How Much Money Should I Save Up Before I Move?

How Much Money Should I Save Up Before I Move?

As you prepare to make a move, you may be wondering just how much money you need to save up for it to be possible. If you are trying to write down all of the numbers, you may find that you are stuck with different numbers and different amounts. There is an easy way to break down how much money you actually need and it will help you best prepare for your upcoming move.

  1. Moving Costs

If you do not know your move date yet, you can still figure out how much it will cost you to actually move. Think about the supplies you need and think about whether you plan to do the move yourself or through a company. Once you know, you can start to collect quotes from companies.

You will need to save a LEAST this amount of money that you are quoted, but you should add a couple hundred dollars to it to ensure that you are completely prepared.

  1. Security Deposits and Rent

You will likely need to place some security deposits down to turn on utilities and to rent your home or apartment. You should figure out how much the utility deposits are and then take the total amount of your move in costs and add them together.

From there, you should add a few months of rent to the cost to ensure you are fully prepared in case you cannot find a job right away or you spend too much or have an unexpected cost somewhere.

For instance, if your security deposits add up to $500 and your move in costs are $2,000 and your monthly rent is $800, you will need a minimum of $3,300 to make the move. You should add a few months of rent to that for a total of $5,700.

  1. Food

Make sure you factor in the costs for your food too. Since you are moving, you likely did not take any or much food at all. You should plan for a full grocery trip. Therefore, if you normally spend $150 on groceries, bump that up to $200 to account for staples you need to purchase again.

  1. Furniture and Household Goods

You should factor in the cost of new furniture and household goods that you will not be taking with you. Things to think about include your couch, paper towels, cleaning supplies, toiletries, décor for the walls, and more. You do not want to have a bare home, so plan well and save up a thousand dollars or so.

If you plan to move soon, you will need to make sure you have enough money to make the move. You will likely need anywhere between $5,000 and $10,000 to make a move and make sure that it is done right. Of course, you can move with less of a budget, but be prepared because some things may be tight for a while as you catch up and recoup from the initial costs of the move.

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