today and research moving services to get the best value for your money.
Start by estimating how much transportation you’ll need for your belongings, which will depend on how much stuff you have and how far away you’re moving. If you’re moving cross-country, you might need to consider a self-drive moving truck, so factor in the truck rental, gas, and driver fee.
If you’re moving a house locally, you can rent a truck on a per-hour basis, so plan for the amount of time it will take to get from one place to the other, plus extra if you’re hiring professional movers. You may also have to pay for parking and tolls along the way.
Lastly, consider any other transportation costs you’ll need, like the cost to ship items you can’t move with you or the fee for a service to transport your pet. On average, most people should save between $500 to $1,500 to cover transportation costs when moving.
It’s important to include packing supplies in the equation. Packing supplies can range from basic items like:
- Bubble wrap
To more specialized items like foam peanuts or packing paper. Depending on the number of items being moved, the cost of packing supplies can add up quickly.
A good rule of thumb is to budget for 10-15% of your total moving costs for packing supplies. For example, if your total moving cost is $1000, you should plan to spend another $100 on packing supplies. Additionally, consider investing in reusable packing materials in order to save money and reduce your carbon footprint.
When it comes to saving for moving costs, it is important to factor in all expenses, such as lodging and moving insurance. Moving insurance is often overlooked but can help provide coverage in the event of a damaged or lost item during the move. Generally, it is recommended to save 1-3% of the value of goods and possessions that are being moved for the moving insurance cost.
Moving insurance usually covers loss, damage, and even theft of goods during the move. Additionally, some policies can provide coverage for a much longer duration than the actual move date. It can provide peace of mind and financial protection, making it a wise investment when planning a move.
Utility Transfers and Deposits
Before moving, individuals should set aside a certain amount of money for utility transfers, deposits, and any other miscellaneous expenses that may arise. Costs vary depending on an individual’s location, but typically utility deposits can range anywhere from $50 to $200. It is also important to factor in estimated deposits for the new location.
For example, some utility companies may require a refundable deposit of up to two months of service upon signing up for utility services at the new location. On top of that, individuals should set aside additional funds for other possible unexpected expenses, such as fuel and even additional labor if necessary.
These can include renting a storage units in San Mateo to store items that you plan to bring to your new home but keep in mind that the size and length of your rental may vary. Depending on how much stuff you need to store and how long you’ll need it, the costs can add up quickly.
It is best to be realistic about how much space you need and for how long, and plan for this cost in your budget. A good rule of thumb is to aim to save at least 10 – 20% more than you expect your moving and storage fees to cost so that you have a financial cushion in case they exceed your initial estimates.
Planning ahead by making a budget to cover all expenses associated with your move is a necessary first step. It is recommended that you plan to save at least 10% of your relocation budget for miscellaneous expenses. These expenses can include things like movers, extra packing supplies, storage fees, and extra trips if needed.
It is important to factor in the added cost of things like utilities and other services (like setting up cable) needed at your new location. Doing your due diligence and budgeting accordingly for miscellaneous expenses can help keep your move on track and within budget.
Saving For Your Moving Costs
It’s important to begin saving for moving costs as soon as possible so that you’ll have enough to comfortably cover the expenses. Consider creating a budget in order to prioritize your financial needs and begin diligently setting aside money for this transition.
Do your research and make the most informed decision that meets your specific needs. Start now and make your upcoming move a smoother and less costly journey.
Now that you have explored everything you need to know about how much money you should save for moving costs, head back to the blog for more useful tips.