Financing A Big Move On A Budget

financing a big move

Moving is expensive, there is no denying that. Just how expensive depends on a lot of factors such as the size of your home, the distance you are moving and, to some extent, the part of the country that you live in. Moving prices are high these days and with the continued trucking shortages in this nation, there is no relief in sight.

So, just how much are we looking at for an average move? If you are just moving in-state, you can expect to spend 1000 to 2000 dollars. Should you need to move across state borders, that amount can easily surpass 5000 dollars and if we are talking about a big border-to-border move, 5 figures are not out of the question.

In any case, you are looking at a lot of money, money that you may not have just sitting in a bank account. So, why not look at some options that can get your move paid for?

Ask For a Relocation Package

This is the absolute best way to fund a move, for obvious reasons.

If the reason for your move is a job, consider asking your new employer for a relocation package. Obviously, if you have already accepted a position or are applying for a low-level job, this option is probably not going to be available. If, on the other hand, you are just beginning the job search or are in compensation negotiations, a relocation package should be on your mind.

Many companies have relocation money on the table. but not every applicant asks for it or asks for enough. If your potential employer is looking out of state to fill positions, however, they will usually be willing to add some relocation money to the pot.

So, how do you determine whether your employer is offering a relocation package?

Many employers will list it right in the job description. This is the best-case scenario, but even if they do not come out and say it, there are other ways to tell. Websites like LinkedIn are a good source of information. Simply look at other employees in the company and see if they made moves from other states. If so, it is likely that the company is willing to help with moving costs. Lastly, if a relocation package is going to be a sticking point, you can just be straightforward and ask. If moving money is not available from a company, and you need it, why waste each other’s time?

Get A Personal Loan

If a relocation package is just not on the table, you will have to fund the move yourself. Without thousands of dollars in a bank account, this might mean taking out a loan.

With Good Credit

If you have good to excellent credit, securing a moving loan might be as simple as walking into a local credit union or a bank that you have a relationship. Simply secure a loan, likely at a reasonable rate, and proceed with the business of moving.

With Fair Credit

If you have fair credit, getting a loan is not as easy, but you still have plenty of options available to you. There are dozens of loan websites that can help you get a loan, and many of them will work with your fair to bad credit. Here is a perfect example of one of these websites that can help. Loan Monkey and other websites like it are not lenders, but instead, match you to lenders. These services are valuable because they can get you in touch with small-time lenders that you might not normally be able to find. When you are talking about unsecured moving loans with questionable credit, this is a big deal. Smaller lenders often have more lax credit requirements and can often issue credit when others will not.

In either case, if you decide to go with a loan, make sure that you do a few things. First, come up with a good number that will pay for all your moving costs. The last thing that you want to do is come up short and must ask for more money.

Additionally, you should make sure that the loan terms are agreeable. There will be fees and interest, so make sure that they are not out of line. Also, be certain that you can afford the installment payment on the loan. Starting a new job is stressful enough without having to worry about a loan payment that stresses your budget.

Go The DIY Route

If all else fails, you can turn to the DIY route of moving. Sure, full-service moving companies are nice, but sometimes you just must roll up your sleeves and get the job done yourself. When you are talking do it yourself, you have two main options.

Storage Containers

The easiest way to go with the DIY route is to use a portable moving container such as one of the famous PODS boxes. This is almost as easy as a full-service move. A company will drop a large storage crate off at your home and you fill it. When you are done, they move the storage container to your new address, and you unload. It is as simple as that. This method is easy, but keep in mind that it can still cost thousands of dollars for a cross-country move.

Moving Trucks

If you want the most affordable DIY moving method, you will need to rent a truck. Pick up the truck, like one of the famous orange ones, load it up and drive it to your new home yourself. This will by far be the cheapest moving option, but it will also be the most labor-intensive. Doing all the loading is rough enough, but then you have to jump in the truck and make the tedious drive to your new home. It is most definitely the hardest way to move, but it can save you thousands.

Moving Tips

No matter which manor of moving you choose, here are some tips that can help make your move a success.

Keep Your Receipts

Moving expenses are tax-deductible and unless your employer is paying your expenses directly, you will need to keep track of your receipts. If you receive a relocation package, it will almost always be taxable, meaning that you will need to write off your moving costs the next time you file your income tax return. So, save your receipts.

Get Organized

Moves are stressful, and it is easy for them to go south in a hurry. Prevent this by being organized.

The first thing that you want to do is pack carefully. When you arrive at your destination, it will make things much easier if you know exactly what is in each box. Label them carefully and have a few “open immediately” boxes. These will contain things you will need immediately in your new home. Items like clothing, bedding, and cookware.

Also, make a moving folder with all your important information. Keep hotel reservations, flight information, and important phone numbers in this folder so that the information is easy to reference.

Start Early

With moves, especially big cross country moves, you want to start early. There will be a lot of work to do in the form of packing and preparing for your arrival in your new city. Do these things early so that you can enjoy your move and not be stressed out.

Have Fun

Lastly, don’t forget to have some fun with your move. If you are traveling cross country, take the opportunity to take in a few sights along the way. For those of you using a moving company or storage container, realize that your belongings will probably be days behind you. Use the time to see some parts of the country that you normally would not venture to.